As per a recent industry report put forward by Global Market Insights Inc., Interceptor Missiles Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 14 billion by 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.
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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.
Surface to air is expected to dominate the interceptor missiles market share accounting over 80% by 2024. This can be credited to portability and light weight application of the product. In addition, advancement in the SAMs capable of distinguishing friendly aircraft from enemy airplane will further fuel the segment growth. Water to air will witness growth over 7% owing to growing penetration of the product across the globe for marine border defense.
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.
PAC-3 will contribute to major interceptor missiles market share accounting at over USD 6 billion during the forecast timeframe. Increasing demand of the product particularly from matured economy will boost the industry growth. For instance, in January 2013, the U.S. army initiated several contracts accounting around USD 755 million for procuring 168 PAC-3 and equipment and associated services. HQ-19 will witness growth at over 40% over the forecast timeframe. This can be attributed to increasing trend towards upgrading HQ-9. Its advanced properties compared to its counterparts will positively influence the industry penetration.
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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 Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
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
3.7.3. Asia Pacific
3.8. Industry best practices & key buying criteria
3.9. Pricing analysis
3.9.1. Regional pricing
220.127.116.11. North America
18.104.22.168. Asia Pacific
3.9.2. Cost structure analysis, 2016
3.10. Industry impact forces
3.10.1. Growth drivers, By region
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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