Eliana G.

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Growing investments in the development of missile interceptors are expected to provide market players with growth opportunities. Rising military expenditures and the increase in cross-border threats are driving the global missile interceptor market forward. North Korea, for example, has entered the arms race by developing new and advanced intercontinental ballistic missiles (ICBMs). Furthermore, amid nuclear sanctions, countries in the Middle East, such as Iran, are suspected of producing ICBMs. A number of contracts were entered into by key market players, which fuelled the market growth. In 2018, Lockheed Martin and the US Missile Defense Agency signed an agreement to develop anti-ballistic missile interceptors. In the same year, Boeing signed a deal with the US Pentagon to create a missile interceptor network to counter North Korean threats. In 2018, North America was the largest regional market, but Europe is projected to grow at the fastest rate over the forecast period.