published Date SEP 2018

Cruise Missile Market is expected reach a CAGR of 6% during the forecast period (2018 -2023)

August 27 2018: The Cruise Missile Market is expected to reach a CAGR of about 6%, as per a new report published by Mordor Intelligence, LLP. Increasing military expenditure of countries worldwide and the development of technology in cruise missiles, like the use of artificial intelligence technology, are some of the factors that are expected to reinforce growth prospects over the forecast period.

Raytheon Company is one of the key players of the cruise missile market that has a significant share in the market. The company manufactured, Tomahawk Land Attack Missile (TLAM), which is a subsonic, long-range cruise missile that is primarily used for ship and submarine-based land-attack operations. It is a GPS-enabled precision weapon that has two-way satellite data-link, enabling the users to reprogram the missile to the target in flight to preprogrammed alternate targets. Raytheon and the US Navy are currently working to upgrade the communication systems, to develop powerful warhead and a new seeker designed to hit moving targets at sea or on land in darkness and all kinds of weather.

The Europe region will grow at a significant rate during the forecast period due to the manufacturing and testing of new cruise missiles by countries, like Russia. Recently, in July 2018, the Russian government has announced its plans to deploy 26 new warships, motorboats, and vessels by the end of 2018. Out of the 26 ships, four can carry Kalibr cruise missiles. It also announced its plan to order an upgrade, technical maintenance, and life-cycle extension of seaborne cruise missiles 3M-14 and antiship 3M-54 missiles by increasing the combat capabilities of the missiles. This project is expected to be completed by the end of 2019. Tthe herefore, increasing the concentration of cruise missiles and cruise missile vessels in the Europe region, which is expected to create a significant impact on the overall growth of the market.

To know more about the coverage of the Cruise Missile Market report, click the below link:

https://www.mordorintelligence.com/industry-reports/cruise-missile-market

Key Insights of the Report:

  • North America currently holds a major share in the global cruise missile market and is anticipated to experience similar growth rate during the forecast period because of increasing procurement of cruise missiles in the United States and development of advanced cruise missiles by the companies present in North America.
  • Asia-Pacific is expected to have the highest CAGR during the forecast period with the increasing investments in R&D of the cruise missiles in countries, like India, China, and Japan.
  • Mordor Intelligence has identified key players in the cruise missiles market, such as The Boeing Company, MBDA, Lockheed Martin Corporation, Raytheon Company, and Defence Research and Development Organisation among others.

Mordor Intelligence has segmented the global cruise missiles market based on the launch platform, range, speed, and geography.

Cruise Missile Market, Segmented by Launch Platform

  • Air 
  • Surface Ships            
  • Submarine 
  • Land        

Cruise Missile Market, Segmented by Range

  • Short-range missiles              
  • Medium-range missiles        
  • Long-range missiles
  • Intercontinental missiles  

Cruise Missile Market, Segmented by Speed

  • Hypersonic
  • Supersonic 
  • Subsonic     

Cruise Missile Market, Segmented by Geography

North America

  • United States
  • Canada

Europe

  • United Kingdom
  • Russia
  • France
  • Italy
  • Germany

Asia-Pacific

  • China
  • India
  • Japan
  • South Korea

South America         

  • Brazil
  • Venezuela

Middle East & Africa

  • Saudi Arabia
  • United Arab Emirates
  • Israel
  • South Africa

Get a free overview on Cruise Missile Market Report (2018-2023)

About Mordor Intelligence, LLP

Mordor Intelligence operates in the business of industry analysis and consulting, helping clients shape their strategic decisions. In today’s fast-paced and competitive business environment, every customer has a unique information requirement. Having understood this, the company offers custom market intelligence and advisory services along with its syndicated reports, to help them gain an edge over the competition. The company has successfully catered to over 500 clients across the multiple industries. For more insights, please visit, https://www.mordorintelligence.com

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