Interceptor Missiles Market Research Report 2019-2024, by Range, By Region, by Technology - Key Players Raytheon Co., Lockheed Martin Corp., Boeing Co., Rafael Advanced Defense Systems, Aerojet Rocketdyne

Rising threats from enemy countries across the globe will primarily drive the interceptor missiles market share over the forecast timeframe. Various countries across the globe are purchasing these missiles to overcome these threats.

Excessive high manufacturing cost may hamper the industry growth and will also limit the new entrants to establish their business. Moreover, countries are hesitant in purchasing these missiles due to the frequent technological advancements that makes the existing technology obsolete which in turn will restrain the market, posing a challenge before the industry participants.

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Increasing defense budget of various countries across the globe will further escalate the revenue generation. For instance, in 2016, U.S. defense budget was more than USD 604 billion and is likely to increase by 2018. Similarly, in November 2017, EU decided to increase the defense budget since its 23-member states signed a commitment. Increasing defense budget will lead to rise in purchasing power of the countries, propelling the industry growth over the coming years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

 Hexcel
 E.I. DuPont de Nemours
 LMI Aerospace
 Solvay Group
 BASF SE

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Market by Technology:

PAC-3 technology accounted for around 30% share in 2016 and is anticipated to continue its dominance over the next eight years. This can be attributed to rising demand across the globe, especially in developed countries including the U.S. In January 2012, the U.S. army signed multiple contracts worth USD 921 million for PAC-3 missiles and related systems. High implementation of these missiles by the countries including Kuwait, UAE, Saudi Arabia, Israel, and Qatar will further have a significant contribution towards the substantial revenue generation.

HQ-19 missiles are likely to grow rapidly, exhibiting over 40% CAGR till 2024 owing to wide adoption of these missiles since 2017. They are continuously being implemented as a replacement for HQ-9 technology. These missiles have a range of about 500 kms and are equipped with a kinetic kill vehicle which in turn will further support the industry growth over the forecast timeframe.

Market by Surface:

Surface to air is anticipated to capture maximum revenue share, accounting for nearly USD 12.5 billion by 2024. High usage of these missiles for defense against enemies will primarily drive the industry growth. Moreover, substantial revenue generation is attributed to easy deployment of these missiles on the ground. Provision of benefits such as portability and light-weight will propel the industry players to indulge in their manufacturing, further supporting the industry dominance till 2024.

Market by Range:

Missiles of range up to 125 kms will showcase dominance in the industry, capturing over 65% volume share over the forecast timeframe. this can be credited to high demand of missiles such as Iron Dome, SM-3, and PAC-3 that conform to this range. Iron dome is highly prominent in Israel. Similarly, PAC-3 has high demand, especially from MEA, further impacting the industry growth positively.

Market by Region:

MEA is likely to dominate the global interceptor missiles market, generating a demand of over 1,300 units by 2024. High deployment of these missiles owing to continuously rising enemy threats will primarily support the region’s dominance. Various countries are collaborating with major industry participants to enhance their defence capabilities. For instance, Qatar and UAE may sign a deal with Lockheed Martin for Patriot missiles. Moreover, UAE is the first foreign buyer of interceptor missiles after signing deal worth USD 3.4 billion with U.S. Department of Defense.

Europe is expected to exhibit over 7% CAGR till 2024 owing to rising sales of interceptor missiles across the region. For instance, in 2017, Poland purchased 208 PAC-3 MSE missiles for strengthening their defense power. Moreover, the country is expected to purchase 24 surface to air SM-3 missiles in 2018. High adoption of these missiles from Sweden and Romania will further contribute to the industry growth.

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Raytheon Co., Lockheed Martin Corp., Boeing Co., Rafael Advanced Defense Systems, and Aerojet Rocketdyne are among the prominent participants in interceptor missile market. New product developments and partnerships are among the major strategies implemented by these competitors.

Interceptor missiles are used by military forces across the globe for the protection of their country and strengthen their defense power. Rising enemy threats in various regions across the globe will drive the industry growth. Regular upgradations in these missiles have further paved opportunistic ways for the industry participants. The industry is highly consolidated with few players capturing the global revenue share.

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