Press release
Missile Seekers Market is Anticipated to Expand upto $7.35 Billion in 2029
Missile Seekers
What Is the Forecasted Market Growth Rate of the Missile Seekers Industry?
The market size for missile seekers has seen significant growth in the past few years. It is expected to surge from $5.23 billion in 2024 to $5.58 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%. The formerly noted growth was driven by factors such as military modernization initiatives, concerns over regional security, overseas export opportunities, the increase in asymmetric warfare, and operations against air and anti-ship, as well as counter-ballistic missile systems.
How Will the Missile Seekers Market Size Evolve From 2025 to 2029?
In the coming years, a robust growth is anticipated in the missile seekers market, with its size poised to surge to $7.35 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.1%. This growth in the predicted period can be assigned to the rise of hypersonic missiles, heightened emphasis on electronic warfare, deployment on unmanned platforms, focus on anti-ship missile seekers, and the worldwide spread of missile defense systems. Key trends identified for that period encompass advancements in sensor technologies, enhanced integration of artificial intelligence (AI), miniaturization and weight reduction, development in multi-spectral imaging capabilities, evolution of hypersonic missile seeker, in addition to integration with network-centric warfare systems.
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What Are the Main Growth Drivers in the Missile Seekers Market Today?
The missile seekers market is being fueled by the growing need for missile defense systems globally. With rising global conflicts, nations are seeking to guard their territories against aerial threats through sophisticated missile defense systems. These systems rely on missile seekers for precise targeting and annihilation of inbound missiles or aircraft. For example, US defense contracting firm Raytheon Company reported in July 2024 that their AIM-9X missile production had hit 1,400 units per year, intending to ramp this up to 2,500 units yearly by Lot 25 in 2025. US defense and aerospace manufacturer Lockheed Martin Corporation also boosted its HIMARS production abilities from 48 units annually to 60 units in February 2024, aiming for a 96-unit yearly capacity by 2024's end. Thus, the escalating demand for missile defense systems is driving growth in the missile seekers market.
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Which Missile Seekers Market Segment Is Expected to Lead Through 2029?
The missile seekers market covered in this report is segmented -
1) By Missile Type: Cruise Missile, Ballistic Missile, Interceptor Missile, Conventional
2) By Technology: Active Radar, Semi-Active Radar, Passive Radar, Infrared, laser, multimode
3) By Launch Mode: Surface-To-Surface, Surface-To-Air, Air-To-Surface, Air-To-Air
Subsegments:
1) By Cruise Missile: Subsonic Cruise Missiles, Supersonic Cruise Missiles, Hypersonic Cruise Missiles
2) By Ballistic Missile: Short-Range Ballistic Missiles (SRBM), Medium-Range Ballistic Missiles (MRBM), Intercontinental Ballistic Missiles (ICBM)
3) By Interceptor Missile: Ground-Based Interceptors, Sea-Based Interceptors, Airborne Interceptors
4) By Conventional: Surface-To-Surface Missiles, Air-To-Surface Missiles, Surface-To-Air Missiles
Which Market Trends Are Expected to Dominate Missile Seekers Industry Growth?
Growth in technological developments in the missile seekers market has become a prevalent trend. Large companies and defense agencies involved in the missile seekers industry are developing novel seeker technologies to enhance missile precision. These advancements provide significant players with a competitive advantage in the market. For instance, in June 2024, Kongsberg Gruppen, an aerospace company based in Norway, landed a $141 million contract from the U.S. Air Force to manufacture the Joint Strike Missile (JSM) at its full rate. This contract signifies the first production order of the JSM designed for air-launching, specifically tailored for the F-35 fighter jet and primed for ground-attack operations. The JSM, a variant of the Naval Strike Missile (NSM), possess improved capabilities such as an imaging infrared seeker, GPS, inertial sensors, and terrain-reference navigation. It has a longer range than the NSM and is designed to fit inside the F-35's internal weapons bay. The contract encapsulates JSM comprehensive rounds, containers, and testing equipment.
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Which Companies Hold the Largest Market Share in the Missile Seekers Sector?
Major companies operating in the missile seekers market are BAE Systems PLC, Leonardo SpA, Raytheon Technologies Corporation, Northrop Grumman Corporation, The Boeing Company, Safran SA, Thales Group, Diehl Defence GmbH & Co. KG, Rafael Advanced Defense Systems Limited, Adani Defence And Aerospace, Defence Research & Development Organisation, Koda Technologies Inc., Vem Technologies Private Limited, Analog Devices Inc., Bharat Electronics Limited, Excelitas Technologies Corp., Marotta Controls Inc., Lockheed Martin Corporation, L3Harris Technologies Inc., Honeywell International Inc., Collins Aerospace Systems, Israel Aerospace Industries Ltd., Roxel Group, Rheinmetall AG, Saab AB, MBDA Italia SpA, Roketsan A.S., Taurus Systems GmbH, QinetiQ Group PLC, Aerojet Rocketdyne Holdings Inc., Orbital ATK Inc., AeroVironment Inc., Textron Inc., General Dynamics Corporation, Kratos Defense & Security Solutions Inc., LIG Nex1 Co. Ltd., Hanwha Corporation, Mitsubishi Electric Corporation
Where Is the Missile Seekers Market Experiencing the Highest Growth?
North America was the largest region in the missile seekers market in 2024. The regions covered in the missile seekers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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According to a research report "Missile Seekers Market by Technology (Active Radar, Semi-active Radar, Passive Radar, Infrared, Laser, Multi-mode), Missile Type (Interceptor, Ballistic, Cruise, Conventional), Launch Mode, and Region (North America, Europe, APAC, & RoW) - Forecast to 2026" published by MarketsandMarkets, the missile seekers market size is projected to grow from USD 5.3 billion in 2021 to USD 6.8 billion by 2026, at a CAGR of 5.2% from 2021…
