30 January 2021
Visiongain has published a new report on Interceptor Missile Market Report 2021-2031: By Component (Global Positioning System, Inertial Navigation System, Radar Homing, Lasers) By Type (Surface to Air, Surface to Surface) By Range (Short, Medium, Long) and Leading Regional/ Country market analysis.
Global interceptor missiles market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Interceptor missiles market has been witnessing strong growth over the past few years on account of increasing focus of armed forces across the globe to enhance counter air strike capabilities and the trend is expected to continue over the forecast period. Increasing use of UAVs for air strikes has resulted in the necessity to invest significantly on the procurement of intercept missiles. Intercept missiles are basically equipped on land platforms, stationary locations and surface vessels which help in countering ballistic missiles. Major countries across the globe are increasingly investing on ballistic missiles procurement over the procurement which is also one of the major factors expected to drive the market for intercept missiles in coming years.
There has been a significant advancement in the missile technologies over the last decade in terms of precision, multi target capabilities, and stealth. Technological advancement in missile systems has triggered the investment on missile defense systems. As a result, defense forces across the globe are investing significantly on the development of intercept missiles along with next generation radar systems, counter UAVs systems, and air defense systems.
Emerging economies in Asia-Pacific and Middle Eastern region such as India, China, UAE, and Saudi Arabia are increasing their defense budgets every year over the last few years, which is also expected to have positive impact on the intercept missiles market. Moreover, border disputes between India and China is also resulted in these countries to prioritize their procurement plans of such systems. Despite the global pandemic, India and China are investing significantly on the defense programs to maintain their combat readiness across their borders.
COVID-19 Impact on Intercept Missiles Market
Due to Covid-19 pandemic, the defense budgets are expected to shrink in coming years resulting in the lower investment on the procurements programs in the next few years, which is expected to inhibit the growth of intercept missiles market until 2022. On the other hand, companies operating in the defense sector are facing huge deficit in man power required to carry out ongoing and planned programs. There has been a difficulty in raw material and sub-systems procurement, which is expected to delay the final deliveries.
Some of the company’s profiled in this report include Elbit Systems Ltd, General Dynamics Corporation, Leonardo S.p.A, Lockheed Martin Corporation, Northrop Grumman Corporation, Aerojet Rocketdyne, MBDA, Raytheon Company, BAE Systems, and Boeing.
• In May 2020, US Department of Defense has signed a contract worth US$ 6 billion with Lockheed Martin Corporation for supplying intercept missiles. Under this contract, Lockheed Martin will supply its state-of-art Patriot Advanced Capability-3 (PAC-3) missiles and associated support services for a period of seven years till 2027. Missile deliveries are planned to happen between 2021 and 2023.
• In May 2020, US Department of Defense has also released a tender for developing next generation intercept missile program, which is a worth of US$ 664.1 million. For this for this Next Generation Interceptor program, Raytheon Missiles & Defense and Northrop Grumman are working in partnership to develop a missile interceptor, which is equipped with multiple warheads.
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