Global Missile Guidance System Market 2017-2021
About Missile Guidance System
Missile guidance systems incorporate a variety of methods of guiding a missile to hit its intended target. Missile guidance systems remain heavily dependent on network; and any interference with the guidance system through infiltration can cause the missile to go off-course and even destroy its flight path. Hence, with enhancements in the missile systems, there is additional focus on securing software-based guidance systems.
Technavio’s analysts forecast the global missile guidance system market to grow at a CAGR of 2.10% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global missile guidance system market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Missile Guidance System Market 2017-2021
Technavio recognizes the following companies as the key players in the global missile guidance system market: Boeing, General Dynamics, Lockheed Martin, Raytheon, and Thales Group.
Other Prominent Vendors in the market are: BAE Systems, DRDO, and Luna.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Improved guidance systems for hypersonic missiles. The interest in the development of hypersonic systems of propulsion is growing because of their outstanding operational capacities, which are far beyond the existing systems. One of the major reasons behind the development of such super-fast missiles is the fact that more and more countries are focusing on improving their countermeasure capabilities against cruise missiles. Therefore, the need for developing advanced missile systems has gone up. India and Russia are working together on the hypersonic missile, BrahMos II, which is one of the fastest missiles under development.”
According to the report, one of the major drivers for this market is Accelerating development and procurement of missiles. The prime reason behind the accelerating development and procurement of missiles is the increasing number of global territorial disputes, which have led to the investment on various variants of weapon systems. Over the past decades, the world has witnessed several lands and maritime conflicts among countries, and there has been an increase in the number of armed conflicts. The ISIS conflict, the Indo-Pak conflict over Kashmir, the Syrian civil war, the conflict between Russia and Ukraine over Crimea, the Lebanon conflict, and the conflicts between the US and North Korea are just a few examples. This has led to the increasing demand for short- and long-range defense missiles and missile systems.
Further, the report states that one of the major factors hindering the growth of this market is Growing development of Small Diameter Bomb (SDB) and electromagnetic railgun. The Small Diameter Bomb (SDB) system, developed by Boeing, is the next-generation collateral-damage precision strike weapons for external and internal carriage. This system provides a greater range of more than 60 nautical miles, which allows warfighters with precision guidance and compact size to execute their targets. This design results in low maintenance, high performance, and low life-cycle cost to operate.
Boeing, General Dynamics, Lockheed Martin, Raytheon, Thales Group, BAE Systems, DRDO, and Luna.