Submarine Launched Missile Market Trends

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.

Challenges

• 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.