The Sea Skimmer Sissile Market is estimated to register a CAGR of over 4% during the forecast period 2020-2025.
- Low flying capabilities for avoiding radar detection, possessed by the sea skimmer missile, may lead to various countries acquiring sea skimmer missiles, and this shall propel the growth of the market in the near future.
- Technological advancements, such as the usage of artificial intelligence in sea skimmer missiles, is expected to be an opportunity for the market.
- Growing maritime tensions are also forcing several countries to develop and procure advanced sea skimmer missiles.
Key Market Trends
Surface-to-Surface Missiles Segment are Projected to Grow at the Highest Pace
Currently, Surface-to-Surface Missiles segment have the highest share of all the segments. There have been several developments, in terms of surface-to-surface missiles. The RBS15 Mk3 missile, manufactured by Saab AB is the latest generation, long range, surface-to-surface missile (SSM) system. The system can be used as a main anti-surface armament for any type of naval vessel. The RBS15 Mk3 has also been designed to operate in the naval scenario, from anti-ship engagement, as well as land attack missions. Additionally, the missile has a range of 200 km, and can be launched from ships, trucks, and aircraft. The missile also comes with high-precision GPS, which helps for superior navigation. The missile system is in huge demand, worldwide. During 2018, Saab AB, a Swedish defense contracting company, announced that it has acquired orders from the German company, Diehl Defence, for delivering its RBS15 Mk3 anti-ship missile system for the five new K130 corvettes. According to Saab AB, the order is worth USD 18.1 million. Deliveries for the missile system shall take place between 2019 - 2024. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.
North America is Expected to Witness the Highest Growth During the Forecast Period
In the Sea Skimmer Sissile Market, North America shall experience the highest growth. The Department of Defense of the United States are now focused on developing and improving their naval combat systems, owing to the growing maritime tensions. The United States have also developed various formidable missiles for sinking warships, the deadliest among them is the AG-84 Harpoon missile. These missiles fly with supersonic speed for about 150 miles, using precision-guidance systems to skim over land or water, thus, making their detection harder. Additionally, the missiles can fly in unpredictable patterns, upon being spotted, thus, making it harder to shoot them down. Thus, various ongoing developments, in terms of sea skimmer missiles are expected to lead to its growth in North America, in the near future.
Various players, such as MBDA, Saab AB, Israel Aerospace Industries Ltd, Northrop Grumman Corporation, and Raytheon Company, hold significant market share, as of December 2018. Various initiatives, as well as product innovations, which are being done by companies, have led them to strengthen their presence in the market. MBDA and Saab AB hold the major market share in the sea skimmer missiles market. In 2018, MBDA reported the success of its anti-ship missile, Sea Venom, which is being developed by Anglo-French funding. The Sea Venom is a sea-skimming missile, which can fly for about 20 km, at high subsonic speed. It has an imaging infrared seeker that provides “fire-and-forget” capability.
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