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.
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Key Insights of the Report:
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
Cruise Missile Market, Segmented by Range
Cruise Missile Market, Segmented by Speed
Cruise Missile Market, Segmented by Geography
Middle East & Africa
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