Interceptor Missiles Market Analysis

Interceptor Missiles Market Analysis

The medium range interceptor missiles held over 30% market share in 2019 and is expected to witness 5% growth during the forecast period. Increasing demand for intercepting incoming ballistic and intercontinental ballistic missiles is promoting the medium range missile segment growth.

To cater to the rising demand, industry players are undergoing collaborations to provide technologically advanced programs. For instance, in 2017, Raytheon and Rafael Advanced Defense Systems introduced David’s Sling System, a medium range interceptor missile.

The Inertial Navigation System (INS) component segment captured maximum interceptor missiles market share of over 30% in 2019, followed by the radar homing segment at more than 20% of the total industry share.

INS is a navigation device that maneuvers missiles by calculating their orientation, dead reckoning the position, and velocity of moving objects. INS do not require any external reference for maneuvering, making it the most versatile system. Integration of two navigation systems for enhanced accuracy and precision is among the major market trend.
 

Technological advancement to improve navigation system of missiles for improving interception capabilities will drive the market demand. For instance, in January 2019, the U.S. Army initiated a conversation with DoD and Pentagon to establish missile defense sensors in space, which will allow to monitor missile launches across the globe.
 

Asia Pacific held over 25% of the market revenue share in 2019 supported by increasing efforts of governments to develop indigenous manufacturing capabilities catering to the defense sector. Various government organizations are liquidating significant funds to upscale the existing market. This has resulted in the rise of the interceptor missiles market in Asia Pacific with capabilities demonstrating significant technological advancement.
 

For instance, in September 2018, India successfully tested a two-layer ballistic missile defense system through Prithvi Defense Vehicle (PDV). The missile was integrated with INS guidance and IR seeker, allowing it to operate precisely in dark.
 

Prominent players operating in the market are focusing on undergoing strategic partnerships and joint ventures for the enhancement of existing product offerings and expanding their market share.
 

The established players operating in the industry are focused on developing innovative systems with enhanced features, such as extended range of missile and enhancement in detection capabilities, supporting the market share.