LONDON–(BUSINESS WIRE)–#missilelaunchingsystemmarket–The new missile launching system market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the missile launching system market.
“One of the primary growth drivers for this market is the rapid development of several variants of missiles,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets, recover Technavio expects the missile launching system market size to grow by USD 404.72 million during the period 2021-2025.
Missile Launching System Market Segment Highlights for 2020
- The missile launching system market is expected to post a year-over-year growth rate of 2.02%.
- Based on the platform, the naval vessel-based missile launching system saw maximum growth in 2020. The segment will continue to grow due to the increased procurement and deployment of advanced naval vessels with defense capabilities.
- The naval vessel-based missile launching system segment will exhibit a fast growth rate during the forecast period.
- 44% of the growth will originate from the APAC region.
- The increasing territorial conflicts are one of the prime factors that will facilitate the missile launching system market growth in APAC over the forecast period.
- China and India are the key markets for missile launching systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The missile launching system market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The missile launching system market is segmented by platform (Naval vessel-based, Ground vehicle-based, and Airborne) and geography (APAC, North America, Europe, MEA, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including ASELSAN AS, BAE Systems Plc, L3Harris Technologies Inc., Larsen and Toubro Ltd., Leonardo Spa, Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Thales Group, and The Boeing Co.
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