Sea Skimmer Missile Market to Reach $2.7 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research
Tuesday, September 5, 2023
The rising demand for maritime security and increased defense spending, including investments in sea-skimming missile defense systems are anticipated to drive the growth of the global sea skimmer missile market during the forecast period from 2023 to 2032. The North America region generated the major market share in 2022.
PORTLAND, Ore., Aug. 28, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Sea Skimmer Missile Market by Type (Surface-to-Surface Missiles, Air-to-Surface Missiles), by Application (Defense, Homeland Security): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global sea skimmer missile market generated $1.5 billion in 2022, and is anticipated to generate $2.7 billion by 2032, witnessing a CAGR of 6.9% from 2023 to 2032.
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Prime Determinants of Growth
The increasing number of marine hazards and the growing territorial conflicts or geopolitical tensions leading to increased defense spending are predicted to be the important factors to boost the growth of the global sea skimmer missile market in the forecast timeframe. However, the rising legal and ethical concerns about innocent casualties and collateral damage may hamper the sea skimmer missile market growth in the coming period. On the contrary, advancements in missile technology, such as enhanced range, precision, and guidance systems is expected to offer growth opportunities for expansion of the sea skimmer missile market in the 2023-2032 forecast period.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$1.5 billion
Market Size in 2032
$2.7 billion
CAGR 6.9 %
No. of Pages in Report 280
Segments covered
Application, Type, and Region
Drivers
Rising demand for maritime security
Increasing territorial conflicts or geopolitical tensions
across the globe
Opportunities Technological advancements, such as the use of AI in marine
skimmer missiles
Increased investment in missile defense technologies & systems
Restraints Restricted range and endurance compared to higher-flying
missiles
COVID-19 Scenario
-- The outbreak of the COVID-19 pandemic has had a negative impact on the
growth of the global sea skimmer missile market. The global supply
networks, raw materials, and other components required for the
manufacture of missiles were in limited supply during the crisis due to
lockdown restrictions.
-- In addition, various nations experienced economic difficulties during
the epidemic, which had an effect on their defense spending. Therefore,
some countries reduced or delayed missile procurement plans to allocate
resources to healthcare & economic recovery.
Application: Defense Sub-segment to be Highly Dominant During the Forecast Period
The defense sub-segment accounted for the major share of 58.7% in the sea skimmer missile market in 2022 and is expected to grow at a the highest CAGR of 7.3% during the forecast period. The dominant growth of the sub-segment is mainly due to the rising threat of smuggling, piracy, and terrorism in maritime areas. Sea skimmer missiles are primarily used as a deterrent against their targets. Besides, increasing military expenditure from various countries across the globe is driving the growth of the defense sub-segment.
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Type: Surface-to-Surface Missiles Sub-segment to Flourish Immensely by 2032
The surface-to-surface missiles sub-segment generated the highest market share of 63.4% in 2022 and is predicted to grow at the highest CAGR of 7.3% by 2032. The continuous advancements in surface-to-surface missile technology is the major factor driving the growth of the sub-segment. in the last few years. Besides, these types of missiles can fly directly to the target, or move towards it from a distance, and are thus high in demand.
Region: North America Market to Hold Majority of Market Share by 2032
The North America region accounted for the highest share of 35.2% in the global sea skimmer missile market in 2022 and is expected to continue to maintain its dominance during the forecast period. Increased investment in the development of sea skimmer missiles and advancements in missile technology, such as enhanced range, speed, and guidance systems are the major factors predicted to boost the regional market growth by 2032. Besides, the increasing funding by key market layers of the region to deliver novel and more advanced sea skimmer missile solutions is another factor boosting the market growth.
Leading Players in the Sea Skimmer Missile Market:
-- Israel Aerospace Industries Ltd.
-- BrahMos Aerospace
-- SAAB AB
-- Kongsberg Gruppen AS
-- Northrop Grumman Corporation
-- Defence Research And Development Organisation
-- Raytheon Company
-- Boeing Company
-- MBDA
-- Orbital ATK Inc.
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The report provides a detailed analysis of the key players of the global sea skimmer missile market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Aerospace & Defense Industry:
Surface to Air Missiles Market Research Report 2023-2035
Submarine Combat Systems Market Research Report 2023-2035
Missile Launching Systems Market Research Report 2023-2035
Maritime Missile Launch System Market Research Report 2023-2035
Submarine Market Research Report 2023-2035
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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