Missile Launching System Market to grow by USD 4.44 billion from 2024 to 2028; Increasing use of MANPADS to drive the growth - Technavio

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The missile launching system market is expected to grow by USD 4.44 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 4.57% during the forecast period. The market is segmented by platform (airborne, ground, and naval), type (tilt emission, vertical launch, and horizontal emission), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The increasing use of MANPADS is a key factor driving market growth. MANPADS are SAM systems that are light in weight and can be carried and operated by a single person. The ability to attack low-flying aircraft that are usually assigned for bombing, strafing, observation, extraction, and resupplying enemy forces or gathering information is one of the main factors driving growth in MANPADS.

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Key Highlights:

• The report recognizes the following as some of the key players in the missile launching system market: ASELSAN AS, BAE Systems Plc, Bharat Dynamics Ltd., DRDO, Elbit Systems Ltd., General Dynamics Corp., General Motors Co., Israel Aerospace Industries Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Leonardo Spa, Lockheed Martin Corp., Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corp., Roketsan AS, Rostec, Thales Group, The Boeing Co., and Larsen and Toubro Ltd.
• Missile Launching System Market is fragmented in nature.
• Market to observe 3.65% YOY growth in 2024.

Market Dynamics:

Major Trend

• The increasing demand for long-range missile systems is a major trend in the market.
• Long-range missiles make it possible for countries to project power around the world, giving them a strategic advantage in any conflict crisis.
• Furthermore, as conflicts evolve to include non-conventional warfare or non-conventional threats, the need for precision-guided long-range missiles becomes even more essential.

Significant Challenge 

• Stringent regulations and international trade restrictions are significant challenges restricting market growth.
• To ensure the safety, security, and compliance of the production, trade, and use of rocket launching systems, the term "strict regulations" is used to define a set of rules and standards that are laid down by different countries and international organizations.
• Nevertheless, because compliance with stringent regulatory requirements may harm industrial competitiveness, they can hinder the development and production of missile launching systems.

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Keg Segments:

• The airborne segment will account for a major share of the market's growth during the forecast period. The type of missile launcher which may be launched and used by an aircraft is the Air Vehicle Rocket Launching System. Given the increasing demand for advanced aerial defense capabilities, as well as a growing number of air activities around the globe, the market segment covering airborne missile launch systems is very important. The procurement and construction of aerial missile launching systems are therefore a priority for countries.

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Related Reports:

The command and control systems market size is estimated to grow by USD 4,016.48 million at a CAGR of 3.3% between 2023 and 2028. 

The Naval Vessels Maintenance, Repair, and Overhaul (MRO) Market size is estimated to grow by USD 6,884.75 million at a CAGR of 6.89% from 2023 to 2028. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Platform

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio