Dublin, Dec. 21, 2021 (GLOBE NEWSWIRE) -- 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).

The defense industry is relatively unaffected due to the impact of the COVID-19 pandemic. However, in 2020, due to the temporary ceasing of manufacturing in several countries, the defense supply chains were disrupted. Also, the economic crisis can result in some of the countries to decline their defense spending during the forecast period.

The growing maritime disputes in the South China Sea and the Mediterranean Sea among various countries are propelling the investments towards procurement and deployment of new naval vessels. The naval forces are currently modernizing their naval fleet by upgrading their existing naval fleets or replacing their aging fleets with newer-generation vessels. The growing demand for new naval vessels is expected to propel the demand for missile and missile launch systems in the coming years.

The countries are also investing into procurement of new generation missiles systems that can precisely eliminate the targets using a position-based guidance system to track and neutralize seaborne and ground-based threats. Similarly, the naval forces are also modernising the missile firing systems on surface ships and submarines. This is anticipated to drive the growth of the market during the forecast period.

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.

The market of naval missiles and missile launch systems is slightly consolidated with very few players accounting for the majority share in the market. Some of the prominent players in the naval missiles and missile launch systems market are Raytheon Technologies Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., and Kongsberg Gruppen ASA. Raytheon Technologies Corporation is a major provider of missile systems to naval forces around the world. In addition to the international, there are many local players in the market Defence Research and Development Organisation (DRDO) and ROKETSAN A.S. among others.

Currently, the increasing emphasis on developing local defense equipment in various countries is expected to strengthen local players' presence in the market. For instance, as of July 2021, Roketsan announced that the company is planning to develop Milli Dikey Atis Sistemi (MDAS), a new vertical launching system, which will be integrated onboard the first indigenously manufactured frigate, TCG Istanbul. Further to increase their share in the market, the companies are developing new missile systems onboard naval vessels for the armed forces around the world.

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 5.1.1 Missile 5.1.2 Launch Systems 5.2 Application 5.2.1 Surface Vessel 5.2.2 Submarine 5.3 Geography 5.3.1 North America 5.3.1.1 United States 5.3.1.2 Canada 5.3.2 Europe 5.3.2.1 United Kingdom 5.3.2.2 France 5.3.2.3 Germany 5.3.2.4 Russia 5.3.2.5 Rest of Europe 5.3.3 Asia-Pacific 5.3.3.1 China 5.3.3.2 India 5.3.3.3 Japan 5.3.3.4 South Korea 5.3.3.5 Rest of Asia-Pacific 5.3.4 Latin America 5.3.4.1 Brazil 5.3.4.2 Rest of Latin America 5.3.5 Middle-East and Africa 5.3.5.1 United Arab Emirates 5.3.5.2 Saudi Arabia 5.3.5.3 Egypt 5.3.5.4 Rest of Middle-East and Africa 6 COMPETITIVE LANDSCAPE 6.1 Vendor Market Share 6.2 Company Profiles 6.2.1 Lockheed Martin Corporation 6.2.2 Raytheon Technologies Corporation 6.2.3 Elbit Systems Ltd. 6.2.4 MBDA Inc. 6.2.5 Kongsberg Gruppen ASA 6.2.6 Saab AB 6.2.7 Rafael Advanced Defense Systems Ltd. 6.2.8 BAE Systems plc 6.2.9 ROKETSAN A.S. 6.2.10 Rostec 6.2.11 Israel Aerospace Industries Ltd. 6.2.12 Defense Research and Development Organization (DRDO) 7 MARKET OPPORTUNITIES AND FUTURE TRENDS For more information about this report visit https://www.researchandmarkets.com/r/q27rkl

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