Recent developments in the Submarine-Launched Missile Market reflect an enhanced focus on defense capabilities among various nations. Companies such as Boeing, Lockheed Martin, and Northrop Grumman have been actively involved in advancing their submarine-launched missile technologies, particularly in response to rising geopolitical tensions.
Additionally, Saab AB and Kongsberg Gruppen have been collaborating on innovative systems to bolster their offerings in this competitive landscape. The market has also seen significant valuations, influenced by greater defense budgets aimed at enhancing maritime security.
Moreover, there has been notable activity in mergers and acquisitions; for instance, Raytheon Technologies has been involved in strategic partnerships aimed at expanding its missile capabilities. Other key players like Thales Group and MBDA continue to pursue technological advancements and collaboration, reflecting the growing demand for advanced submarine-launched systems.
The ongoing defense transformation and budget allocations are expected to drive market growth, further emphasizing the importance of strategic alliances and technological innovation among leading corporations in this sector.
Submarine Launched Missile Market Size is expected to reach USD 500.1 Million by 2030, registering a CAGR of 5.5% during 2024-2030.
A submarine-launched missile can be launched from a submarine, water to air, or water to the ground. Submarine-launched missiles are categorized into ballistic missiles (SLBMs) and cruise missiles (SLCMs). SLCMs can be launched in a low-altitude trajectory, whereas SLBMs are launched vertically. The global submarine-launched missile market is anticipated to register a CAGR of about 7% during the forecast period. The major driver for the market is the rising focus of countries on fortifying security measures while developing modified versions of military weaponry and hardware.
There is a rising need for the defense authorities of various countries, to engage in combat capabilities, and to exercise enhanced control over the country’s border or neighboring countries.
Segmentation of the Submarine Launched Missile Market
MRFR segments the global submarine launched missile market based on type, application, and region. Based on type, submarine-launched cruise missile (SLCM) segment accounted for the largest market share of 67.36% in 2018 and is projected to show a CAGR of 8.69% during the forecast period. Based on application, national defense segment is anticipated to register the highest CAGR 2018 due to rising territorial dispute among the countries. Based on region, Asia-Pacific has the largest demand for the submarine launched missile market.
The aircraft turbofan engine market is emerging China, India, and Japan, among other countries, and is projected to grow at a high rate due to the rising naval spending during the forecast period. North America leads the global submarine-launched missile market in terms of government spending and technological advancements, thereby generating a very high demand for submarine-launched missiles. Although Canada invests significantly in the development of such missiles, the market is primarily driven by the US.
Recent Development
On September 27, 2023, Lockheed Martin successfully launched an unarmed Trident II D5 Life Extension Fleet Ballistic Missile (FBM) as part of Demonstration and Shakedown Operation-32 (DASO-32) with the U.S. Navy.
Key Players
The key players in the submarine launched missile market are Airbus Defense and Space (Germany), Boeing Defense (US), BrahMos Aerospace Limited (India), Lockheed Martin Corporation (US), Raytheon Company (US), BAE Systems (UK), General Dynamics (UK), MBDA (France), and Moscow Institute of Thermal Technology (Russia).
Research Methodology
The market values and forecast are derived using the Market Research Future (MRFR) research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
Secondary Research
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
Primary Research
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
Key Insights
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Regional/Country Trends and Forecast: Detailed analysis of the market in North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America, along with key countries in each region
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Market Dynamics Intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain, and value chain analysis
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Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, and strategic developments including joint ventures, product launches, and mergers & acquisitions
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Company Profiles
In-depth profiling of additional market players (3 to 4 companies)
Country-Level Analysis
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Intended Audience
