Cruise Missile Market Size
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 13.61 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cruise Missile Market Analysis
The Cruise Missile Market is anticipated to register a CAGR of 13.61% during the forecast period.
COVID-19 has hurt the cruise missile market on a global level. The onset of the pandemic led to various countries around the world implementing lockdown measures and putting a ban in terms of intercontinental trade and this has led to shortcomings concerning the raw materials or parts which are necessary for the manufacturers to produce cruise missiles. Moreover, disruptions in the supply chain are expected to affect the future growth of the companies due to the lockdown. On the other hand, a decline in the COVID-19 pandemic worldwide has led to the opening up of lockdowns as well as the removal of border restrictions by various countries which has enabled a free flow in terms of trade and this has made it easier for companies to resume their access for the necessary parts and components which are required to manufacture cruise missiles. Moreover, various outbursts as well as an increase in the demand for advanced cruised missiles by various countries worldwide will lead to the cruise missile market witnessing growth in the coming years.
The rising incidence of cross-border agitations and terrorist activities across the globe is one of the key factors driving the growth of the market. Cruise missiles are crucial for enforcing defense strategies and countering terrorist threats and political and territorial issues. Moreover, the integration of artificial intelligence (AI) technology in defense systems for enhanced situational awareness and target precision is providing a thrust to market growth. Various technological advancements, such as the development of innovative hypersonic cruise missiles that can travel faster than the speed of sound, are acting as other growth-inducing factors.
Over the years, the influence and application of missiles in modern warfare strategies have increased, urging the military & defense segment of nations to maintain a significant amount of cruise missiles. In addition, upgrading technology has enabled modern cruise missiles to self-navigate, fly on a non-ballistic and extremely low-altitude trajectory, and travel at hypersonic and supersonic speeds. Such innovations are expected to have a positive outlook and will lead to the cruise missile market witnessing significant growth during the forecast period.
Cruise Missile Industry Segmentation
Cruise missiles are unmanned vehicles that are propelled by jet engines. They can be launched from ground, air, or sea platforms. Cruise missiles remain within the atmosphere for the duration of their flight and can fly as low as a few meters off the ground. Cruise missiles are self-guided and use multiple methods to accurately deliver their payload, including terrain mapping, global positioning systems (GPS), and inertial guidance, which uses motion sensors and gyroscopes to keep the missile on a pre-programmed flight path. As advanced cruise missiles approach their target, remote operators can use a camera in the nose of the missile to see what the missile sees. This gives them the option to manually guide the missile to its target or to abort the strike.
The cruise missile market is segmented by launch platform, range, speed, and geography. By launch platform, the market is segmented into air, surface combatants, submarine, and land. By range, the market is segmented into short-range missiles, medium-range missiles, and long-range missiles. By speed, the market is classified into subsonic, supersonic, and hypersonic. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The report offers the market size and forecasts by value (USD Billion) for all the above segments.
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| Surface Combatants | |
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| Subsonic | |
| Supersonic | |
| Hypersonic |
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Cruise Missile Market Trends
This section covers the major market trends shaping the Cruise Missile Market according to our research experts:
The Air Segment is Expected To Witness Significant Growth During The Forecast Period
The air-launch segment is expected to witness significant growth during the forecast period. Air-Launched cruise missiles are winged, jet-powered missiles designed to be launched from an aircraft and to fly toward the target at low altitude on automatic guidance, with a range of almost 2,500 miles (4,023 km).
In the present scenario, advanced cruise missiles are fitted on military aircraft having advanced capabilities and are launched while airborne from such military aircraft. Moreover, the current air-launched cruise missiles are standoff weapons that are used to attack predetermined land targets with conventional, nuclear, or thermonuclear payloads.
For instance, in November 2022, the United States Air Force announced that they have for the first time in an overseas test used its Rapid Dragon system, in which cruise missiles on pallets are launched from the back of a mobility aircraft. An MC-130J Commando II from the 352nd Special Operations Wing launched a Joint Air-to-Surface Standoff Missile-Extended Range cruise missile using the system nicknamed “bomb bay in a box” in a range over the Norwegian Sea. Moreover, according to the United States Air Force, such positive testing has resulted in highlighting the progress of the cruise missile program from concept to live firing in under two years.
On the other hand, various countries around the world are witnessing developments in terms of the development of advanced cruise missiles which are launched from the air. For instance, the highly advanced BRAHMOS air-launched cruise missile (ALCM) with precision attack capabilities against sea and land targets has been designed and developed by Brahmos Aerospace for the Indian Air Force frontline air combatant platform Sukhoi-30MK1. In addition, the Brahmos ALCM is the heaviest and the most powerful weapon to arm the Sukhoi-30MK1 super maneuverable strike fighter of the Indian Air Force.
Thus, such developments concerning advanced air-launched cruise missiles will have a positive outlook and will lead to the air-launched platforms witnessing significant growth in the cruise missiles market during the forecast period.
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North America to Dominate the Market During the Forecast Period
By geography, North America is expected to witness significant growth during the forecast period. The rising incidence of cross-border tensions coupled with a growing military budget and the need for ramping up defense capabilities with advanced weapons are the main factors that will contribute to the growth of the market in the near future.
The United States is one of the biggest military spenders worldwide. According to the United States Department of Defense, the military budget of the United States 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. Moreover, out of the USD 728 billion, USD 56.5 billion has been allocated to air power platforms and systems, more than USD 40.8 billion has been allocated for sea power and nearly USD 12.6 billion has been allocated towards modernizing the Army and Marine Corps fighting vehicles.
Currently, the most advanced cruise missile in possession of the United States is the AGM-129A Advanced Cruise Missile. The AGM-129A is a subsonic, turbofan-powered, air-launched cruise missile. It is harder to detect and has greater range and accuracy than the AGM-86 air-launched cruise missile. Moreover, the AGM achieves maximum range through its highly efficient engine, aerodynamics, and fuel loading. In addition, B-52H bombers can carry up to six AGM-129A missiles on each of two external pylons for a total of 12 per aircraft.
Moreover, the United States is also investing in the development of advanced cruise missiles in recent years. For instance, in August 2022, the United States Air Force announced that they have secretly test-fired a long-range variant of a stealthy cruise missile from a B-2 stealth bomber. The cruise missile known as Lockheed Martin’s JASSM-ER has about triple the 370-kilometer range of the standard JASSM, and is slated to be retargetable in flight, making it easier to hit mobile targets deep behind enemy lines. The variant has already been fitted to the B-1 bomber and F-15E strike fighter. Thus, such advancements in cruise missile technology will have a positive outlook and will lead to the cruise missile market witnessing significant growth in North America during the forecast period.
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Cruise Missile Industry Overview
The market is consolidated in nature with the presence of a few players holding significant shares in the market. Some of the prominent players in the cruise missile market are Lockheed Martin Corporation, Raytheon Technologies Corporation, Boeing, Kongsberg, and MBD Inc. amongst others.
These companies have expanded their presence in various regions in order to provide flexible cruise missile manufacturing options facilitating cost-effective production and supply of such systems to the system integrators or the defense forces worldwide. The market attractiveness is envisioned to increase with the increase in defense expenditure as well as the capabilities of countries worldwide. Moreover, the demand for new and advanced cruise missiles will be generated from OEM channels.
Cruise Missile Market Leaders
Lockheed Martin Corporation
Raytheon Technologies Corporation
MBDA Inc.
The Boeing Company
Kongsberg Gruppen
*Disclaimer: Major Players sorted in no particular order
Cruise Missile Market News
In November 2022, the Indian Army announced that they have tested a BrahMos supersonic cruise missile from the Andaman and Nicobar (A&N) Islands. The extended-range version of the missile was tested by the Western Command of the Army. Moreover, according to the Indian army, the Brahmos cruise missile which was tested can hit targets having a range of 450 km or more.
In August 2022, Russia announced that they have unveiled a new cruise missile at the Army-2022 military exhibition near Moscow. The missile codenamed as Kh-69 stealth missile was displayed by the Tactical Missiles Corporation at the exhibition. Moreover, the missile has been developed to engage stationary targets with known coordinates, as well as additional information about the environment near the target.
Cruise Missile Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Launch Platform
5.1.1 Air
5.1.2 Surface Combatants
5.1.3 Submarine
5.1.4 Land
5.2 Range
5.2.1 Short Range Missiles
5.2.2 Medium Range Missiles
5.2.3 Long Range Missiles
5.3 Speed
5.3.1 Subsonic
5.3.2 Supersonic
5.3.3 Hypersonic
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Rest of Latin America
5.4.5 Middle-East & Africa
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 Israel
5.4.5.4 South Africa
5.4.5.5 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Lockheed Martin Corporation
6.2.2 Raytheon Technologies Corporation
6.2.3 DRDO
6.2.4 The Boeing Company
6.2.5 MBDA Inc.
6.2.6 Tactical Missiles Corporation
6.2.7 Kongsberg Gruppen
6.2.8 Roketsan
6.2.9 Avibras Indstria Aeroespacial S/A
6.2.10 China Aerospace Science and Technology Corporation
6.2.11 Aerojet Rocketdyne Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cruise Missile Market Research FAQs
What is the study period of this market?
The Cruise Missile Market is studied from 2018 - 2028.
What is the growth rate of Cruise Missile Market?
The Cruise Missile Market is growing at a CAGR of 13.61% over the next 5 years.
What is Cruise Missile Market size in 2018?
The Cruise Missile Market is valued at 12 Million USD in 2018.
What is Cruise Missile Market size in 2028?
The Cruise Missile Market is valued at 13 Million USD in 2028.
Which region has highest growth rate in Cruise Missile Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Cruise Missile Market?
North America holds highest share in 2022.
Who are the key players in Cruise Missile Market?
Lockheed Martin Corporation, Raytheon Technologies Corporation, MBDA Inc., The Boeing Company, Kongsberg Gruppen are the major companies operating in Cruise Missile Market.
Cruise Missile Industry Report
Statistics for the 2023 Cruise Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cruise Missile analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
