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.
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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.
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.
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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MEA interceptor missiles market will exhibit major share over the forecast timeframe owing to proliferating threats of enemy attack across the region. Consolidation of various countries with industry participants for procuring the product will further drive the industry demand. For instance, Qatar and UAE is estimated to sign a contract with Lockheed Martin for providing Patriot.
Europe interceptor missiles market will exhibit growth over 7% during the forecast timeframe owing to increasing demand from Poland and Sweden.
Interceptor missiles market is anticipated to exceed USD 14 billion by 2024. Consistent threat of attack from opposing nations will drive the industry demand. Countries including the U.S., Saudi Arabia, Qatar, Israel, UAE have already bought the product to boost their defense strength.
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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.