Companies that focus on improving the capabilities of existing SAM systems will find success, finds Frost & Sullivan
LONDON, Aug. 15, 2018 /PRNewswire/ -- Frost & Sullivan's recent analysis, Global Surface-to-Air Missile Market, Forecast to 2023, reveals that the growing number of missile attacks in the Middle East, North Korea's long-range missile tests and Russia's sale of S-400 have inspired new growth within the surface-to-air missile (SAM) market. The market is anticipated to grow at a CAGR of 5.3% until 2023 and reach $3.88 billion.
"SAM systems were originally designed to counter threats posed by enemy aircraft, but advanced fighter aircraft, hypersonic missiles, and drones developed to destroy ground and naval surface targets are driving high demand for faster, smarter, and more precise missiles capable of traveling longer distances," said John Hernandez, Senior Industry Analyst, Defense at Frost & Sullivan. "The next step in the development of SAM systems will be the enhancement of the missile systems' ability to avoid detection."
For further information on this analysis, please contact Jacqui Holmes on jacqui.holmes@frost.com
Due to space limitations on board ships, SAM systems must be custom designed to fit and interoperate with other weapons systems properly. Hernandez recommends ship designers and SAM makers collaborate early in the shipbuilding process to provide efficient air defense solutions.
From a regional perspective, the Middle East is making large investments in the SAM market as aggression continues in that region. Countries in the region have no indigenous capability and so organizations in the US and Europe will benefit. Several Asian countries will turn to India, Russia and China for their SAM needs, but such moves may come at the cost of sanctions by the US.
6 key trends creating growth opportunities in the market include:
"The development of laser technology may eventually scrap the use of SAMs completely; however, the effective use of lasers to counter air and missile threats is still a long way off," noted Hernandez. "Once lasers become a true alternative to conventional air defense missiles, the market will skyrocket."
Frost & Sullivan's recent analysis, Global Surface-to-Air Missile Market, Forecast to 2023, studies the disruptive technologies, drivers and restraints, market share and competitive environment for players such as Raytheon, MBDA, Lockheed Martin and others. Key findings, spending forecasts, and engineering measurements for segments including LRSAM, MRSAM, Missile Defense, and SHORAD are discussed while analyzing the US, Middle East, Europe and APAC regions.
Global Surface-to-Air Missile Market, Forecast to 2023 is part of Frost & Sullivan's global Aerospace, Defense & Security Growth Partnership Services program.
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Global Surface-to-Air Missile Market, Forecast to 2023
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Jacqui Holmes
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