Missile interceptors are defending missiles that are bifurcated into ballistic missiles, intermediate-range missiles based on their types. The growing national security concerns, evolution like warfare, and the developed countries like US and Russia inclined towards developing their missile technology and overall systems are some of the major drivers of missile interceptor market growth. Moreover, the countries due to the presence of higher investments and advancements in technologies are modernizing the missile systems and making them more versatile for various forms and types. Therefore the market value of the missile interceptor industry is expected to grow with a CAGR of during the forecast period.
Covid 19 Analysis:
The pandemic has disturbed several business operations and manufacturing operations to a greater extent. The stringent government regulations imposed due to the widespread COVID-19 had disrupted the supply and demand chain and thereby reduced the overall growth of the missile interceptor industry as well. Since the shipping and navigation thorough waters were affected the missile interceptor market value was also affected greatly.Â
Market Drivers
The development of anti-ship missile defense systems regarding their research and development and the advancements brought from varied kinds of manufacturers and national governments are some of the major drivers of missile interceptor market growth.
The integration of advanced technologies with the missile systems such as the integration of INS navigation systems with the missiles helps them in calculating the orientation, velocity, and position, thereby making them more versatile and also enhancing their accuracy and precision. Such factors are considered as the major drivers of missile interceptor market growth.
Market Opportunities
The advancements in the industry and the increasing number of border threats and other security concerns for the nations are expected to boost the overall growth of the missile interceptor industry during the forecast period. Moreover, the changing nature of warfare and countries inclined towards upgrading them are presenting favorable economic conditions for the missile interceptor market growth during the forecast period.
The growing investments over the developing missile interceptors and the increasing missile expenses are considered major factors that are expected to stimulate the overall growth of the missile interceptor industry during the forecast period. For instance, in the year 2017, a leading research and development organization of India had test-fired an advanced defense missile interceptor. Such test firings and other advancements are expected to boost the overall growth of the missile interceptor industry during the forecast period.
Market Restraints
The limited client base and higher participation of governmental bodies are considered as major restraints of missile interceptor market growth.
The higher defense budgets and the increasing manufacturing costs are some of the key restraints of missile interceptor market growth. Moreover, the limited budget from the national governments and the budget cuts from the government side are expected to hinder the market growth.
Market Challenges
The increasing number of pirates and external forces in the maritime borders and the increasing demand for the anti-ship missile defense system is considered as the major challenge for the growth of the missile interceptor industry. Moreover, the national governments are focusing on improving their anti-ship missile defense systems as well. Such factors are considered as the primary challenge for the overall growth of the missile interceptor industry. The key market players, bringing in several treaties which are expected to limit the market scope and growth.Â
Cumulative Growth Analysis
The market value of the missile interceptor industry was at USD 5 billion in the year 2019 and it is expected to surpass the Missile Interceptor Market value of over USD 8 billion by the year 2027 while registering a CAGR of 5.8% during the forecast period. The market share across the Asia-pacific region is growing due to the increasing efforts from the government and several manufacturing capabilities were focused on. The key manufacturers are also undertaking strategies and thereby propelling the overall growth of the missile interceptor industry. For instance, in the year 2019 one of the leading market players which belong to India had successfully tested a two-layer ballistic missile defense system through a Prithvi defense vehicle and they have also integrated with INS guidance and IR seeker. Such developments across the developing countries are expected to boost the overall growth of the missile interceptor industry during the forecast period.
The inclination of the regional governments to secure their political position and increasing insecurities are expected to propel the missile interceptor market demand during the forecast period.
Value Chain Analysis
Among the other ranges available, the medium-range interceptor missiles were holding the highest market share in the year 2019 with about 30% and it is expected to grow with a 5% growth rate during the forecast period. The increasing demand across the developed countries and the key market players undergoing collaborations and bringing in advanced technology programs in recent years are expected to boost the overall growth of the missile interceptor industry during the forecast period. The integration of the inertial navigation systems to the missiles helps in calculating several factors like orientation, dead reckoning position, the velocity of the moving objects, and significant others are expected to boost the overall growth of the missile interceptor industry. Such integration makes the missiles more versatile and integrating more than one navigation system makes it more accurate and precise.Â
The increasing advancements in the industry are considered as the primary growth-stimulating factor in the missile interceptor market growth. The increasing adoption of 3D printing missile components which involves additive manufacturing technology helps in building complex geometrical structures, rockets, and missiles. This technology helps in faster product development, single-step manufacturing, and lower production costs. Therefore these advancements are helping in boosting the overall growth of the missile interceptor industry during the forecast period.
Based on Component
Based on Application
Based on Launch Platform
Based on Technology
Based on Range
Based on Domain
Some of the developed countries like North Korea and other Asia-pacific regions have inclined towards joining the army and focused on developing sophisticated intercontinental ballistic missiles. Moreover, the growing threats across the borders of the region are presenting favorable conditions for the overall growth of the missile interceptors industry.
On the other hand, North America was holding the largest Missile Interceptor Market share in the missile interceptors industry in the year 2018 and continuing to show a higher growth rate ever since. Similarly, the adoption of sophisticated missiles across the countries like Sweden and Romania are also projecting the overall market share of European countries.Â
Leading market players across European countries like Lockheed martin had signed an agreement with leading market players across Romania and announced the sale of patriot advanced capability-3 (PAC-3) missiles.Â
This report has covered:
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
