According to a recent report published by Allied Market Research, titled, “maritime missile launch system market by system, mode, and launch type: global opportunity analysis and industry forecast, 2021–2030,” the global maritime missile launch system market was valued at $280.7 million in 2020, and is projected to reach $458.7 million by 2030, registering a CAGR of 5.8%.
Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global maritime missile launch system market share in North America in 2020, owing to increase in R&D activities, technological developments by big players, and rapid adoption of innovative technologies in making safer, convenient, and efficient maritime missile launch systems. North America is expected to grow at a significant rate during the forecast period, owing to rise in modernization initiatives regarding development of reliable and efficient missile launch systems.
By system, the market is categorized into vertical launching system, single cell launcher, and vertical launch anti-submarine. The vertical launching system segment accounted for the highest revenue in 2020, owing to high demand for vertical launch systems in maritime missile launch systems, owing to their reliable, most practical, and efficient nature.
By launch type, the maritime missile launch system market is divided into hot launch, cold launch, and concentric canister launch. The cold launch segment accounted for the highest revenue in 2020, owing to high safety of the system and rise in use of cold launch systems for launch of modern missiles.
Rise in number of territorial conflicts throughout the world and naval modernization programs are expected to drive the market during the forecast period. However, high cost of maritime missile launch systems is anticipated to hamper growth of the market. Moreover, reliable and efficient vertical launch maritime missile launch systems and rise in defense expenditure globally are expected to offer lucrative opportunities in the future.
COVID-19 Impact Analysis
- The COVID-19 impact on the maritime missile launch system market is unpredictable, and is expected to remain in force till the fourth quarter of 2021.
- The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of non-essential items for most of 2020. This led to sudden fall in availability of important raw materials.
- Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
- Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative maritime missile launch systems globally.
KEY FINDINGS OF THE STUDY
- By system, the vertical launching system segment is expected to register a significant growth during the forecast period.
- By mode, the on-surface segment is anticipated to exhibit significant growth in the future.
- By launch type, the cold launch segment is projected to lead the global maritime missile launch system market, owing to higher CAGR as compared to the hot launch segment.
- By region, North America is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global maritime missile launch system market include Aselsan A.Ş., BAE Systems plc, General Dynamics Corporation, Konsberg Gruppen ASA, Lockheed Martin Corporation, MBDA, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, ROKETSAN A.S., and SaaB AB