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The sea skimmer missile market share is expected to increase by USD 922.56 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.53%.
This sea skimmer missile market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sea skimmer missile market segmentation by application (defense and military and homeland security) and geography (North America, Europe, APAC, South America, and MEA). The sea skimmer missile market report also offers information on several market vendors, including Brahmos Aerospace Pvt. Ltd., Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corp., Saab AB, and The Boeing Co. among others.
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The rising military expenditure is notably driving the sea skimmer missile market growth, although factors such as climate-related issues may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sea skimmer missile industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sea Skimmer Missile Market Driver
One of the key factors driving the global sea skimmer missile market growth is the rising military expenditure across the globe. Countries such as the US, China, India, Russia, and Saudi Arabia were the countries with the largest military expenditure and accounted for around 60%-65% share in the global military expenditure. In 2020, the global military expenditure increased by around 3.5%-4% to around USD 1,981 billion, compared with that in 2019. China and India were the second-and third-largest countries with the highest military expenditures. In 2020, the military expenditure of China increased by around 5% to over USD 252 billion in 2020, compared with 2019, while India's expenditure grew by 6.5%-7% to around USD 72.9 billion. Thus, the growing military expenditure will increase the budget for the adoption of electronics and the upgrading of electronic systems in the sector across the world, which, in turn, will drive the market growth during the forecast period.
Key Sea Skimmer Missile Market Trend
Another key factor driving the global sea skimmer missile market growth is the advanced connector technology such as semiconductor technology, which is used to manufacture connectors. It ensures high-speed data communication in the devices. For instance, TE Connectivity has fabricated an interconnect product, microQSFP, which consists of four 28-Gb/s channels to achieve high speed and high package density. Moreover, another product, OSFP pluggable module, provides eight channels of 50 Gb/s. The CFP8 pluggable optoelectronic transceiver module has already undergone testing and can deliver 400 Gb/s. However, there are more to these advances, and optical transmission is likely to provide solutions for 100 Gb/s channels during the forecast years, which will support the market growth in the same period.
Key Sea Skimmer Missile Market Challenge
One of the key challenges to the global sea skimmer missile market growth is climate-related issues. The use of sea-skimming increases the risk of water impact with missiles before reaching the target due to weather conditions, rogue waves, and software bugs. The missiles can fly in unpredictable patterns upon being spotted, thus, making it harder to shoot them down. Rain and other types of precipitation can produce echo signals that obscure the desired target echoes. Other atmospheric events can also negatively impact radar performance. Such factors will reduce the adoption of sea skimmer missiles, which, in turn, will limit the growth of the market in focus during the forecast period.
This sea skimmer missile market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global sea skimmer missile market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sea skimmer missile market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the sea skimmer missile market encompasses successful business strategies deployed by the key vendors. The sea skimmer missile market is fragmented and the vendors are deploying growth strategies such as technological innovations to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sea skimmer missile market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the sea skimmer missile market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global aerospace and defense market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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32% of the market's growth will originate from APAC during the forecast period. China is the key market for sea skimmer missiles in APAC. Market growth in this region will be faster than the growth of the market in other regions.
North America is another region with a potential market. The significant increase in investments for the development of sea skimmer missiles will facilitate the sea skimmer missile market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 had a short-term impact on the market in North America as the major focus of the governments was toward the development of COVID-19 vaccines for the treatment of patients. Thus, the revenue of countries such as the US, which was mostly invested in the healthcare sector, affected the investments in the defense and military sector in the region. However, with the initiation of vaccination drives, the number of deaths and hospital visits due to COVID-19 decreased in the region, which is expected to positively impact the growth of the market in focus during the forecast period.
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The sea skimmer missile market share growth by the defense and military segment will be significant during the forecast period. The increasing focus of countries to strengthen their defense and military capabilities will drive the growth of the segment during the same period. For instance, in 2021, the US approved the sale of Harpoon Joint Common Test Set (JCTS) and related equipment to India at an estimated cost of USD 82 million.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sea skimmer missile market size and actionable market insights on post COVID-19 impact on each segment.
Sea Skimmer Missile Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.53% |
Market growth 2022-2026 |
$ 922.56 million |
Market structure |
Fragmented |
YoY growth (%) |
1.36 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
APAC at 32% |
Key consumer countries |
US, UK, France, China, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Brahmos Aerospace Pvt. Ltd., Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, Lockheed Martin Corp., MBDA, Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corp., Saab AB, and The Boeing Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis: Aerospace and defense
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Operations
*2.2.4 Marketing and sales
*2.2.5 After-sales service
*2.2.6 Industry innovation
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market size 2021
**3.3 Market segment analysis
*Exhibit 12: Market segments
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5 Market Segmentation by Application
**5.1 Market segments
*Exhibit 22: Application - Market share 2021-2026 (%)
**5.2 Comparison by Application
*Exhibit 23: Comparison by Application
**5.3 Defense and military - Market size and forecast 2021-2026
*Exhibit 24: Defense and military - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Defense and military - Year-over-year growth 2021-2026 (%)
**5.4 Homeland security - Market size and forecast 2021-2026
*Exhibit 26: Homeland security - Market size and forecast 2021-2026 ($ million)
*Exhibit 27: Homeland security - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Application
*Exhibit 28: Market opportunity by Application
***6. Customer landscape
**6.1 Overview
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 North America - Market size and forecast 2021-2026
*Exhibit 32: North America - Market size and forecast 2021-2026 ($ million)
*Exhibit 33: North America - Year-over-year growth 2021-2026 (%)
**7.4 Europe - Market size and forecast 2021-2026
*Exhibit 34: Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 35: Europe - Year-over-year growth 2021-2026 (%)
**7.5 APAC - Market size and forecast 2021-2026
*Exhibit 36: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 37: APAC - Year-over-year growth 2021-2026 (%)
**7.6 South America - Market size and forecast 2021-2026
*Exhibit 38: South America - Market size and forecast 2021-2026 ($ million)
*Exhibit 39: South America - Year-over-year growth 2021-2026 (%)
**7.7 MEA - Market size and forecast 2021-2026
*Exhibit 40: MEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 41: MEA - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 42: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 43: Market opportunity by geography
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Rising military expenditure
*8.1.2 Technologically advanced systems
*8.1.3 Increasing investment in maritime surveillance capabilities
**8.2 Market challenges
*8.2.1 Climate-related issues
*8.2.2 Regulatory norms
*8.2.3 Project delays and test failures
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Advanced connector technology
*8.3.2 Emergence of 3D printing and composite materials
*8.3.3 Usage of artificial intelligence in sea skimmer missiles
***9. Vendor Landscape
**9.1 Overview
*Exhibit 45: Vendor landscape
*The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
**9.2 Landscape disruption
*Exhibit 46: Landscape disruption
*Exhibit 47: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 48: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 49: Market positioning of vendors
**10.3 Brahmos Aerospace Pvt. Ltd.
*Exhibit 50: Brahmos Aerospace Pvt. Ltd. - Overview
*Exhibit 51: Brahmos Aerospace Pvt. Ltd. - Product and service
*Exhibit 52: Brahmos Aerospace Pvt. Ltd. - Key News
*Exhibit 53: Brahmos Aerospace Pvt. Ltd. - Key offerings
**10.4 Israel Aerospace Industries Ltd.
*Exhibit 54: Israel Aerospace Industries Ltd. - Overview
*Exhibit 55: Israel Aerospace Industries Ltd. - Product and service
*Exhibit 56: Israel Aerospace Industries Ltd. - Key News
*Exhibit 57: Israel Aerospace Industries Ltd. - Key offerings
**10.5 Kongsberg Gruppen ASA
*Exhibit 58: Kongsberg Gruppen ASA - Overview
*Exhibit 59: Kongsberg Gruppen ASA - Business segments
*Exhibit 60: Kongsberg Gruppen ASA - Key News
*Exhibit 61: Kongsberg Gruppen ASA - Key offerings
*Exhibit 62: Kongsberg Gruppen ASA - Segment focus
**10.6 Lockheed Martin Corp.
*Exhibit 63: Lockheed Martin Corp. - Overview
*Exhibit 64: Lockheed Martin Corp. - Business segments
*Exhibit 65: Lockheed Martin Corp. - Key offerings
*Exhibit 66: Lockheed Martin Corp. - Segment focus
**10.7 MBDA
*Exhibit 67: MBDA - Overview
*Exhibit 68: MBDA - Product and service
*Exhibit 69: MBDA - Key News
*Exhibit 70: MBDA - Key offerings
**10.8 Northrop Grumman Corp.
*Exhibit 71: Northrop Grumman Corp. - Overview
*Exhibit 72: Northrop Grumman Corp. - Business segments
*Exhibit 73: Northrop Grumman Corp. - Key News
*Exhibit 74: Northrop
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