Anti-Ship Missile Defence System Global Market Report 2024 - By Growth, Trends, Share, Size, Outlook By 2033

The anti-ship missile defence system market size has grown strongly in recent years. It will grow from $12.1 billion in 2023 to $12.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to naval warfare evolution, naval arms race, strategic maritime chokepoints, growth in asymmetric threats, military conflict and tensions, military doctrine shifts.

The anti-ship missile defence system market size is expected to see strong growth in the next few years. It will grow to $15.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising maritime threats, modernization of naval forces, focus on integrated defense networks, development of hypersonic weapons, geopolitical tensions and territorial disputes.. Major trends in the forecast period include development of counter-hypersonic systems, shift to multi-layered defense, growth in maritime conflicts, integrated defense systems, focus on interception capabilities.

Market Overview -
Anti-ship missile defense systems (ASMD) are defense systems that are meant to protect navy vessels against anti-ship missile threats. Anti-ship missiles are guided missiles intended primarily to attack and destroy naval vessels.

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Surge In Global Conflicts Drives Expansion Of Anti-Ship Missile Defense Systems Market
The rise in the number of conflicts throughout the world is expected to propel the growth of the anti-ship missile defense system market going forward. The regional wars, increasing maritime security risks and tensions in contested waterways, necessitate the increased use of ASMD systems on navy vessels. For instance, in July 2021, according to an article published by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), a US-based organization responsible for strengthening the international response to complex emergencies and high-intensity armed confrontations, high-intensity armed confrontations increased significantly in 2020, accounting for 47% of all incidents, or nearly half of them. Therefore, the rise in the number of conflicts throughout the world is driving the growth of the anti-ship missile defense system.

Competitive Landscape -
Major companies operating in the anti-ship missile defence system market report are BAE Systems plc, General Dynamics Corporation, Leonardo SpA, Lockheed Martin Corporation, MBDA Inc., Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, SAAB AB, Thales Group, Rheinmetall AG, Boeing Company, L3Harris Technologies Inc., Textron Inc., Alliant Techsystems, VSMPO-AVISMA Corporation, Nippon Steel Corporation, Allegheny Technologies Inc., CRS Holdings LLC, Daido Steel Co. Ltd., KOBE STEEL Ltd., M/s Bansal Brothers, Mishra Dhatu Nigam Limited, Perryman Company, Toho Titanium Co. Ltd., OTTO FUCHS COMPANY, Hermith GmbH, Titanium Metals Corporation, China Aerospace Science and Industry Corporation, LIG Nex1 Co. Ltd.

Lockheed Martin's Advancements With Next-Generation Agm-158C Lrasm
Technological advancements are a key trend gaining popularity in the anti-ship missile defense system market. Major companies operating in the anti-ship missile defense system are developing innovative technologies to sustain their position in the market. For instance, in March 2022, Lockheed Martin Corporation, a US-based security and aerospace company will manufacture six next-generation AGM-158C Long-Range Anti-Ship Missiles (LRASM) for the U.S. Air Force. These missiles are for use against high-priority enemy targets such as aircraft carriers, troop transport ships, and guided-missile cruisers. To detect and kill significant targets inside groups of ships at sea, the missile employs a multi-mode sensor suite, weapon data connection, and upgraded digital anti-jam global positioning system (GPS).

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Key Segments -
The anti-ship missile defence system market covered in this report is segmented -
1) By Component: Missile Interceptor, Radar
2) By Launch Platform: Air, Surface, Submarine
3) By Application: Ballistic Missiles Defense, Conventional Missile Defense

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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