Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSMay 13, 2020: Boeing announced that it received a contract for Harpoon and Standoff Land Attack Missile Expanded Response (SLAM ER) for a total of USD 3.1 billion by the U.S. Navy. Further, the company began the construction of its 35,000 sq. ft. manufacturing facility for the SLAM ER and Harpoon programs which is predicted to be completed in 2021.
Introduction
A submarine launched missile (SLM) is a guided missile with the primary objective of delivery of nuclear warheads through a submarine. Most designs allow a single missile to target multiple targets simultaneously. Modern SLMs are closer to intercontinental ballistic missiles which have a range of over 5,500 kilometers. The first deign was developed by the Germans during the Second World War. However, the war came to an end before it could be tested. Since then, there have been tremendous improvements in the submarine launched missile technology which enables them to dodge reconnaissance satellites and launch nuclear warheads with virtual impunity.
Market Size and Forecast
Regional tensions in the Middle East, South Asia and other parts of the world have escalated in the recent times. Many countries are planning to revamp their security apparatus and invest in submarine launched missile technology to gain an upper hand over their neighbors and other hostile nations. Owing to these factors, the submarine launched missile market is expected to attain a significant CAGR during the forecast period 2020-2028. The market is segmented by application into research, national security and others. The national defense segment is anticipated to grow at the highest rate on the back of rising maritime border disputes and national security concerns across the world.CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Increasing Defense Budgets of Countries across the World
As a result of increase in Gross Domestic Product (GDP) of countries, defense budget is increasing as well. Moreover, submarine launched missile technology has become increasingly reliable and efficient over the years upon usage of cutting edge technology. Increasing investment in submarine launched missile research and development to invent sophisticated technology that helps in efficient and accurate operation is anticipated to drive the market growth during the forecast period. Submarine launched missile market is bound to grow exponentially during the forecast period. Hence, use of sophisticated business intelligence technology, strategic management and machine learning would be prevalent. Important decisions such as pricing, marketing, finance and sales are predicted to be taken upon usage of analytical tools driven by data and less driven by instincts, resulting in further growth of the market in coming years.
Rising Maritime Border Disputes among Countries
Rising concerns for national security and frequent maritime border disputes have made governments across the world apprehensive. To mitigate these fears, they are heavily investing in the development of better and innovative submarine launched missile weaponry in order to defend them. This is anticipated to drive the market growth during the forecast period.
Development of Nuclear Ballistic Missile by Superpowers
Nuclear submarine launched missile which is being developed by the military superpowers of the world is anticipated to drive the market growth during the forecast period. Moreover, countries around the world are investing heavily in Naval and Coast Guard forces to ward off security threats from the sea.
Restraints
High Cost of Technology
When the technology involved in developing the submarine launched missile becomes increasingly developed, the cost of innovation might increase significantly. The cost of the skilled labor involved in developing such technologies may also increase in the coming years which is estimated to negatively affect the market growth.
Intense Competition in the Market
Due to rise in the key players dominating the market, the intense competition is predicted to squeeze the profit margins forcing the mid-scale companies to adopt different strategies, thereby hindering the growth of this market over the next few years.
Economic Uncertainty
With a growing number of countries facing economic slowdown and recession, the share of defense in the budget may decrease. This is predicted to have a negative impact on the market growth during the forecast period.
Market Segmentation
Our in-depth analysis of the submarine launched missile market includes the following segments:
By Application:
By Payload:
By Product:
By Region:
On the basis of regional analysis, the submarine launched missile market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the largest market share on the back of high investments in the submarine launched missile technology and increased spending towards defense sector in the region. Moreover, the market in Asia Pacific is anticipated to record the highest CAGR over the forecast period on the back of rapidly growing investments in the defense sector and maritime border disputes in the region.
The global submarine launched missile market is further classified on the basis of regions as follows:
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