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Global Missile Interceptor Market Trends, Demand and Forecast to 2023
Market Research Future added New Report Named "Global Missile Interceptor
Market Research Report- Forecast 2023" to its Database
The missile interceptor is an anti-missile designed to counter missiles, such as intermediate range and intercontinental ballistic missiles, launched from any country. With the rise in the number of border threats, national security concerns, and changing nature of warfare, countries such as Russia and the U.S. are inclined towards enhancing their missile arsenal. They are also modernizing their old missiles with new propulsion systems and warheads, among other upgrades. As a result, higher investments are being made in the development of missile interceptors, which would witness a rapid growth during the forecast period. However, major restraints of the market growth include high manufacturing cost and defense budget constraints.
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Increasing investments in missile interceptors will offer new growth opportunities to the market players. The factors responsible for the growth of the missile interceptor market are the increase in number of cross-border threats and increasing military expenses. Meanwhile, countries such as North Korea, have joined the arms race and are consistently focusing on developing new and more destructive Intercontinental Ballistic Missile (ICBMs). Countries in the Middle East, such as Iran, are supposedly developing ICBM despite nuclear sanctions.
There were a number of contracts that fueled the market growth. For instance, in 2018, Lockheed Martin signed an agreement with the U.S. Missile Defense Agency to build anti-ballistic missile interceptors for missile defense. In the same year, Boeing signed a contract with the U.S. Pentagon to build a network of missile interceptors as threats from North Korea had increased. Raytheon, in 2017, in collaboration with the U.S. Navy, had launched the SM-3 Block IIA missile to test the nosecone performance and steering control section functioning.
The missile interceptor market has been segmented into launch mode, type, range, and region. Based on launch mode, it is expected that the surface to air segment is expected to witness the largest demand in the global market, during the forecast period, due to high usage and easy deployment of missiles on the ground. Based on type, exoatmospheric missiles are widely used and expected to comprise the largest share in the market due to rising demand for these missiles in emerging economies. For instance, in 2017, Defense Research Development Organization (DRDO), is a research and development organization of the Republic of India, had test fired indigenously designed and built Ashvin Advanced Defense interceptor missile to destroy incoming ballistic missiles. Based on range, up to 125 km are widely used and expected to comprise the largest share of the market due to the high demand for missiles, such as Iron Dome, Standard Missile 3 (SM-3), and Patriot Advanced Capability-3 (PAC-3). In 2014, Raytheon Company signed an agreement with Rafael Advanced Defense Systems Ltd to provide Iron Dome interceptor by protecting Israel’s population from incoming rockets.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Europe is expected to grow at the fastest pace during the forecast period, due to high adoption of interceptor missiles across the region, such as Sweden and Romania. For instance, Lockheed Martin signed an agreement with Romania to provide Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement (MSE) missiles and related support equipment to upgrade the defense system. Asia Pacific would follow Europe in the global market in terms of growth rate due to the high deployment of these missiles owing to rising cross-border threats. Thus, the missile interceptor market is estimated to witness rapid growth, at a CAGR of approximately 8%, from 2018 to 2023.
The key players in the missile interceptor market are Lockheed Martin Corporation (U.S.), Boeing (U.S.), Raytheon Company (U.S.), Aerojet Rocketdyne (U.S.), Rafael Advanced Defense Systems Ltd (Israel), China Aerospace Science and Technology Corporation (China), Bharat Dynamics Limited (India), MBDA (France), Thales Group (France), and Northrop Grumman Corporation (U.S.).
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