Interceptor Missiles Market size is anticipated to surpass USD 8 billion by 2026, according to a new research report by Global Market Insights Inc.
The growth of the interceptor missiles market can be attributed to increasing demand of upgrading the existing defense system, which will protect countries from aerial threats. Various countries are collaborating with major manufacturers for the acquisition of latest interceptor missiles system.
Increasing focus on the development of advanced interceptor missiles supporting the market growth
The market demand is due to increasing insurgencies and polarization of countries in Asia Pacific and the Middle East. Fluctuating trends in investments across countries, prioritizing arms & ammunition along with defense vehicles is supporting the market growth during the forecast timeframe.
Developed countries are upgrading their missile systems & components to defend against possible threats. For instance, in October 2020, Japan aims to upgrade all the current PAC-3s with the enhancement in capabilities such as extended range and enhancement in detection capabilities.
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Rising demand for long range interceptor missiles by various countries
The long-range interceptor missile is slated to register gains at around 6% till 2026. The demand will be driven by rising insurgencies between geographically apart countries including the U.S., Russia, China, Saudi Arabia, and Iran. The increasing requirement to demonstrate long range interceptor missile capabilities to maintain geopolitical position across the globe will support the market size.
Browse key industry insights spread across 240 pages with 239 market data tables and 29 figures & charts from the report, “Interceptor Missiles Market Size By Surface (Surface to Air, Water to Air), By Component (Infrared, Global Positioning System (GPS), Inertial Navigation System (INS), Radar Homing, Semi-Active Lasers), By Range (Short Range, Medium Range, Long Range), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing requirement to protect costal borders supporting the growth of water to air interceptor missile
The water to air missile segment in the market will witness moderate growth at a CAGR of over 5% from 2020 to 2026. This growth is attributed to demand for protecting coastal borders and offshore rigs. The segment will show major market share in countries with long coastal areas of LATAM and Israel. The defense forces of the region are developing new interceptor missiles for protecting strategic assets of the country.
Increasing demand for semi-active laser over the coming years is propelling interceptor missiles market growth
The semi-active laser segment is expected to witness moderate growth due to its utilization in battlefield for multiple weapon systems. This segment combines very high precision lasers and integrates laser guidance, providing the ability to intercept missiles in all weather conditions. The industry players are undergoing partnerships to develop new weapon systems and enhance the existing product portfolio.
Increasing demand for advanced interceptor missiles in Asia Pacific supported by the rise in military expenditure
The Asia Pacific region is poised to grow at a CAGR of over 6% through 2026. The rise can be owing to growing economies and efforts to enhance the supremacy by developing countries in the region. Major countries including India and China are signing contracts with established countries across the globe to provide advanced defense systems to enhance their national security.
Major companies operating in the interceptor missiles market are Bharat Dynamics Limited, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Hanwha Corporation, Kongsberg, L3Harris Corporation, Rheinmetall AG, Saab AB, Thales Group, Leonardo S.p.A., Lockheed Martin, MBDA, Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd, Aerojet Rocketdyne, Airbus S.A.S., and Israel Aerospace Industries.
Increasing investments for the development of advanced interceptor missiles created a positive outlook for the industry size. Industry participants are engaged in delivering customized solution as per the client requirement. This helps to build long-standing relationship with customers along with the enhancement in the industry’s revenue share.