LONDON--(BUSINESS WIRE)--The global anti-ship missile defense system market is expected to grow at a CAGR of 6.56% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global anti-ship missile defense system market for 2016-2020. In addition, the report discusses the major drivers influencing market growth and the challenges faced by vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.
According to Arushi Thakur, an industry expert from Technavio, specializing in research on defense, “The global anti-ship missile defense system market is expected to register a significant growth in the coming years due to the extensive investments in the development and procurement of anti-ship missile defense systems by countries such as the US, Russia, China, India, Iran, Israel, South Korea, and the UK.”
As of 2014, Nulka anti-ship missile defense decoys were deployed on more than 140 surface combat ships. Technavio researchers expect that by 2019, naval units of many nations, including the US, Canada, and Australia, will install Nulka anti-ship missile defense decoys on their respective ships; the order is likely to extend to 166 systems across the globe.
BAE Systems, one of the major vendors of anti-ship missile defense system, signed a three-year contract worth USD 80 million to design and develop Nulka anti-ship missile decoys for the Royal Australian Navy and the US Navy in 2014.
Technavio’s research study segments the global anti-ship missile defense system market into the following regions:
- APAC
- Americas
- EMEA
APAC: largest anti-ship missile defense system market
APAC will witness the fastest projected growth and is likely to grow at a CAGR of 7.58% during the forecast period due to increasing investments on anti-ship missile systems by China, Japan, India, and Pakistan. The region will account for a total expenditure of USD 129.9 billion on missiles and missile defense systems during 2015-2025.
Strong economic progress, particularly in East Asia and in the Pacific region, has fueled the market in APAC. These regions accommodate approximately one-third of the global population and generate a quarter of the global GDP. These regions are also the largest contributors to global economic growth.
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Anti-ship missile defense system market in the Americas
The anti-ship missile defense system market in the Americas is expected to grow at a CAGR of 6.15% during the forecast period. In 2014, global military expenditure was USD 1.8 trillion with the US accounting for 34%. In 2015, the US economy grew by 3.7% and the US House of Representatives passed a defense budget of USD 585 billion through the National Defense Authorization Act (NDAA), which was estimated to be 54% of the total federal discretionary spending for the year.
The Obama administration budget for 2016 is USD 4 trillion, of which USD 619 billion has been allotted for defense programs and USD 54 billion has been assigned to US intelligence agencies to meet both long-term challenges and immediate extremist threats that have emerged over the last two years. The high military spending is likely to drive the anti-ship missile defense system market in the Americas during the forecast period.
Anti-ship missile defense system market in EMEA
“Despite the economic crisis in European countries such as the Portugal, Greece, Ireland, and Cyprus, the market share of the region is projected to grow during the forecast period. This is because of the significant growth in many European countries' GDP and military spending,” says Arushi.
The market will have a steady growth during the forecast period primarily due to the return of the North Atlantic Treaty Organization (NATO) deployments after the Iraq and Afghanistan wars. Military modernization efforts in East European countries, such as Bulgaria, Poland, and Romania will also add momentum to the market.
The top vendors in the global anti-ship missile defense system market highlighted in the report are:
- BAE Systems
- General Dynamics
- Lockheed Martin
- Northrop Grumman
- Raytheon
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