Submarine Launched Missile Market is expected to grow at the CAGR of ~5.3% by 2023

Oct 2022 / Research report on global submarine launched missile market. The submarine launched missile market is expected to grow over the CAGR of 5.5% during the period 2017 to 2023.

Market Highlights

Submarine Launched Missile Market Size is expected to reach USD 500.1 Million by 2030, registering a CAGR of 5.5% during 2020-2030.

The defense strategies of most countries rely significantly on their undersea warfare. With the emergence stealth attack submarines, the degree of undersea warfare has transformed. Also, the modernization and initiation of a number of submarine-launched missile programs add a new dimension to the submarine force. Therefore, undersea warfare is an important element of current and future military operational plans. China has started to deploy advanced nuclear attack and ballistic missile submarines throughout the world and is developing nuclear ballistic missiles in a bid to neutralize enemy units as well. In 2015, Saab developed Kockums A26, an advanced stealth submarine, which is 207 feet long and features a ghost mode to make it virtually undetectable when underwater. The vendor also signed a contract with the Swedish Navy, worth $1 billion, to develop two such submarines. In the same year, TKMS and Saab developed Horizontal Multi-Purpose Locks (HMPLs) and Vertical Multi-Purpose Locks (VMPLs), that were fitted into the A26 submarines, to carry more number of torpedoes, land-attack missiles, and anti-ship missiles. On the other hand, in 2016, North America has the highest share of the market; however, military budget cuts of the US will affect the market by 2023. The Budget Control Act (BCA) passed by the US Congress in 2011 aims to cut $487 billion from the overall military spending over the next 10 years, with an additional sequestration of $495 billion to address the short-term fiscal concerns.

Drivers

Market Research Analysis

In the recent years, there have been a large number of armed conflicts such as the Syrian Civil War, the India-Pakistan stalemate over Kashmir, the Lebanon conflict, the ongoing Israel-Palestine dispute, the Russia and Ukraine conflict over Crimea, and the conflicts between the US and North Korea.

With raging conflicts and growing extremist activities in several countries, there currently exists widespread humanitarian crises and instability. As a result, the defense authorities are focussing on having greater control over the surrounding and neighboring seas of their respective countries.

Scope of the Report

This study provides an overview of the global submarine launched missile market, tracking market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next 6 years for each region. The scope of the study segments the global submarine launched missile market by its type, and regions.

•     Submarine-launched cruise missile (SLCM)


•    Submarine-launched ballistic missile (SLBM)

•          North America


•          Asia Pacific


•          Europe


•          Latin America


•         Middle East & Africa

Key Players

The prominent players in the submarine launched missile market include Airbus Defense and Space, Boeing Defense, Space and Security, BrahMos Aerospace Limited, Lockheed Martin, Raytheon, BAE Systems, General Dynamics, MBDA and Moscow Institute of Thermal Technology.