Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Anti-Ship Missile Defence System Market by Component (Radar, Missile Interceptor), Launch Platform (Air, Surface, Submarine), Application (Ballistic Missiles Defense, Conventional Missile Defense), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global anti-ship missile defence system market size reached US$ 12.9 billion in 2023. The market is projected to reach US$ 19.7 billion by 2032, exhibiting a growth rate (CAGR) of 4.79% during 2023-2032
The rising demand for naval vessels, rapid military modernization activity, and the integration of artificial intelligence (AI) and machine learning (ML) technologies represent some of the key factors driving the market.
The rising demand for naval vessels across the globe is one of the primary factors driving the market growth. ASMD system is widely installed on different locations of a naval vessel to provide comprehensive and all-around protection from incoming enemy missiles, which aids in reducing casualty, minimizing the impact of an attack, and increasing the overall efficiency of the naval operations. In addition to this, the rapid military modernization activity due to the increasing defense budget is acting as another growth-inducing factor.
Furthermore, the implementation of various government initiatives to expand and strengthen naval fleets to protect the country's maritime interests is providing an impetus to the market growth. Additionally, the recent development of directed energy weapon systems, such as high-energy lasers and high-power microwaves that are cost-effective, require low maintenance, and can rapidly engage hypersonic missiles, is positively influencing the market growth.
Apart from this, the integration of artificial intelligence (AI) and machine learning (ML) to automate threat detection capabilities and improve the sensitivity, tracking, and response time of the ASMD system is favoring the market growth. Moreover, the introduction of multi-function radars (MFR) that engage multiple targets simultaneously and enhance situational awareness of the system is creating a positive outlook for the market. Other factors, including the significant growth in the defense industry, growing military tensions, the increasing investment in the research and development (R&D) of new ASMD systems, and the rising threat of asymmetric warfare, are anticipated to drive the market growth.
Asia-Pacific was the largest market for anti-ship missile defence system. Some of the factors driving the Asia-Pacific anti-ship missile defence system market included rapid military modernization, increasing government initiatives, and significant technological advancements.
The report has also provided a comprehensive analysis of the competitive landscape in the global anti-ship missile defence system market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Key Questions Answered in This Report
- How big is the global anti-ship missile defense system market?
- What is the expected growth rate of the global anti-ship missile defense system market during 2024-2032?
- What are the key factors driving the global anti-ship missile defense system market?
- What has been the impact of COVID-19 on the global anti-ship missile defense system market?
- What is the breakup of the global anti-ship missile defense system market based on the component?
- What is the breakup of the global anti-ship missile defense system market based on the launch platform?
- What is the breakup of the global anti-ship missile defense system market based on the application?
- What are the key regions in the global anti-ship missile defense system market?
- Who are the key players/companies in the global anti-ship missile defense system market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $12.9 Billion |
| Forecasted Market Value (USD) by 2032 | $19.7 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Competitive Landscape
- BAE Systems plc
- Lockheed Martin Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Saab AB
Key Market Segmentation:
Component Insights:
- Radar
- Missile Interceptor
Launch Platform Insights:
- Air
- Surface
- Submarine
Application Insights:
- Ballistic Missiles Defense
- Conventional Missile Defense
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/ya1cxw
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