Market Size of Naval Missiles And Missile Launch Systems Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 1.5 Billion |
| Market Size (2029) | USD 1.87 Billion |
| CAGR (2024 - 2029) | 4.44 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Naval Missiles And Missile Launch Systems Market Analysis
The Naval Missiles And Missile Launch Systems Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 1.87 billion by 2029, growing at a CAGR of 4.44% during the forecast period (2024-2029).
- The growing maritime disputes in the South China Sea and the Mediterranean Sea among various countries are propelling the investments towards procurement and deployment of new naval vessels. The naval forces are currently modernizing their naval fleet by upgrading their existing naval fleets or replacing their aging fleets with newer-generation vessels. The growing demand for new naval vessels is expected to propel the demand for missile and missile launch systems in the coming years.
- Various countries globally are also investing in the procurement of new-generation missile systems that can precisely eliminate the targets using a position-based guidance system to track and neutralize seaborne and ground-based threats. Similarly, the naval forces are also modernizing the missile firing systems on surface ships and submarines. This is anticipated to drive the growth of the market during the forecast period.
- The market for missiles may face limitations due to the high cost associated with their development. The sophisticated guidance systems and rockets required for missiles necessitate complex technologies that add to their overall expense. Furthermore, the inability of missiles to change direction once launched can make them susceptible to interception by anti-missile systems, which could have an adverse impact on the market.
- However, the increasing implementation of advanced technologies in military and naval forces is expected to bring forth a lucrative opportunity in the market. For instance, the integration of artificial intelligence (AI) in naval missiles and missile launch systems is anticipated to accelerate market growth. AI in naval missiles and missile launch systems is capable of analyzing historical data and assessing various scenarios to equip naval commanders with enhanced decision-making capabilities. Search factors or expected to drive the demand for this market during the forecast period.
