Missile Tracking Systems Market Expected to Reach USD 117.50 Billion by 2033 – BIS Research

Dec 15, 2023 6:00 PM ET

The missile tracking systems market plays a crucial role in modern military infrastructure, driven by technological advancements and the escalating global threat of missiles. The evolving nature of missile threats, including hypersonic capabilities and stealth features, necessitates sophisticated tracking solutions. Integration of tracking systems into defense networks enhances situational awareness and enables rapid responses.

The global missile tracking systems market is projected to reach $117.50 billion by 2033 from $67.48 billion in 2022, growing at a CAGR of 5.11% from 2022-2033.

Market Analysis: Trends, Data, and Growth Projections

Radar-based systems, evolving with improved accuracy and resilience, remain fundamental in the missile tracking system market. Multispectral sensors, such as infrared and electro-optical sensors, enhance performance in diverse environments. Moreover, the defense industry is witnessing the integration of AI and machine learning for improved target detection, reduced false alarms, and enhanced overall missile tracking system efficiency, marking a significant technological shift.

BIS Research, a leading market research firm, has released a report titled- Missile Tracking Systems Market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the missile tracking systems market. The detailed study is a compilation of 80 market data tables, and 18 figures spread across 176 pages.

Key Players and Market Segments

The missile tracking systems market is characterized by established players and emerging start-ups, with established firms holding a dominant 73% market share in 2022, while start-ups secured 27%. The market dynamics are evolving as nations increasingly adopt hypersonic missile capabilities, utilizing advanced GPS technology for precise targeting. This trend is expected to attract more players to enter the competitive missile tracking systems market in the coming years, reflecting a growing demand for sophisticated tracking solutions in the context of evolving military capabilities worldwide.

Some major companies operating in the global missile tracking systems market are:

Lockheed Martin Corporation
Boeing
L3Harris Technologies, Inc.
Northrop Grumman
Thales
RTX
Leonardo S.p.A.
Rafael Advanced Defense Systems Ltd.
Weibel Scientific A/S
SpaceX
Hanwha Systems Co., Ltd.

The global missile tracking systems market is segmented by application, platform, and region. The air defense systems led by application in 2022, accounting for 40% of the market, driven by increasing demand for countering hostile missiles. Air defense systems offer real-time situational awareness crucial for detecting and tracking incoming missiles. The ground-based missile tracking systems segment dominated the platform category in 2022, with a 73% revenue share, offering target acquisition capabilities and other warfare functionalities.

In terms of regions, Asia-Pacific experienced the highest growth, with a CAGR of 6.09%. At the same time, Europe is expected to gain traction due to the demand for hypersonic missiles and cross-border tensions. North America, led by the U.S., remains a crucial player in the missile tracking systems market, showing significant growth at a CAGR of 4.91%. The growth is attributed to high defense spending, advanced military technologies, and the presence of renowned missile tracking system manufacturers.

Market Drivers, Challenges, and Opportunities

Regulatory advancements, ongoing research, and collaboration between industry leaders contribute to the growth of the missile tracking systems market.

Rising international instability drives demand for robust systems while emerging hypersonic armament capabilities and the need to replace legacy systems contribute to market growth. Challenges include adapting to evolving stealth technologies, complex sensor integration, and efficient real-time data transmission. Opportunities lie in AI and ML integration for automated threat detection, improved analysis, and resource optimization. Moreover, integrating directed energy weapons into missile defense systems presents a promising alternative to conventional interceptors, shaping the dynamic landscape of the missile tracking systems market.

Related Reports

Advanced Missile Defense System Market

Directed Energy Weapon Systems Market

Hypersonic Technology Market

Analyst Note

BIS principal analyst suggests: “Advanced sensor fusion techniques are used in today’s missile tracking systems, which use data from satellites, ground-based installations, aerial platforms, and even space-based assets. This multi-dimensional approach gives a complete battlefield view and enables real-time monitoring and engagement of fast-moving, highly maneuverable objects such as hypersonic missiles. Furthermore, incorporating autonomous drones and unmanned aerial vehicles (UAVs) into the surveillance system infrastructure has increased the reach and durability of these missile tracking systems, allowing them to monitor previously unreachable places.”

About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

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