Anti-Ship Missile Defence System Global Market Report 2024

The anti-ship missile defense system market size has grown strongly in recent years. It will grow from $12.1 billion in 2023 to $12.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed during the historical period in the field of anti-ship missile defense systems can be attributed to several factors. These include the evolution of naval warfare strategies, a naval arms race leading to the development of advanced defense systems, strategic importance of maritime chokepoints, the emergence of asymmetric threats, heightened military conflicts and tensions, and shifts in military doctrines. These factors collectively contributed to the development and enhancement of anti-ship missile defense systems to address evolving challenges and threats in naval warfare.

The anti-ship missile defense system market size is expected to see strong growth in the next few years. It will grow to $15.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period in the field of anti-ship missile defense systems can be attributed to several factors. These include the escalation of maritime threats, ongoing modernization efforts in naval forces, an emphasis on integrated defense networks, advancements in hypersonic weapons technology, and geopolitical tensions leading to territorial disputes. Major trends expected in the forecast period encompass the development of counter-hypersonic systems, a transition towards multi-layered defense strategies, a surge in maritime conflicts, the implementation of integrated defense systems, and a heightened focus on interception capabilities. These trends collectively contribute to the continued evolution and strengthening of anti-ship missile defense systems to address evolving challenges in maritime security.

The escalation in global conflicts is poised to drive the expansion of the anti-ship missile defense system market. Heightened regional tensions, increasing risks to maritime security, and conflicts in contested water bodies necessitate the heightened deployment of Anti-Ship Missile Defense (ASMD) systems across naval vessels. Notably, a July 2021 article by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) revealed a substantial surge in high-intensity armed confrontations, accounting for 47% of incidents in 2020. This surge signifies a significant catalyst propelling the growth of anti-ship missile defense systems, underscoring the criticality of countering maritime threats amid escalating conflicts worldwide.

A surge in research and defense investments is anticipated to fuel the expansion of the anti-ship missile defense systems market. This surge pertains to the allocation of funds and resources towards advancing and procuring sophisticated missile defense systems. These investments are directed at bolstering naval capabilities to counter emerging threats, particularly within the maritime sphere. Notably, the Survey of Federal Funds for Research and Development 2021-2022 by the National Science Foundation disclosed a record-high FY 2021 federal agency obligations for Research and Development (R&D), reaching $190.2 billion. This substantial investment surge underscores a pivotal driver catalyzing the growth of anti-ship missile defense systems, emphasizing the strategic emphasis on enhancing defense capabilities against evolving threats.

Technological advancements stand as a significant trend shaping the landscape of the anti-ship missile defense system market. Key industry players are actively engaged in pioneering innovative technologies to fortify their market foothold. For instance, in March 2022, Lockheed Martin Corporation unveiled plans to produce six next-generation AGM-158C Long-Range Anti-Ship Missiles (LRASM) for the U.S. Air Force. These missiles are specifically designed to target high-priority adversaries such as aircraft carriers, troop transport vessels, and guided-missile cruisers. Equipped with a multi-mode sensor suite, enhanced weapon data connection, and upgraded digital anti-jam GPS, these missiles exhibit advanced capabilities in identifying and neutralizing crucial targets within fleets navigating at sea.

Leading companies in the anti-ship missile defense sector are pioneering cutting-edge solutions, exemplified by the development of innovative products such as the NSM missile. The Naval Strike Missile (NSM) stands out as a fifth-generation precision strike anti-ship cruise missile specifically engineered to counter heavily fortified maritime targets in contested environments. Notably, in August 2021, the US Marine Corps, in collaboration with Raytheon Missiles & Defense, successfully deployed the Navy-Marine Expeditionary Ship Interdiction Systems (NMESIS) to launch a Naval Strike Missile (NSM) during a Navy-led exercise. This milestone achievement demonstrated the missile's capability to effectively neutralize heavily protected maritime threats while also being adaptable for secondary land-based attacks. NMESIS, as a ground-based anti-ship system, seamlessly deploys the NSM missile, designed to intercept various surface threats from extended ranges. This successful launch signifies a substantial advancement in anti-ship missile technology, underscoring the growing significance of such systems in modern naval warfare scenarios.

In January 2022, the Philippines forged a partnership with BrahMos Aerospace Private Ltd. to procure an anti-ship variant of the BrahMos supersonic cruise missile. This monumental contract, valued at USD 375 million, marked the inaugural export order for the missile. The agreement involved the supply of shore-based medium-range supersonic anti-ship missiles, substantially enhancing the Philippines' capabilities in targeting adversarial ships from land. BrahMos Aerospace Private Ltd., an India-based aerospace and defense entity, emerged as a pivotal player in catering to the evolving defense needs of nations, facilitating an impactful upgrade in the Philippines' defense capabilities against maritime threats.

Major companies operating in the anti-ship missile defense system market report are BAE Systems plc, General Dynamics Corporation, Leonardo SpA, Lockheed Martin Corporation, MBDA Inc., Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, SAAB AB, Thales Group, Rheinmetall AG, Boeing Company, L3Harris Technologies Inc., Textron Inc., Alliant Techsystems, VSMPO-AVISMA Corporation, Nippon Steel Corporation, Allegheny Technologies Inc., CRS Holdings LLC, Daido Steel Co. Ltd., KOBE STEEL Ltd., M/s Bansal Brothers, Mishra Dhatu Nigam Limited, Perryman Company, Toho Titanium Co. Ltd., OTTO FUCHS COMPANY, Hermith GmbH, Titanium Metals Corporation, China Aerospace Science and Industry Corporation, LIG Nex1 Co. Ltd..

North America was the largest region in the anti-ship missile defense system market in 2023. 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, Africa. 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, Canada, Italy, Spain.

The primary components of anti-ship missile defense systems include missile interception and radar. A missile interceptor is a specialized type of missile engineered to intercept and neutralize incoming missiles before they can reach their intended target. These interceptors are deployed using various platforms such as airborne (air), surface-based (surface), and underwater (submarine). The applications of anti-ship missile defense systems extend to both ballistic missile defense and conventional missile defense scenarios.

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