Surface-to-air missile market expected to grow due to increased attacks, enhanced technology
SANTA CLARA, Calif. A growing number of missile attacks in the Middle East, North Korea’s long-range missile tests, China’s expansion in the South China Sea, and Russia’s arms sales S-400 have inspired new growth within the global surface-to-air missile (SAM) market, according to Frost & Sullivan’s recent analysis, "Global Surface-to-Air Missile Market, Forecast to 2023."
The market, according to the study authors, is anticipated to grow at a combined annual growth rate (CAGR) of 5.3 percent in the study period -- until 2023 -- to reach reach $3.88 billion.
The study found that the largest portion of spending within the overall market through 2023 will be focused on the long-range surface-to-air missile (LRSAM) segment, 90 percent of which will be dedicated to the Patriot missile system. Upgrades and field support are expected to further drive segment growth.
Another of the study's findings is that the study period will see growth in terminal high altitude area defense (THAAD) missile deployment due to aggressor nations that are known to have ballistic-missile capabilities.
“SAM systems were originally designed to counter threats posed by enemy aircraft, but advanced fighter aircraft, hypersonic missiles, and drones developed to destroy ground and naval surface targets are driving high demand for faster, smarter, and more precise missiles capable of traveling longer distances,” said John Hernandez, Senior Industry Analyst, Defense at Frost & Sullivan. “The next step in the development of SAM systems will be the enhancement of the missile systems’ ability to avoid detection.”
For additional information on the Frost & Sullivan study, please visit the website.