Missile Seekers Global Market Report 2024

The global missile seekers market has grown strongly in recent years. It will grow from $4.96 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. During the historical period, growth within this sector can be ascribed to various contributing factors. These include the implementation of military modernization programs, heightened regional security concerns, increased export opportunities, a rise in asymmetric warfare tactics, developments in counter-air and anti-ship operations, and advancements in counter-ballistic missile systems. These elements collectively contributed to the observed growth within this domain during that timeframe.

The global missile seekers market is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Anticipated growth in the upcoming forecast period is expected to be driven by several key factors, including the emergence and emphasis on hypersonic missiles, a heightened focus on electronic warfare, deployment on unmanned platforms, concentrated efforts on enhancing anti-ship missile seekers, and the global proliferation of missile defense systems. These aspects are anticipated to propel growth within this sector.

The missile seekers market is being driven by a surging global demand for missile defense systems. Countries, amidst escalating tensions, seek to safeguard their territories against aerial threats using these systems. The accurate targeting and destruction of incoming missiles or aircraft rely on missile seekers. Notably, in December 2021, India inked a $5.4 billion deal for Russia’s S-400 missile defense systems. Additionally, in May 2022, South Korea approved a $605 million project to upgrade its PAC-2 to PAC-3 system from the USA. Lockheed Martin's CEO mentioned substantial demand for THAAD and PAC-3 systems globally in April 2022, underscoring the market's growth due to increased demand.

The missile seekers market is set to expand owing to heightened international conflicts. These conflicts encompass various forms, from diplomatic tensions to military confrontations, impacting sovereign states or international entities. Missile seekers, integral in guided missile systems, play a pivotal role by precisely locating, tracking, and guiding missiles. In June 2023, ReliefWeb reported an increase in non-state conflicts from 76 in 2021 to 82 in 2022, reflecting a global trend. Notably, Africa experiences the most non-state wars, followed by the Americas, further substantiating the market's growth linked to rising international conflicts.

Noteworthy advancements in missile seeker technology drive market trends. Key industry players and defense organizations continuously innovate to enhance missile accuracy. These technological leaps give market leaders a competitive advantage. An instance is the successful July 2021 test by India's Defense Research and Development Organization (DRDO) of the Akash NG surface-to-air missile equipped with the Radio Frequency Seeker developed in Hyderabad, India. This advancement showcased the missile's capability to lock onto and destroy enemy aircraft effectively.

Strategic partnerships are becoming prevalent in the missile seekers market, facilitating the development of interoperable aircraft survivability solutions. Companies collaborate, pooling strengths and resources for mutual benefit. For example, in February 2023, BAE Systems, Inc., collaborated with Leonardo UK, authorized by the U.S. government to create an interoperable aircraft survivability suite. This suite integrates Leonardo's Miysis Directed Infrared Countermeasure (DIRCM) System and BAE Systems' AN/AAR-57 Common Missile Warning System (CMWS). Such collaborations significantly enhance an aircraft's resilience against sophisticated attacks, with the Miysis DIRCM system being a dependable defense against Infrared Man Portable Air Defense Systems (IR MANPADS).

In a strategic move, System High Corp., a US-based engineering, cybersecurity, and intelligence company, acquired undisclosed technical and advisory businesses from Booz Allen Hamilton Corp. in December 2021. This acquisition aligns with System High’s objectives to enhance national security. Booz Allen Hamilton Corp., known for its engineering, R&D, and advisory services, notably supported the missile defense agency (MDA) and held contracts from the MDA.

Major companies operating in the missile seekers market report are BAE Systems PLC, Leonardo SpA, Raytheon Technologies Corporation, Northrop Grumman Corporation, The Boeing Company, Safran SA, Thales Group, Diehl Defence GmbH & Co. KG, Rafael Advanced Defense Systems Limited, Adani Defence And Aerospace, Defence Research & Development Organisation, Koda Technologies Inc., Vem Technologies Private Limited, Analog Devices Inc., Bharat Electronics Limited, Excelitas Technologies Corp., Marotta Controls Inc., Lockheed Martin Corporation, L3Harris Technologies Inc., Honeywell International Inc., Collins Aerospace Systems, Israel Aerospace Industries Ltd., Roxel Group, Rheinmetall AG, Saab AB, MBDA Italia SpA, Roketsan A.S., Taurus Systems GmbH, QinetiQ Group PLC, Aerojet Rocketdyne Holdings Inc., Orbital ATK Inc., AeroVironment Inc., Textron Inc., General Dynamics Corporation, Kratos Defense & Security Solutions Inc., LIG Nex1 Co. Ltd., Hanwha Corporation, Mitsubishi Electric Corporation

North America was the largest region in the missile seekers market in 2023. The regions covered in the missile seekers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the missile seekers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The different types of missile seekers serve specific purposes in missile technology. They employ radar-based mechanisms to locate and guide missiles towards their targets. Cruise missiles, among them, are notable for their ability to operate within the Earth's atmosphere, delivering destructive payloads remotely and swiftly. These missiles utilize a range of technologies and launch modes to ensure precision and effectiveness in their missions.

This report provides missile seekers market statistics, including missile seekers industry global market size, regional shares, competitors with a missile seekers market share, detailed missile seekers market segments, market trends and opportunities, and any further data you may need to thrive in the missile seekers industry. This missile seekers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The missile seekers market consists of sales of missile seekers that are used to guide the missile on the right path of the target. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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