Interceptor Missiles Market Size
Interceptor Missiles Market size was more than USD 5 billion in 2019 and is estimated to register a CAGR of over 5% from 2020 to 2026.
The growing use of UAVs for carrying out air strikes is creating demands for better interceptor missiles that can counter such attacks.
Industry players are heavily investing in R&D to acquire technological advancement and offer solution to such existing and emerging threats. For example, in November 2019, Lockheed Martin tested two Patriot Advanced Capability-3 (PAC-3) Cost Reduction Initiative interceptors to successfully shoot down two approaching targets. The missiles set a new record for themselves to destroy air breathing target.
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Growing involvement of regional governments to advance their interceptor missile capabilities to secure their international political status will drive the interceptor missiles market in future years. For example, in December 2019, India test-fired two variants of BrahMos missile. It is a medium range supersonic ramjet missile with a strike range of 450 km.
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Interceptor Missiles Market Report Attributes
Report Attribute Details
Base Year 2019
Interceptor Missiles Market Size in 2019 USD 5 Billion (2019)
Forecast Period2020 to 2026
Forecast Period 2020 to 2026 CAGR5.8%
2026 Value ProjectionUSD 8 Billion (2026)
Historical Data for2015 to 2019
No. of Pages240
Tables, Charts & Figures268
Segments coveredBy Surface, By Range, Component and Region
Growth Drivers
Change in investment trends of government in defense sector
Increase in defense budgets
Requirement of modernizing outdated defense system
Political insurgencies and cross border conflicts
Introduction of new technologies
Pitfalls & Challenges
Initialization of various treaties limiting the market scope
Limited customer base & high government agency involvement
High R&D investment
What are the opportunities for growth in this market?
Interceptor Missiles Market Analysis
The medium range interceptor missiles had more than 30% market share in 2019 and is anticipated to witness 5% growth over the forecast period. The growing demand for intercepting incoming ballistic and intercontinental ballistic missiles is driving the medium range missile segment growth.
To meet the growing demand, market players are embarking on partnerships to offer technologically superior programs. In 2017, for example, Raytheon and Rafael Advanced Defense Systems rolled out David’s Sling System, a medium-range interceptor missile.
Discover more about the most important segments to shape this market
Inertial Navigation System (INS) component segment picked up highest interceptor missiles market share of over 30% during 2019, trailed by the radar homing segment at over 20% of the entire industry share.
INS is a navigation system that guides missiles by determining their orientation, dead reckoning position, and velocity of moving objects. INS does not need any external reference for guidance, so it is the most versatile system. The integration of two navigation systems for higher accuracy and precision is one of the biggest market trend.
Technological innovation for enhancing navigation system of missiles to enhance interception ability will be driving the market demand. For example, in January 2019, the U.S. Army opened a dialogue with DoD and Pentagon to deploy missile defense sensors in space, which will enable monitoring missile launches from around the world.
Find out more about the major segments influencing this market
Asia Pacific accounted for more than 25% of market revenue share in 2019 with the growing initiatives of governments to develop indigenous manufacturing capacity serving the defense industry. There are different government agencies that are liquidating considerable amounts of money to upgrade the current market. This has given rise to the growth of the interceptor missiles market in Asia Pacific with capabilities showing substantial technological improvement.
For example, in September 2018, India successfully tested two-layer ballistic missile defense system via Prithvi Defense Vehicle (PDV). The missile was equipped with INS guidance and IR seeker, which enabled it to function under dark.
Major players in the market are engaging in strategic partnerships and joint ventures for the development of existing products and increasing their market share.
The existing players in the industry are engaged in building advanced systems with improved features, including increased range of missile and improvement in detection ability, augmenting the market share.
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Interceptor Missiles Market Share
Some of the key interceptor missiles industry players include
- Bharat Dynamics Limited
- China Aerospace Science and Technology Corporation
- General Dynamics Corporation
- Hanwha Corporation
- Kongsberg
- L3Harris Corporation
- Rheinmetall AG
- Saab AB Group
- Leonardo S.p.A.
- Lockheed Martin
- MBDA
- Northrop Grumman Corporation
- Rafeal Advanced Defense Systems Ltd
- Aerojet Rocketdyne
- Airbus S.A.S
- Israel Aerospace Industries.
