A new Research and Markets report forecasts the worldwide market for missiles and missile defense platforms to grow from $23.7 billion in 2015 to $36 billion by 2025.
The company said Wednesday it predicts the Asia Pacific region to spend $129.9 billion over 10 years on such weapon systems and gain a market share of 39 percent by 2025, followed by North America and Europe.
Threats posed by radical non-state and state institutions are expected to drive the global demand for both missile defense systems and missiles, according to the market research firm.
Aerial defense systems will represent 40 percent of the global market, while surface-to-air missiles will account for 17 percent of the market throughout the forecast period.
The report also predicts the market share that surface-to-surface missiles, air-to-air and anti-ship missiles, and air-to-surface missiles will secure over the next decade.
Companies mentioned in the report include:
- Aerojet Rocketdyne
- BAE Systems
- Bharat Dynamics
- BrahMos Aerospace
- Denel Dynamics
- Kongsberg Defense Systems
- Lockheed Martin
- Makeyev Design Bureau Tactical Missiles Corp.
- Northrop Grumman
- Orbital ATK
- Rafael Advanced Defense Systems
- Rheinmetall Defense