Raytheon, an RTX business, has been awarded a $333m contract from the US Navy to produce Standard Missile-6 (SM-6) Block IA missiles.
According to a 13 January 2025, release from the company, production under this contract will be completed at Raytheon facilities in Tucson, Huntsville, Andover, and Dine, with expected completion by 2027.
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“SM-6 has a proven performance, and this contract is an important step for providing this urgently needed weapon to our armed forces,” said Barbara Borgonovi, president of Naval Power at Raytheon.
Deployed on US Navy warships, SM-6 delivers an over-the-horizon offensive and defensive capability by leveraging the standard missile airframe and propulsion system. The system also supports anti-air and sea-based terminal ballistic missile defence, offering a cost-effective multipurpose missile capability.
SM-6 has been successfully fired from various US Navy ships, uncrewed vessels, and launchers on land.
In March 2024, SM-6 demonstrated anti-missile capabilities by successfully intercepting a medium-range ballistic missile target at sea during the Flight Test Aegis Weapon System (FTM)-32 exercise.
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By GlobalDataThe FTM-32 serial, involving the SM-6 Dual II (Block IA) configuration with newly qualified software, was the seventh such test flight of the SM-6 against ballistic missile targets and the fourth test using the Dual II (Block IA) configuration.
Missile market growth over the next decade
According to GlobalData analysis, the global missile and missile defence systems market was anticipated to register a compound annual growth rate of 5.3%, growing from $45.5bn in 2024 to $76.0bn by 2034.
The cumulative market for global expenditure on missiles and missile defence systems was valued at $680bn over the forecast period.
The market consists of nine categories: anti-air missile, anti-radiation missile, anti-ship missile, anti-tank guided missile, conventional land-attack missile, missile based close-in weapon system, standard missile, strategic land-attack missile and platform-based missile defence system.
The market was forecast to be dominated by the platform-based MDS segment, which accounts for 33.8% of the market, followed by anti-air missile segment with 26.4% share.
Among geographic segments, Europe was projected to dominate the sector with a share of 34.3%, followed by North America, and Asia-Pacific with shares of 30.3% and 23.2%, respectively.
