Global Naval Missiles and Missile Launch Systems Market (2021 to 2030) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Naval Missiles and Missile Launch Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2030)" report has been added to ResearchAndMarkets.com's offering.

The naval missiles and missile launch systems market is expected to register a CAGR of more than 6% during the forecast period (2021-2030).

Companies Mentioned

• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Elbit Systems Ltd.
• MBDA Inc.
• Kongsberg Gruppen ASA
• Saab AB
• Rafael Advanced Defense Systems Ltd.
• BAE Systems plc
• ROKETSAN A.S.
• Rostec
• Israel Aerospace Industries Ltd.
• Defense Research and Development Organization (DRDO)

Key Market Trends

Missiles Segment Currently Accounts for Majority Share

The missiles segment of the market currently dominates the market and is expected to continue its dominance primarily due to their relatively higher deliveries compared to missile launching systems. The countries are rapidly expanding their arsenal of advanced cruise and ballistic missiles to equip their growing naval vessel fleet with enhanced attack capabilities. For instance, in December 2020, the Indian Navy announced its plans to acquire 38 extended range BrahMos supersonic cruise missiles to enhance the firepower of its new warships, which are currently in construction.

This plan followed the successful testing of the cruise missile. BrahMos cruise missile was developed by BrahMos Aerospace, a joint venture between NPO Mashinostroyeniya and DRDO that can be launched from ships and submarines. Similarly, in September 2020, the German navy placed a USD 192.5 million order for RBS15 anti-ship missiles (AShM) from Saab that are planned to be deployed onboard Braunschweig-class corvettes that are currently in service.

The missiles are also planned to be deployed on the second batch of Braunschweig-class corvettes that are expected to be commissioned between 2023 and 2025. The RBS15 Mk3 AShMs missiles are expected to be delivered during the 2022 - 2026 period. Such procurement of new naval missiles for the naval forces is anticipated to drive the growth of the segment in the coming years.

North America will Witness Highest Growth During the Forecast Period

The demand for new naval vessels in North America is majorly due to the fleet expansion plan of the United States Navy with the procurement and deployment of naval vessels. The United States Department of Defense (DoD) is currently investing in naval fleet modernization of the Navy and Marine Corps primarily due to the growing threats of China and Russia. As part of the FY2022 budget request, the US Navy plans to receive USD 18.1 billion for the construction of new ships with the procurement of eight new ships including one Arleigh Burke (DDG-51) class destroyer, one Constellation (FFG-62) class frigate, and two Virginia-class attack submarines (SSNs).

Earlier in FY 2021 budget, under the five-year (FY2021-FY2025) shipbuilding plan, the government planned to procure approximately 42 new ships. Such robust naval fleet induction programs are anticipated to generate demand for new missiles systems. Over the past two years, the Navy has acquired about 250 Standard Missile-6 (SM-6) long-range anti-air missiles for the defense of their fleet. Similarly, Canada has been acquiring new and advanced naval vessels for attack and surveillance operations.

The Canadian Surface Combatant (CSC) project will replace the Iroquois and Halifax-class warships with up to 15 new ships beginning in the mid to late 2020s as part of the National Shipbuilding Procurement Strategy. The CSC naval vessels are expected to be equipped with Naval Strike Missiles, Tomahawk Missiles, Evolved SeaSparrow Missile (ESSM), and Sea Ceptor air defense system. The fleet modernization plans of countries in North America and subsequent demand in missile systems is anticipated to accelerate the growth of the market.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION (Market Size by Value - USD billion)

5.1 Systems

5.2 Application

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/ogvdoe