The report on the Missile Seekers Market provides a detailed trend analysis from 2018 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
The global 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 to 2026. The market is driven by various factors, such as geopolitical instabilities, changing nature of warfare, increasing defense expenditure of emerging economies and technological advancements in missile seekers.
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Based on technology, The missile seekers market will majorly be driven by the growing demand for multi-mode seekers in the forecasted year. Multi-mode guidance systems make use of two or more missile seeker technologies to improve accuracy. Terrestrial Guidance (TERCOM) is one such hybrid system that uses radar, global positioning system (GPS), and digitized scene mapping area correlator (DSMAC) together. Multi-mode missile seeker is used for guidance of cruise missiles like AGM-86B (US), C-602 (China), Hyunmoo-III (South Korea), etc.
Based on missile type, the interceptor missiles is projected to grow at the highest CAGR for the missile seekers market during the forecast period. Interceptor missiles are anti-ballistic missiles used to counter ballistic missiles like intercontinental and intermediate-range ballistic missiles launched from any enemy country and to counter aircraft and other missiles. S400, Arrow 2, Arrow 3, THAAD, Patriot missile defense system, and Barak 8 are interceptor missiles used to defend against any kind of airborne threats, such as helicopters, aircraft, UAVs, anti-ship missiles, and ballistic missiles. The increasing procurement of interceptor missiles by countries such as India, South Korea, and Israel due to rising geopolitical instabilities is driving the growth of the interceptor missile segment. For instance, in 2018, the Indian government signed a contract worth USD 5.43 billion with the Russian government to procure five regiments of the S-400 missiles.
Based on the launch mode, the air-to-air segment is projected to grow at the highest CAGR rate for the missile seekers market during the forecast period. Air-to-air missiles are launched from aircraft, helicopters, or unmanned combat aerial vehicles (UCAVs) to destroy enemy aircraft. The warhead types of air-to-air missiles are fragmentation warheads or continuous rod warheads. These missiles detect their targets using radars or infrared guidance systems and can fly at a very high speed. These missiles are long and have narrow cross-sections to reduce drag. Some of the air-to-air missiles are Astra, developed by the Defence Research and Development Organisation (India); Meteor, developed by MBDA (UK); and Python, developed by Rafael Advanced Defense Systems (Israel).
North America is projected to be the largest regional share of the global missile seekers market during the forecast period. The US is one of the leaders in the missile seekers industry. The US is investing in the development of air defense systems, including surface-to-air guided missiles designed to destroy other ballistic missiles in the air itself, before they could do any damage. One such missile is the MIM-104 Patriot developed by Raytheon Technologies (US). Such developments contribute to the growth of the missile seekers market.
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