Sea Skimmer Missile Market Expected to Reach $2.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sea Skimmer Missile Market," The sea skimmer missile market size was valued at $1.5 billion in 2022, and is estimated to reach $2.7 billion by 2032, growing at a CAGR of 6.9% from 2023 to 2032.

The increasing demand for maritime security is expected to boost the demand for sea skimmer missiles. Maritime security is a top priority for many governments throughout the world as they work to protect their territorial waters, maritime trade routes, offshore assets, and coastal regions from a variety of security concerns. Sea skimmer missiles, which fly at low altitudes, can be highly successful in combating specific maritime safety issues. Rising marine hazards, for example, are some of the factors contributing to the prospective growth of the sea skimmer missile market. Piracy, smuggling, terrorism, and illegal trafficking are among maritime concerns that pose substantial challenges to national and regional security. Sea skimmer missiles are capable of engaging fast-moving and agile targets, making them valuable assets in addressing these threats.

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.

The sea skimmer missile market share is segmented on the basis of type, application, and region. By type, it is classified into surface-to-surface missiles and air-to-surface missiles. By application, it is classified into defense and homeland security. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the sea skimmer missile market report include Boeing Company, Saab AB, Israel Aerospace Industries Ltd, Orbital ATK Inc, MBDA, BrahMos Aerospace, Kongsberg Gruppen AS, Raytheon Company, Northrop Grumman Corporation, and DRDO.

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.

Impact of COVID-19 on the Global Sea Skimmer Industry

• The COVID-19 pandemic had a major effect on a number of global businesses, notably the market for defence and missiles. Lockdowns, travel restrictions, and manpower shortages caused many defence industries to experience production delays. This caused the delivery of missile systems to be delayed.
• Several nations experienced economic difficulties during the pandemic, which had an effect on their defence spending. Therefore, several nations postponed or scaled back their plans to purchase missiles in order to devote more funds to healthcare and economic recovery.
• Due to the pandemic's impact on global supply networks, raw materials and other components required for the manufacture of missiles were in limited supply. This caused additional delays and higher production expenses.

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.