Interceptor Missiles Market size is anticipated to hit USD 8 billion by 2026, according to a new research report by Global Market Insights, Inc. Countries are upgrading and modifying their existing interceptor missiles system to reduce future aerial threats. Technological advancements and design modifications have enabled the defense sector to equip advanced vehicles and missile carriers with upgraded interceptor missiles.
A 2018 report claim that interceptor missiles in the U.S. have been in an obsolete condition and require major upgradation. Increasing efforts toward modernizing such aging air defense systems could offer noteworthy impetus to the global interceptor missiles market.
Rise in defense expenditure by governments worldwide is expected to majorly fuel interceptor missiles market growth over the forecast period. Nations across the globe are spending heavily on improving the defense sector. In fact, in 2018, the global defense expenditure was accounted for USD 1,822 billion, an increase of about 2.6% compared to previous years.
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Considering the market’s competitive landscape, Almaz-Antey, Aerojet Rocketdyne, Leonardo S.p.A., L3Harris Technologies, MBDA, Lockheed Martin, Northrop Grumman Corporation, and Kongsberg are currently at the forefront of developing advanced interceptor missiles market.
Increasing political insurgencies between nations have encouraged governments to strengthen their defense landscape with long range interceptor missiles. Recently, nations such as China, Russia, U.S, India, Iran, and Saudi Arabia adopting long-range missiles to demonstrate their capabilities to intercept missiles at mid-course, fueling interceptor missiles market growth. With its profound significance, studies suggest than the long-range interceptor missile market may record 6% CAGR over the forecast period.
North America is expected to offer lucrative opportunities to interceptor missile market owing to the strong presence of major manufacturers and suppliers of defense equipment. Estimates suggest that North America interceptor missile market may record 6% CAGR through 2020-2026. Manufacturers in the region are establishing production facilities in APAC countries like India and China, given to the region’s favorable policies supporting FDI (Foreign Direct Investments).
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Companies are also partnering with APAC-based companies to gain manufacturing benefits. Moreover, substantial spending in the defense sector of North America and increasing need to upgrade existing missiles could improve the outlook of interceptor missiles market over the forecast period.
Industry participants are focusing on developing cutting edge interceptor missiles to tap a major market share. For instance, some companies are manufacturing interceptor missiles that are capable of hitting numerous targets at once and maneuvered at Mach speed and above.
Manufacturers are initiating long-term partnerships with governments and defense organizations to expand their business reach. They are signing multi-year & multi-layered defense contracts with several governments and political parties. Such long-term contracts and agreements with defense authorities could significantly promote market competitiveness, driving global interceptor missiles market growth.
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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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