New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Anti-Ship Missile Defence System Global Market Report 2023" - https://www.reportlinker.com/p06466469/?utm_source=GNW
, Raytheon Technologies Corporation, SAAB AB, Thales Group, Rheinmetall AG, The Boeing Company, L3Harris Technologies, Textron Inc., and Alliant Techsystems.
The global anti-ship missile defense system market is expected to grow from $11.44 billion in 2022 to $12.10 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The anti-ship missile defense system market is expected to reach $14.90 billion in 2027 at a CAGR of 5.3%.
The anti-ship missile defense system market consists of sales of sensor systems, electronic warfare systems and missile defense systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Anti-ship missile defense systems (ASMD) are defense systems that are meant to protect navy vessels against anti-ship missile threats. Anti-ship missiles are guided missiles intended primarily to attack and destroy naval vessels.
North America was the largest region in the anti-ship missile defense system market in 2022. The regions covered in the anti-ship missile defense system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of anti-ship missile defense systems include missile interception and radar.A missile interceptor is a type of missile that is designed to intercept and destroy incoming missiles before they reach their target.
They are launched using various platforms such as air, surface and submarine for applications in ballistic missiles defense and conventional missile defense.
The rise in the number of conflicts throughout the world is expected to propel the growth of the anti-ship missile defense system market going forward.The regional wars, increasing maritime security risks and tensions in contested waterways, necessitate the increased use of ASMD systems on navy vessels.
For instance, in July 2021, according to an article published by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), a US-based organization responsible for strengthening the international response to complex emergencies and high-intensity armed confrontations, high-intensity armed confrontations increased significantly in 2020, accounting for 47% of all incidents, or nearly half of them. Therefore, the rise in the number of conflicts throughout the world is driving the growth of the anti-ship missile defense system.
Technological advancements are a key trend gaining popularity in the anti-ship missile defense system market.Major companies operating in the anti-ship missile defense system are developing innovative technologies to sustain their position in the market.
For instance, in March 2022, Lockheed Martin Corporation, a US-based security and aerospace company will manufacture six next-generation AGM-158C Long-Range Anti-Ship Missiles (LRASM) for the U.S. Air Force. These missiles are for use against high-priority enemy targets such as aircraft carriers, troop transport ships, and guided-missile cruisers. To detect and kill significant targets inside groups of ships at sea, the missile employs a multi-mode sensor suite, weapon data connection, and upgraded digital anti-jam global positioning system (GPS).
In April 2020, Raytheon Technologies Corporation, a US-based aerospace and defense company merged with United Technologies Corporation.With the merger, the combined business hopes to speed the introduction of ground-breaking innovations in high-value fields like hypersonic, directed energy, avionics, and cybersecurity.
United Technologies Corporation is a US-based provider of high-tech goods and services to the aerospace and building systems sectors.
The countries covered in the anti-ship missile defense system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The anti-ship missile defense system market research report is one of a series of new reports that provides anti-ship missile defense system optical components market statistics, including anti-ship missile defense system optical components industry global market size, regional shares, competitors with an anti-ship missile defense system optical components market share, detailed anti-ship missile defense system optical components market segments, market trends and opportunities, and any further data you may need to thrive in the anti-ship missile defense system optical components industry. This anti-ship missile defense system optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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