The growing intensity of military conflicts and possibilities of attack from sea routes create the requirement for the anti-ship missile defense system. The new research report about the global anti-ship missile defense system market published by Market Research Future (MRFR) assesses a hike for this market at 6.65% CAGR between 2016 and 2023. By value, the market can be worth the USD 13,984 mn by the end of the forecast period.
Primal factors escalating the global anti-ship missile defense system market include high demand for laser anti-ship missile defense systems, increasing research & development (R&D) investments, and greater emphasis on maritime border security.
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The global anti-ship missile defense system market segmentation covers application and component. MRFR’s attempt is looking for better growth potentials of the market.
As per the application-based segmentation, this market covers ballistic missiles defense and conventional missile defense. Ballistic missiles defense segment has a larger market share of 55.88%.
Regarding component, the market has been segmented into missile interceptor and radar. Radar holds a market share of 70.67% in the global market.
The regional segmentation of the global anti-ship missile defense system market covers North America, Europe, the Middle East, Asia Pacific, and Rest of the World (RoW).
North America is the leading regional market in the global market due to technological advancement and heavy defense expenditure of the USA. Many vital market players are based in North America, especially in the USA. Canada is the second strongest country-specific market in this region due to the decent amount of investment, whereas Mexico is the third most important country-specific market.
Europe is the second biggest regional market, holding 29% of the global market share. The market is strong in this region due to increased military spending in countries like Russia and the UK. Various governments in Europe and across the globe are procuring anti-ship missile defense system to strengthen their armory. Other countries with a strong army and heavy defense budgets in this region are France, Germany, and Turkey. The remaining countries of Europe also make a significant contribution to market revenue.
Due to increasing terrorism and border threats in the Asia Pacific region, the market can grow in countries that have a strong economy, technological advancement, and expertise to handle those weapons. Such countries include China, India, and Japan. China has a conflict with both India and Japan. India also has a military conflict with Pakistan. South Korea is another major country-specific market in this region due to its conflict with North Korea.
In the MEA region, the market is limited as most countries do not share borders with any sea. Those who do can be strong markets due to Arab-Israel conflict, and the key country-specific markets are Saudi Arabia and the UAE.
The RoW segment covers South America and Africa. In South America, the market growth is restricted due to a limited budget. The exigent country-specific markets in this region are Brazil, Egypt, and South Africa.
Major players in the global anti-ship missile defense system market include BAE Systems (UK), General Dynamics (USA), Leonardo S.P.A (Italy), Lockheed Martin, MBDA (many headquarters in Europe), Northrop Grumman (USA), Rafael Advanced Defense Systems (France), Raytheon (USA), Saab Group (Sweden), and Thales Group (France).
Latest Industry News:
- China has successfully conducted the first test of a new anti-ship ballistic missile. It fired a salvo of six missiles into the South China Sea. 19 JUL 2019
- On 10-14 JUL 2019, Production Enterprise/Kaluga instrument-making Plant (part of the Morinformsystem-Agat Concern) and The Typhoon JSC Research has unveiled Bal-E (SSC-6 Sennight) mobile coastal anti-ship missile system which is a new export variant of the Bal-E (SSC-6 Sennight). Designated Rubezh-ME, the new anti-ship missile system was unveiled at International Maritime Defence Show (IMDS) in Saint Petersburg, Russia. 15 JUL 2019
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