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Interceptor missiles market to be extensively driven by upgradations in the defense sector

Author : Ronak Bora | Published Date : 2019-03-18 

Interceptor missiles market is one such remunerative business sphere where technological proliferations and novelties aptly outline the key to opportunities. In fact, the industry space is rampant of regular upgradations and innovations in the product design. HQ-19, for instance, one of the most widespread utilized products in interceptor missiles industry, is basically a state-of-the-art version of its predecessor, HQ-9.  Ingrained with a capacity of intercepting ballistic missiles even from a range of 3,000 km, this HQ-19 based interceptor missiles market size is slated to grow with extreme alacrity over the ensuing years, at a staggering CAGR of 40% over 2017-2024.

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Allegedly, this breakthrough ballistic missile is capable of targeting satellites in lower earth orbit and is featured with an excellent kinetic kill vehicle. These ongoing product developments and technological interventions are certain to open up lucrative growth opportunities for interceptor missiles industry in the coming years.

Geopolitical instability and threat of terrorism with respect to the global economy has witnessed a marked rise over the recent years. Interceptor missiles market growth seems to be closely hinged to this global unrest. The profitability quotient of the business space has indeed gained a substantial momentum lately than it could be perceived decades back, augmented by range of technological advancements and political developments. Undoubtedly, increasing defense budgets across developing as well as developed nations have played a pivotal role in escalating the revenue generation of interceptor missiles industry share.

As per reliable estimates, global defense spending is slated to reach nearly USD 1.67 trillion this year, supposedly the highest level since the culmination of cold war. In fact, annual global defense spending is forecast to increase by 3.3% over 2017-2018, the fastest growth that has been observed in a decade, according to IHS Jane’s new Defense Budgets Report. Rising defense budgets indicates growing investment in upgrading the military forces, which by extension is impelling interceptor missiles industry share.

Enlisted below are some of most exemplary happenings in interceptor missiles market:

India, toward the end of last year, made it to the headlines with its successful accomplishment of test-firing an AAD (Advanced Air Defence) interceptor missile, from test range in Odisha. If reports are to be relied, this endo atmospheric interceptor is capable of destroying enemy ballistic missile at low altitude. By effectively hitting a test missile at an altitude of 15 km, this absolutely groundbreaking technology, as claimed by experts, has undoubtedly made India to stand tall in global interceptor missiles market share. Apparently, this was the third successful supersonic interceptor test being conducted this year, in which an incoming ballistic missile was intercepted within 30kms of earth atmosphere altitude.

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Citing another breakthrough instance in interceptor missiles market -Israel has finally carried out a successful test of Arrow 3 long range missile interceptor. Reportedly, after two consecutive aborted attempts, the project became fruitful by the combined effort of US Missile Defense Agency and Israel Defence forces.  While the country’s defence sector is already complemented with a range of missile defence systems to protect Israel from long, medium, and short ranged attacks, the Arrow 3 system is claimed to be the first of its kind in Israel’s multi-layered missile defense network. Isreal’s success test of Arrow 3 missile system, thereupon is undoubtedly a milestone for the regional growth of interceptor missiles market.

In a bid to address the threat from North Korea, U.S. Missile Defense Agency has requested a budget of USD 9.9 billion to upgrade the homeland missile fence system, which in extension is impelling regional interceptor missiles industry size. Reportedly, the budget for the fiscal 2019 which is up by 2% than last year, would include incorporation of 20 additional ground-based interceptors (GBIs) at Alaska. As per authentic sources, the plan is to bring total count of GBIs to 64 by 2023. Needless to mention, these kinds of increment in defense budget as well as inclination toward upgrading the existing defence systems are sure to make profitable returns in U.S. interceptor missiles industry.

The last half a decade has witnessed a superfluity of investments in interceptor missiles market pertaining to product design, deployment, and development. Renowned biggies partaking in the business space such as Lockheed Martin Corp., Boeing Co., Raytheon Co., Aerojet Rocketdyne, and Rafael Advanced Defense Systems have been creating whole hog to bring technological upgradation in product design via partnership activities. Rafael Advanced Defense systems, for instance has recently teamed up with Saudi Arabia’s government to supply its patent Iron Dome system for enhancing the country’s military power. Along the similar lines, three years back in the year 2015, Bethesda headquartered interceptor missiles giant, Lockheed Martin, received a contract of USD 1.5 billion from United States Armed Forces for the production and delivery of PAC-3 MSE and PAC-3 missiles.  

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Driven by the appreciable investments in emerging economies to upgrade the defence sector in tandem with market giants’ continuous product modernization, interceptor missiles market is slated to record exceptional heights in terms of revenue over the coming years. Authenticating the declaration is the fact that interceptor missiles industry size is forecast to exceed a valuation of USD 14 billion by 2024, as claimed by Global Market Insights, Inc.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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