Portland, OR, Aug. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global maritime missile launch system market was pegged at $280.7 million in 2020, and is expected to reach $458.7 million by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
Increase in number of territorial conflicts across the world and naval modernization programs have boosted the growth of the global maritime missile launch system market. However, high cost of maritime missile launch systems hinders the market growth. On the contrary, reliable and efficient vertical launch maritime missile launch systems and increase in defense expenditure globally would open new opportunities for the market players in the future.
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Covid-19 Scenario:
- The Covid-19 pandemic has had a significant impact on the demand for maritime missile launch systems due to the implementation of strict lockdown across the globe.
- However, the pandemic presented major challenges for the industry due to disruption in supply chain of raw materials and logistics challenges.
- The manufacturing companies were forced to reduce expansion of their businesses and cut down funding of R&D to sustain during the pandemic.
The report segments the global maritime missile launch system market on the basis of system, mode, launch type, and region.
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Based on system, the report is divided into vertical launching system, single-cell launcher, and vertical launch anti-submarine. The vertical launching system segment held the lion’s share in 2020, accounting for around two-fifths of the market. In addition, the segment is projected to manifest the highest CAGR of 7.3% from 2021 to 2030.
On the basis of mode, the report is classified into on-surface and submarine. The on-surface segment is expected to register the highest CAGR of 6.6% during the forecast period. Moreover, the segment dominated the market in 2020, contributing to nearly two-thirds of the market.
Based on launch type, the report is segmented into hot launch, cold launch, and concentric canister launch. The cold launch segment is anticipated to showcase the highest CAGR of 7.2% during the forecast period. Moreover, the segment held the largest share in 2020, accounting for around two-fifths of the market.
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The global maritime missile launch system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for around one-third of the market. However, the market across North America is anticipated to portray the highest CAGR of 7.2% during the forecast period.
The global maritime missile launch system market includes an in-depth analysis of the prime market players such as Aselsan A.Ş., BAE Systems plc, General Dynamics Corporation, Kongsberg Gruppen ASA, Lockheed Martin Corporation, MBDA, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, ROKETSAN A.S., and SaaB AB.
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