Global interceptor missiles market size is witnessing notable growth owing to growing defense expenditure triggered by geopolitical instability and terrorism threat. In the year 2018, global defense expenditure was recorded at USD 1,822 billion registering a 2.6% increase as compared to the previous years.
Rising defense budgets across both developed and developing nations play an integral role in accelerating the revenue generation capacity for global interceptor missiles market. Reportedly, countries like Saudi Arabia, the U.S., and France have contributed more than 50% of the total defense expenditure share.
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Against the backdrop of worsening political situations, multiple governments are attaching paramount importance to the acquisition of arms & ammunition along with investments in military vehicles, which is favoring interceptor missiles market demand. Moreover, the urgent need to upgrade existing missile systems, that are unable to mitigate evolving aerial threats is inducing heavy demand within the market. As of June 2018, the majority of interceptor missiles in the U.S. were reported to be obsolete, reinforcing the need for upgradation.
The surface to air segment stood at USD 3 billion in 2018 and is likely to record a CAGR of 5% over the forecast period of 2020-2026. These missile systems are utilized in both land and naval applications. Land-based interceptor missiles are experiencing massive demand owing to their superior operational capabilities and easy integration with various C4ISR systems.
Long-range interceptor missiles are set to experience heightened demand in the coming years on account of rising investments in long-range interceptor missiles by multiple countries. Although the previous years witnessed significant investments in short-range interceptor missiles, political unrest between nations such as the U.S., China, India, Saudi Arabia, and Russia is likely to alter the scenario. The aforementioned countries are investing heavily in long-range missiles to strengthen their military capabilities. As per estimates, the long-range interceptor missiles segment is expected to depict a CAGR of 6% over the forecast period.
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In terms of regional contribution, North America interceptor missiles market is poised to exhibit a growth rate of above 6% over the forecast period. High defense budget allocation, presence of major industry players in the region, and the need to upgrade existing missile systems are likely to propel the growth of North America market.
Another key trend that has been noted over recent years is the collaboration of prominent industry players with manufacturers based in Asia Pacific region to achieve economies in production. Developing economies in the region, including India and China are attracting FDI for manufacturing and are undertaking concrete steps to support the same.
The renowned players operating within interceptor missiles market include Northrop Grumman Corporation, Raytheon Company, Thales Group, the Boeing Co., Saab AB, Kongsberg, MBDA, Almaz-Antey, L3Harris, Aerojet Rocketdyne, Leonardo S.p.A., Rheinmetall AG, and Lockheed Martin.
Major Key Points from Table of Content:
Chapter 6. Interceptor Missiles Market, By Range
6.1. Key trends, by range
6.2. Short range
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Medium range
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Long range
6.4.1. Market estimates and forecast, 2015 – 2026
Chapter 7. Interceptor Missiles Market, By Component
7.1. Key trends, by component
7.2.1. Market estimates and forecast, 2015 – 2026
7.3. Global Positioning System (GPS)
7.3.1. Market estimates and forecast, 2015 – 2026
7.4. Inertial Navigation System (INS)
7.4.1. Market estimates and forecast, 2015 – 2026
7.5. Radar Homing
7.5.1. Market estimates and forecast, 2015 – 2026
7.6. Semi-Active Lasers
7.6.1. Market estimates and forecast, 2015 – 2026
7.7.1. Market estimates and forecast, 2015 – 2026
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