Sea skimmer missile market to reach $2.7 billion by 2032: reportNews
August 28, 2023
PORTLAND, Oregon. The global sea skimmer missile market will surge from $1.5 billion in 2022 to $2.7 billion by 2032 for a compound annual growth rate of 6.9%, a new report predicts.
The report, from Allied Market Research, claims that the "increasing number of marine hazards and the growing territorial conflicts or geopolitical tensions leading to increased defense spending are predicted to be the important factors to boost the growth of the global sea skimmer missile market" over that time period.
"However, the rising legal and ethical concerns about innocent casualties and collateral damage may hamper the sea skimmer missile market growth in the coming period," the report states. "On the contrary, advancements in missile technology, such as enhanced range, precision, and guidance systems is expected to offer growth opportunities for expansion of the sea skimmer missile market in the 2023-2032 forecast period."