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The Interceptor Missiles Market is set to grow from its current market value of more than $5.5 billion to over $14 billion by 2024; as reported in the latest study by Global Market Insights, Inc.Geopolitical instability and threat of terrorism with respect to the global economy has witnessed a marked rise over the recent years. Interceptor missiles market growth seems to be closely hinged to this global unrest. The profitability quotient of the business space has indeed gained a substantial momentum lately than it could be perceived decades back, augmented by range of technological advancements and political developments. Undoubtedly, increasing defense budgets across developing as well as developed nations have played a pivotal role in escalating the revenue generation of interceptor missiles industry share. As per reliable estimates, global defense spending is slated to reach nearly USD 1.67 trillion this year, supposedly the highest level since the culmination of cold war.
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Interceptor missiles market is one such remunerative business sphere where technological proliferations and novelties aptly outline the key to opportunities. In fact, the industry space is rampant of regular upgradations and innovations in the product design. HQ-19, for instance, one of the most widespread utilized products in interceptor missiles industry, is basically a state-of-the-art version of its predecessor, HQ-9. Ingrained with a capacity of intercepting ballistic missiles even from a range of 3,000 km, this HQ-19 based interceptor missiles market size is slated to grow with extreme alacrity over the ensuing years, at a staggering CAGR of 40% over 2017-2024.
Defense budget across the globe has witnessed considerable growth during the past years. For instance, in 2015, the defense spending across China was around USD 131 billion, this further increased by 11% in 2016 reaching USD 145 billion. Increasing defense budget will support the revenue generation owing to superior purchasing power along with growing investment focusing on R&D. For instance, in December 2017, India successfully tested its advanced air defense interceptor missiles. However, high production cost along with high capital investment may hamper the new players from entering the interceptor missiles market.
Shifting trends towards constant innovations and upgradations will fuel the interceptor missiles market demand. For instance, HQ-9 upgraded to HQ-19, has witnessed significant growth in 2016. The technology can offer defense ballistic missiles in lower earth orbit, targeting satellites and featured with kinetic kill vehicles KKV. In addition, this can intercept the ballistic missiles over distance of 3,000 kms. These advancements of the product operating at altitude of over 200 km with relative velocity of 10km per simulation is expected to drive the interceptor missiles market share from 2017 to 2024.
Interceptor missiles market of up to 125 kms range is estimated to hold major share contributing demand over 2,000 units during the forecast timeframe. Consistent boost in the penetration of these product including PAC-3, SM-3 and Iron Dome particularly in Middle East countries such as Saudi Arabia, UAE and Israel will account the industry dominance. Interceptor missiles over 200 kms range will witness revenue growth at over 18% owing to increasing penetration of advanced product. Consistent advancement in the defense sector particularly in countries including China will boost the business growth.
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MEA interceptor missiles market will exhibit major share over the forecast timeframe owing to proliferating threats of enemy attack across the region. Consolidation of various countries with industry participants for procuring the product will further drive the industry demand. For instance, Qatar and UAE is estimated to sign a contract with Lockheed Martin for providing Patriot. Europe interceptor missiles market will exhibit growth over 7% during the forecast timeframe owing to increasing demand from Poland and Sweden.
Boeing Co., Aerojet Rocketdyne, Lockheed Martin Corp., Rafael Advanced Defense Systems and Raytheon Co. are among notable interceptor missiles market participants. Consistent development in the product portfolio is among major strategy adopted by the manufacturer. For instance, in January 2018, Lockheed Martin made improvements in Aegis increasing its capability for reduction in reaction time and rapid detection of threats.
Glimpse of Table of Content (ToC)
Chapter 3. Interceptor Missiles Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology landscape
3.5. Defense budget, by country, 2014-2016
3.6. Upgradations in interceptors over the years
3.7. Regulatory landscape
3.7.1. North America
3.7.2. Europe
3.7.3. Asia Pacific
3.7.4. MEA
3.8. Industry best practices & key buying criteria
3.9. Pricing analysis
3.9.1. Regional pricing
3.9.1.1. North America
3.9.1.2. Europe
3.9.1.3. Asia Pacific
3.9.1.4. MEA
3.9.2. Cost structure analysis, 2016
3.10. Industry impact forces
3.10.1. Growth drivers, By region
3.10.1.1. NA
3.10.1.2. EU
3.10.1.3. APAC
3.10.1.4. MEA
3.10.2. Industry pitfalls & challenges
3.11. Innovation & sustainability
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. Competitive landscape, 2016
3.14.1. Market share analysis
3.14.2. Strategic dashboard
3.15. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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