Cruise Missile Market by Type (Air-Launched Cruise Missile, Land Attack Cruise Missile, Sea-Launched Cruise Missile), Speed (Hypersonic, Subsonic, Supersonic), Range, Application - Global Forecast 2024-2030

Cruise Missile Market by Type (Air-Launched Cruise Missile, Land Attack Cruise Missile, Sea-Launched Cruise Missile), Speed (Hypersonic, Subsonic, Supersonic), Range, Application - Global Forecast 2024-2030

The Cruise Missile Market size was estimated at USD 3.92 billion in 2023 and expected to reach USD 4.16 billion in 2024, at a CAGR 6.67% to reach USD 6.16 billion by 2030.

The cruise missile market encompasses the global sales and production of cruise missiles, advanced guided missiles used extensively by military forces for precision strike capabilities.

The exploration of new propulsion systems to extend range and reduce detection of cruise missiles is significantly enhancing the market growth. Increased defense budgets in response to global security threats directly fuel market expansion. The ongoing innovations in missile technology and guidance systems further stimulate market growth by enhancing missile capabilities and efficiency. However, international arms control agreements may restrict missile proliferation and development, limiting the market expansion. The high development and manufacturing costs associated with cruise missiles is a challenging factor for the market growth. Moreover, the integration of artificial intelligence for improved targeting precision and decision-making is creating significant opportunities for market growth. The development of hypersonic cruise missiles offering unmatched speed and maneuverability, and ongoing advancements in stealth technology to evade enemy detection are expected to create new opportunities for the market expansion.

Regional Insights

In the Americas region, the United States maintains a leading position in developing and procuring advanced cruise missile systems. Given its substantial defense budget, the US invests heavily in R&D, with recent patents showcasing innovations in stealth technology and propulsion. The Americas region's industry stakeholders consistently seek cutting-edge capabilities to maintain its strategic advantage, driving demand within the domestic market. European Union countries display varied demands for cruise missile technology, influenced by regional security concerns and NATO commitments. With rising geopolitical tensions, EU nations have shown increased interest in enhancing their long-range strike capabilities. Joint research and development efforts, such as the European Defence Fund, aim to streamline and bolster the continent's defense technology base. In the Middle East, defense spending remains high, with countries such as Saudi Arabia and the UAE heavily investing in advanced missile systems for both deterrence and active defense roles. African countries show fragmented demand largely influenced by internal security challenges. In the APAC region, China's rapidly expanding military capabilities include significant developments in cruise missiles, emphasizing indigenous innovation and self-reliance. Japan's evolving security strategy increasingly focuses on stand-off defense capabilities, including adopting and developing cruise missiles. India's focus on strengthening its strategic deterrent and precision strike capabilities has led to significant investment in cruise missile technology, contributing to the market growth.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cruise Missile Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing strategic land and sea attacks with escalating border tensions
Government investments in the modernization of weapons

Market Restraints

Financial constraints associated with cruise missiles

Market Opportunities

Advancements in the design and features of cruise missiles\
Strategic contracts for the deployment of new-age cruise missiles

Market Challenges

Operational complexities of cruise missiles

Market Segmentation Analysis

Type: Advances in sea cruise missiles for naval warfare
Speed: Increasing preference for hypersonic cruise missiles for sheer speed and maneuverability

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cruise Missile Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cruise Missile Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

AFWERX sets sights on low-cost cruise missile

The US Air Force Research Laboratory, in conjunction with the AFWERX military innovation center, has launched a pivotal initiative under the Weapons Program Executive Office (PEO) Design Sprint and Challenge. The initiative aimed to foster the development of cutting-edge weapons technologies; this effort sets its sights on the creation of an innovative low-cost cruise missile as its inaugural project.

Northrop Grumman Opens New Hypersonic Propulsion Systems Manufacturing Facility

Northrop Grumman Corporation has inaugurated the Hypersonics Capability Center in Elkton, Maryland. This initiative supports the U.S. Air Force's development and production of the Hypersonic Attack Cruise Missile and holds the potential to cater to future hypersonic projects.

India-Russia defense firm eyes USD 200 million missile deal with Indonesia

BrahMos Aerospace anticipates finalizing a significant deal to provide Indonesia with supersonic cruise missiles, valued between USD 200 million and USD 350 million, within the current year. This strategic move aims to broaden its market footprint in Southeast Asia.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cruise Missile Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Cruise Missile Market, highlighting leading vendors and their innovative profiles. These include Avibras Indústria Aeroespacial S/A, Bharat Dynamics Limited, China Aerospace Science and Technology Corporation, Kongsberg Gruppen, L3Harris Technologies, Inc., Lockheed Martin Corporation, MBDA Inc., Roketsan A.Ş., RTX Corporation, and The Boeing Company.

Market Segmentation & Coverage

This research report categorizes the Cruise Missile Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Air-Launched Cruise Missile
Land Attack Cruise Missile
Sea-Launched Cruise Missile
Submarine Launched
Surface-Launched
Speed
Hypersonic
Subsonic
Supersonic
Range
Long Range
Medium Range
Short Range
Application
Homeland Security
National Defense
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year