Sea Skimmer Missile Market Sets New Record, Projected at USD 2.7 Billion By 2032 at 6.9% CAGR

Sea Skimmer Missile Market

The increasing demand for maritime security is expected to boost the demand for sea skimmer missiles.

PORTLAND, OR, US, February 16, 2024 /EINPresswire.com/ -- Sea Skimmer Missile Market by Type (Surface-to-Surface Missiles, Air-to-Surface Missiles), by Application (Defense, Homeland Security): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global sea skimmer missile market generated $1.5 billion in 2022, and is anticipated to generate $2.7 billion by 2032, witnessing a CAGR of 6.9% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A10671

Sea skimmer missiles have a shorter range than other anti-ship missiles. They may also have a limited payload capacity, limiting the number of warheads they may carry. Furthermore, flying at low altitudes and near to the water surface places additional strain on the missile's propulsion system, resulting in increased fuel consumption. This could affect the missile's durability and mission capability. These factors are anticipated to limit market growth in the upcoming years.

The market for sea skimmer missiles is predicted to rise as a result of advancements in missile technology, such as enhanced range, precision, and guidance systems. Countries' naval alliances and cooperation may also result in the collaborative purchase of sea skimmer missiles to strengthen overall maritime security initiatives. In order to establish their presence and safeguard their marine interests, emerging economies with growing navies may consider to purchase cutting-edge maritime armaments, such as sea skimmer missiles. These factors are projected to boost market growth for sea skimmer missile in the upcoming years.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Israel Aerospace Industries Ltd.
BrahMos Aerospace
SAAB AB
Kongsberg Gruppen AS
Northrop Grumman Corporation
Defence Research And Development Organisation
Raytheon Company
Boeing Company
MBDA
Orbital ATK Inc.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/sea-skimmer-market/purchase-options

The surface-to-surface missiles sub-segment generated the highest market share of 63.4% in 2022 and is predicted to grow at the highest CAGR of 7.3% by 2032. The continuous advancements in surface-to-surface missile technology is the major factor driving the growth of the sub-segment. in the last few years. Besides, these types of missiles can fly directly to the target, or move towards it from a distance, and are thus high in demand.

The defense sub-segment accounted for the major share of 58.7% in the sea skimmer missile market in 2022 and is expected to grow at a the highest CAGR of 7.3% during the forecast period. The dominant growth of the sub-segment is mainly due to the rising threat of smuggling, piracy, and terrorism in maritime areas. Sea skimmer missiles are primarily used as a deterrent against their targets. Besides, increasing military expenditure from various countries across the globe is driving the growth of the defense sub-segment.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Region: North America Market to Hold Majority of Market Share by 2032

The North America region accounted for the highest share of 35.2% in the global sea skimmer missile market in 2022 and is expected to continue to maintain its dominance during the forecast period. Increased investment in the development of sea skimmer missiles and advancements in missile technology, such as enhanced range, speed, and guidance systems are the major factors predicted to boost the regional market growth by 2032. Besides, the increasing funding by key market layers of the region to deliver novel and more advanced sea skimmer missile solutions is another factor boosting the market growth.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10671

The report offers a comprehensive analysis of the global sea skimmer missile market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

Based on type, the surface-to-surface missiles sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest-growing during the forecast period.

Based on application, the defense sub-segment emerged as the global leader in 2022 and the homeland security sub-segment is anticipated to be the fastest-growing during the forecast period.

Based on region, the North America market registered the highest market share in 2022 and is projected to maintain its position during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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David Correa
Allied Market Research
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