Market Size of Cruise Missile Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.61 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 worldwide implementing lockdown measures and putting a ban on intercontinental trade. This has led to shortcomings concerning the raw materials or parts necessary for the manufacturers to produce cruise missiles. Moreover, disruptions in the supply chain are expected to affect the companies' future growth due to the lockdown.
- On the other hand, a decline in the COVID-19 pandemic worldwide 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 and 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, integrating artificial intelligence (AI) technology in defense systems for enhanced situational awareness and target precision is 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 nations' military & defense segments 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.
