Interceptor Missiles Market to Grow by USD 1.62 Billion, at 8% CAGR During 2019–2023 |Technavio
According to Technavio Research Report “Interceptor Missiles Market by product (land-to-air missile, and ship-to-air missile), and geography (the Americas, Europe, MEA, and APAC) is witnessed to grow USD 1.62 billion, at a CAGR of 8% from 2019 to 2023”.
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Land-to-air missile product segment will garner the highest share.
Land-to-air missile was the largest segment of the global interceptor missiles market in 2018 and is expected to grow faster than the overall market during the forecast period. The growth of the land-to-air missile segment is expected to be driven by the rise in the sales and deployment of missile defense systems by several countries including the US, Russia, Turkey, India, and Japan, among others.
“The US, Russia, and Israel have proven missile defense systems that can intercept an ICBM. However, countries like China, France, Italy, the UK, and Japan currently possess missile defense systems to intercept short-to-intermediate range ballistic missiles. These countries are also focusing on developing missile defense systems to counter an ICBM during its course. Thus, the missile defense systems, including anti-CBM missiles and tactical ABMs, are expected to be acquired by several countries, which increases the demand for interceptor missiles,” says a senior research analyst at Technavio.
Development of MOKVs
Several countries, such as the US, the UK, France, China, and Russia, have proven capabilities to launch a ballistic missile with multiple independently targetable reentry vehicle (MIRV). These missiles with multiple warheads can attack a different target and cause more damage than ballistic missiles with a single warhead. Countries such as Israel, Pakistan, India, and Iran are also increasing their investments on missile defense systems that can target a ballistic missile with MIRV payloads. These types of missiles are called as multi-object kill vehicle, which is expected to gain immense popularity over the forecast period. Thus, the development of MOKVs is expected to impact the growth of the global interceptor missiles market size during the next five years.
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Interceptor missiles to witness the fastest adoption in MEA
MEA is expected to be the fastest growing region of the global interceptor missiles market during the forecast period. MEA is one of those regions in the world that witnesses a large number of conflicts, primarily due to the border or religious disputes. This has accelerated the development of long-range missiles in countries such as Iran and Israel. Such conflicts are driving investments in the development of interceptor missiles. This is expected to fuel the growth of the interceptor missiles market size in MEA during the forecast period.
