Asia-Pacific Cruise Missile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Cruise Missile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Cruise Missile Market is anticipated to register a CAGR of 14% during the forecast period.

Key Highlights

• Asia-Pacific has been one of the global hotspots for military conflicts. The increasing number of territorial issues in the region has propelled the countries to procure advanced cruise missiles to strengthen their defenses against potential adversaries.
• The growth in defense budgets of several nations in the region has also facilitated the development and procurement of newer cruise missile systems, thereby driving the growth of the market.

Key Market TrendsLong-Range Missiles are Projected to Dominate the Market During the Forecast Period

In segmentation by Range, the Long-Range Missiles segment is expected to have the highest share in the market during the forecast period. The manufacturing and procurement costs of the long-range missiles are higher compared to others, as they need to travel farther distances and deliver comparatively more lethal warheads with higher accuracy, evading the enemy air defenses compared to short and medium-range missiles. The demand for long-range missiles in increasing in Asia-Pacific where the countries need to protect their extensive land-based borders from neighboring adversaries. In Asia-Pacific, countries like China, India, Japan, and South Korea have been developing long-range missiles for their militaries. For instance, in July 2020, the Indian Ministry of Defence cleared the proposed development of Long-Range Land Attack Cruise Missile (LRLACM) for Ship launched cruise missile for Land-based strikes for the Indian Navy which will also be adopted later for the Air force and Army variant. The missile is expected to have a range of more than 1000 km. Such developments are expected to help the growth of the segment in the years to come.

China held the Largest Market Share in 2019

In 2019, the Market for Cruise Missiles in Asia-Pacific is dominated by China. China is one of the largest defense spenders in the world. The country has grown its missile strength over the years. China has one of the largest inventories of both cruise and ballistic missiles in the world, placing it among the top 5 countries possessing the greatest number of missiles globally. The disputes of the country over the South China Sea and with several other nations globally have propelled the country to build and deploy a sophisticated, lethal, and advanced cruise missile arsenal. The People's Liberation Army (PLA) is a major user of cruise missiles. China manufactures and exports a wide range of cruise missiles in all categories. Several of China’s designs are modeled on the Western Exocet, Harpoon, and Tomahawk families of missiles. In addition to domestically built cruise missiles, China also operates the imported Russian supersonic 3M80E Moskit / SS-N-22 Sunburn and the 3M54/3M14 Klub/Kalibr / SS-N-27 Sizzler missiles. China is currently arming its long-range bombers with supersonic cruise missiles. The H-6N, the latest version of China’s H-6 strategic bomber, is now equipped to carry the CJ-100 missile, which would increase the bomber’s strike range to 6,000 km (3,728 miles). The country is also focusing on the development of air-launched cruise missiles. China is also working on the development of the CJ-20, an air-launched variant of the Changjian-10 (CJ-10) land-attack cruise missile (LACM). The CJ-20 can carry both conventional and nuclear warheads and is still under development. Thus, the development of various variants of the cruise missiles and their induction into the missile arsenal of the country is expected to increase the market for the cruise missiles in China during the forecast period.

Competitive Landscape

Some of the prominent players in the Asia-Pacific Cruise Missile Market are Defence Research and Development Organisation, China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, JSC Tactical Missiles Corporation, Kongsberg Gruppen ASA, among others. Countries in the region, like China, India, and South Korea, among others, have emphasized on developing their own missiles indigenously, fueled by the interoperability issues of missile systems of certain countries with the missile defense systems of other countries. Countries in the region are collaborating with other nations to develop advanced cruise missile systems. For instance, BrahMos, a joint venture of the DRDO of India and the NPOM of Russia is developing medium-range supersonic ramjet cruise missiles. In December 2019, India conducted separate trials of two variants of the BrahMos to check its capability to hit targets with precision and accuracy. Such joint development of cruise missiles will facilitate the technology transfer between nations, thereby enhancing the innovations in the market during the forecast period.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Defence Research and Development Organisation
China Aerospace Science and Industry Corporation
Mitsubishi Heavy Industries
JSC Tactical Missiles Corporation
Rafael Advanced Defense Systems Ltd.
Israel Aerospace Industries
Raytheon Company
Lockheed Martin Corporation
MBDA
Kongsberg Gruppen ASA

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