Missile Seekers Market Growing at the Fastest Rate in North America Region

Northbrook, USA, 2021-Oct-08 — /EPR Network/ —

According to a research report “Missile Seekers Market by Technology (Active Radar, Semi-active Radar, Passive Radar, Infrared, Laser, Multi-mode), Missile Type (Interceptor, Ballistic, Cruise, Conventional), Launch Mode, and Region (North America, Europe, APAC, & RoW) – Forecast to 2026″ published by MarketsandMarkets, the 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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The missile seekers market includes major players BAE Systems (UK), Boeing (US), Leonardo S.p.A. (Italy), Raytheon Technologies (US), Safran Group (France), Thales (France), and Northrop Grumman Corporation (US). These players have spread their business across various countries includes North America, Europe, Middle East, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has slightly affected missile seekers production and services globally in 2020.

Demand for Infrared based missile seeker system will drive the demand for technology type segment

Infrared technology is capable of tracking the heat generated by an object. In missile guidance systems, infrared tracks the target based on the heat generated by it. Infrared is a passive type of homing technology which is effective in anti-aircraft missiles as it detects the heat generated by the jet engines of aircraft. Cross-array seekers and rosette seekers make use of infrared technology to guide missiles.

The Interceptor missile type sector is projected to witness a higher CAGR during the forecast period

The revenue generated by the interceptor missiles market, which recorded USD 2382 million in 2021, is expected to grow up to USD 3140 million in 2026 with CAGR of 5.69%. The demand interceptor missiles will be largely driven by border tensions persisting in countries such as Israel, India, China, South Korea, and Saudi Arabia.

Market for missile seekers used in surface to Air launch mode missiles is projected to witness highest CAGR during the forecast period

Market for missile seekers used in surface to air missiles is expected to grow 2142 Million USD in 2021 to 2513 Million USD in 2026 with CAGR of 5.58%. Surface-to-air rockets and missiles are launched from the ground and are designed to hit aerial targets, such as aircraft and helicopters. They are also used to destroy other missiles as well. These missiles form the major part of an anti-aircraft system and are used for anti-air warfare operations.

The North American market is projected to contribute the largest share from 2021 to 2026

North America is projected to be the largest regional share of the global missile seekers market during the forecast period. Major companies, such as Raytheon Technologies, Northrop Grumman Corporation, and SemiConductor Devices, and small-scale private companies, such as Excelitas Technologies Corp, Marotta Controls, and KODA Technologies Inc., are based in the US. These players continuously invest in the R&D of new & improved missile seeker designs.

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The missile seekers market in North America is driven by the increasing need for advanced defense systems from the US military. Missile seekers are the systems used in missiles to guide them on the right trajectory to accurately hit the desired targets. Recent technological developments in defense systems, including guided missiles, have led to the increased demand for more efficient missile seekers.

Canada has shown no interest in developing its own missile systems; the country relies on the US for its defense systems, including missile systems.

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