Market Trends of Sea Skimmer Missile Industry
Surface-to-Surface Missiles Segment to hold to highest share
Surface-to-Surface Missiles are expected to hold the highest share of all the segments. There are several developments in terms of surface-to-surface missiles. Several countries are expending significant resources toward augmenting their current military prowess by procuring new weapon systems or modernizing their existing deployed systems with advanced weapons and next-generation missiles.
The RBS15 Mk3 missile, manufactured by Saab AB, is the latest generation, long-range, surface-to-surface missile (SSM) system. The system can be used as a main anti-surface armament for any naval vessel. The RBS15 Mk3 is also designed to operate in the naval scenario, from anti-ship engagement, as well as land attack missions. The missile includes a range of 200 km and can be launched from ships, trucks, and aircraft. The missile also comes with high-precision GPS, which helps for superior navigation. In addition, the RBS 15 Gungnir is the next-generation missile in the RBS 15 family of anti-ship missile systems offered by Saab. Diehl Defence contracted Saab to supply RBS15 anti-ship missiles worth USD 194 million to the German Navy. Deliveries are scheduled between 2022 and 2026. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.
North America is Expected to Witness the Highest Growth During the Forecast Period
North America is expected to experience the highest growth in the sea skimmer market during the forecast period. The US Department of Defense (DoD) is focused on developing and improving its naval combat systems, owing to the growing maritime tensions. The US DoD announced a proposed defense budget of USD 813.3 billion for FY2023, indicating the immense amounts of cash influx into the country's defense market. This factor is expected to create huge opportunities for the players in the market. The US also developed various formidable missiles for sinking warships. The deadliest among them is the AG-84 Harpoon missile. These missiles fly with supersonic speed for about 150 miles, using precision-guidance systems to skim over land or water, thus making their detection harder.
Additionally, the missiles can fly in unpredictable patterns upon being spotted, thus making it harder to shoot them down. In the wake of the war between Ukraine and Russia, the US is purchasing new missile systems and supplying these weapons to its ally Ukraine to defend against Russia. In February 2021, the US Navy and Air Force awarded a USD 414 million contract to Lockheed Martin for continued production of the air-launched variant of AGM-158C LRASM (Long Range Anti-Ship Missile). Thus, various ongoing developments are expected to lead to market growth in North America.
