The new report by Expert Market Research titled, Global Interceptor Missiles Market Analysis, Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028, gives in-depth analysis of the global interceptor missiles market, assessing the market based on its segments like products, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028): –
- Forecast CAGR (2023-2028): 9%
With the rise in national security issues, border threats, and the changing nature of warfare, countries like the United States and Russia are focusing on developing missile technology.
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These countries are upgrading their weapon systems, including their propulsion systems and warheads. During the forecast period, the market is expected to expand due to increased investments in the development of missile interceptors. However, the demand is expected to be constrained by a number of factors, including high defence budgets and production costs.
Interceptor Missiles Industry Definition and Major Segments
The anti-ballistic missile (ABM) is a surface-to-air missile designed to counter ballistic missiles such as intermediate-range and intercontinental ballistic missiles, which can be fired from any region.
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The interceptor missiles market is divided based on products into:
- Land-to-Air Missile
- Ship-to-Air Missile
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Interceptor Missiles Market Trends
Growing investments in the development of missile interceptors are expected to provide market players with growth opportunities. Rising military expenditures and the increase in cross-border threats are driving the global missile interceptor market forward.
North Korea, for example, has entered the arms race by developing new and advanced intercontinental ballistic missiles (ICBMs). Furthermore, amid nuclear sanctions, countries in the Middle East, such as Iran, are suspected of producing ICBMs.
A number of contracts were entered into by key market players, which fuelled market growth. In 2018, Lockheed Martin and the US Missile Defense Agency signed an agreement to develop anti-ballistic missile interceptors. In the same year, Boeing signed a deal with the US Pentagon to create a missile interceptor network to counter North Korean threats. In 2018, North America was the largest regional market, but Europe is projected to grow at the fastest rate over the forecast period.
The market is expected to expand due to the high adoption of interceptor missiles in European countries such as Sweden and Romania. Lockheed Martin, for example, has agreed to sell Patriot Advanced Capability-3 (PAC-3) missiles and associated equipment to Romania in order to upgrade the country’s defence system.
Key Market Player
The major players in the market are The Boeing Co. [NYSE: BA], Thales Group, Raytheon Co., Lockheed Martin Corp., MBDA, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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