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.
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