Cruise Missile Market Forecasts to 2030 – Global Analysis By Launch Platform (Land, Air, Submarine and Surface Combatants), Range (Short Range Missiles, Medium Range Missiles and Long Range Missiles), Speed, Application and By Geography

Cruise Missile Market Forecasts to 2030 – Global Analysis By Launch Platform (Land, Air, Submarine and Surface Combatants), Range (Short Range Missiles, Medium Range Missiles and Long Range Missiles), Speed, Application and By Geography

According to Stratistics MRC, the Global Cruise Missile Market is accounted for $1.92 billion in 2023 and is expected to reach $3.51 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Cruise missiles are unmanned vehicles that are propelled by jet engines. They can be launched from platforms in the water, the air, or on land. Cruise missiles can reach as low as a few meters above the ground and stay in the atmosphere the whole time they are in flight. Cruise missiles are self-guiding and employ a variety of techniques to precisely deliver their payload, including topographical mapping, global positioning systems (GPS), and inertial guidance, which keeps the missile on a pre-programmed flight path using motion sensors and gyroscopes.

According to the United States Department of Defense, the military budget of the United States for advanced cruise missile has been proposed to be increased to USD 797 billion in the fiscal year of 2023 as compared to USD 728 billion, which was the military budget in 2022.

Market Dynamics:

Driver:

Growing defense budget

All countries defense policies heavily rely on cruise missiles; as a result, a certain budget amount is set aside for them. Additionally, nations all over the world expand their military & defense sector by raising their military budgets. Growth in the military budget is expected to improve a country's ability to fight, allowing for the appropriate implementation of planned plans with sufficient funds. Additionally, the market is experiencing growth because of the rising threat of terrorism and anti-security actions.

Restraint:

Strict regulations

The state-owned defense organizations are subject to a number of federal and legislative laws and regulations, including the Foreign Corrupt Practices Act, exchange restrictions, and import-export control regimes. Manufacturers of munitions are often barred from exporting their goods, which reduces their ability to reach global markets. The transfer of technologies and weaponry to other nations has been strictly regulated as a result of this. This makes it challenging for missile producers to enter global markets.

Opportunity:

Development of new-generation missile systems

High-tech new-generation missile development poses a serious risk to important sites and assets like military ships and air bases. High-speed cruise missiles and nuclear-capable ballistic missiles are a couple of these recent innovations. Many nations are working on very sophisticated weapons that can overcome sophisticated air defense systems like the Patriot Advanced Capability-3 (PAC-3), the S-400, and the Medium Extended Air Defense System (MEADS).These changes have increased the demand for new-generation cruise missiles, which has further increased market demand.

Threat:

Issues related to integration

Due to the complexity of these weapons, integrating and testing cruise missiles is still exceedingly expensive on a worldwide scale. It is extremely difficult to integrate different electrical devices, sensors, warheads, death vehicles, propulsion systems, and other subsystems. A nuclear warhead must also be integrated into the missile, which is a highly difficult operation that has to be handled by experts with the necessary expertise. Compatibility with launch platforms, limitations, firepower, survivability, missile transport, and launch compatibility must all be evaluated. The expansion of this market may be hampered by these integration problems.

Covid-19 Impact

Globally, COVID-19 has adversely affected the cruise missile industry. Several nations throughout the world implemented lockdown procedures and halted cross-continental commerce as a result of the pandemic's outbreak. On the other hand, as the COVID-19 pandemic spread less widely, lockdowns were loosened and border controls were lifted by a number of nations, allowing trade to flow freely and making it simpler for businesses to gain access to the materials they need to make cruise missiles. Additionally, a number of eruptions and a rise in the need for modern cruised missiles by several nations across the world would cause the cruise missile market to expand in the next years.

The air segment is expected to be the largest during the forecast period

The air segment is estimated to have a lucrative growth. With a range of approximately 2,500 miles (4,023 km), air-launched cruise missiles are winged, jet-powered missiles that are intended to be released from an aircraft and fly towards the target at low altitude under autonomous guidance. The air-launched cruise missiles are standoff weapons that may deliver conventional, nuclear, or thermonuclear payloads to designated ground targets. It is more accurate and has a wider range.The ACM's extremely efficient engine, aerodynamics, and fuel loading enable it to travel as far as possible.

The hypersonic segment is expected to have the highest CAGR during the forecast period

The hypersonic segment is anticipated to witness the fastest CAGR growth during the forecast period. Over five times the speed of sound are achieved by hypersonic missiles while maintaining a high degree of manoeuvrability. Because of their manoeuvrability, they can alter their course during in flight, making it impossible to estimate their flight path and target. They combine their exceptional speed with the flexibility to manoeuvre away from enemy fire. They are not only hard to spot, but when they approach a target, they alter direction abruptly and unpredictably. They can provide quick, long-range strike options against far away targets, which is what is driving the segment's expansion.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the rising incidence of cross-border tensions coupled with a growing military budget. The AGM-129A Advanced Cruise Missile is the most sophisticated cruise missile that the US currently possesses. In recent years, the US has also made investments in the development of sophisticated cruise missiles. The primary drivers of market expansion in the near future will be the demand for bolstering defence capabilities with cutting-edge weaponry. As a result, these developments in cruise missile technology will have a good perspective and cause the North American cruise missile market to increase significantly.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. The largest revenue growth is anticipated in emerging Asia-Pacific nations like China, Japan, and India as a result of the region's increased research and production of new cruise missiles. The Research Centre Imarat (RCI) in India researched, constructed, and tested the long-range subsonic cruise missile ""Nirbhay,"" which was propelled by a very sophisticated inertial navigation system. The market expansion in the area is being fuelled by the increasing financing and investments.

Key players in the market

Some of the key players profiled in the Cruise Missile Market include China Aerospace Science and Technology Corporation, Lockheed Martin Corporation, Avibras Indstria Aeroespacial S/A, Raytheon Technologies Corporation, Aerojet Rocketdyne Inc., DRDO, Roketsan, The Boeing Company, Kongsberg Gruppen, MBDA Inc., Tactical Missiles Corporation and Taurus Systems.

Key Developments:

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Launch Platforms Covered:
• Land
• Air
• Submarine
• Surface Combatants

Ranges Covered:
• Short Range Missiles
• Medium Range Missiles
• Long Range Missiles

Speeds Covered:
• Subsonic
• Supersonic
• Hypersonic

Applications Covered:
• Attack
• Defensive

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements



Companies Mentioned
China Aerospace Science and Technology Corporation
Lockheed Martin Corporation
Avibras Indstria Aeroespacial S/A
Raytheon Technologies Corporation
Aerojet Rocketdyne Inc.
DRDO
Roketsan
The Boeing Company
Kongsberg Gruppen
MBDA Inc.
Tactical Missiles Corporation
Taurus Systems