Cruise Missile Market

Global Cruise Missile Market Size (2023 to 2028)

The global cruise missile market is expected to be worth 2.27 Billion USD in 2023. It is expected to grow at a CAGR of 13.30% during the forecast period and reach a value of 4.23 Billion USD by 2028.

An uncrewed rocket vehicle is referred to as a missile. It's made up of a guidance system and an explosive substance. A ground-based communication center guides a rocket.

Global Cruise Missile Market Drivers:

A Cruise Missile is used in the military to protect from terrestrial targets. The central portion of the flight path will remain in the atmosphere at a constant speed. The purpose of designing Cruise Missiles is to deliver a large warhead over long distances with high quality.

With developments in advanced technology, cruise missiles are capable of traveling at supersonic speeds. Moreover, these missiles can do self-navigation and can fly on a non-ballistic, low-attitude trajectory. Therefore, the central theme of cruise missiles is to attack prominent targets like ships, command bunkers, dams & bridges. 

Global Cruise Missile Market Restraints:

There is a massive demand for cruise missiles due to heavy usage in military and defense in all countries over the globe. Governments are also taking the initiative over the armies and allotting more funds to provide advanced machines and equipment to save their nations. Moreover, the political threats with terrorists in the borders of countries are estimated to arrange particular budgets from the government. Furthermore, the growing of threats and anti-security activities will push the market to grow faster.

One major factor hampering the cruise missile market is the high cost involved in the production of missiles. In addition, increased complexity and more maintenance are pulling back the growth of the market.

Development of advanced technologies through Missile Technology Control Regime (MTCR) membership with more effective methods. In addition, various countries are showing interest in exporting short-range missiles, and the Invention of hybrid fuel-powered missiles is a growing opportunity in the cruise missile market.

Integration of missiles is the major challenge influencing the market. It is more compliable to integrate all the assembling parts and handle them with care without product failure.

Impact of COVID-19 on the Cruise Missile Market: 

Due to COVID-19, many industries are going to fall in sales, production, and other reasons. Regarding the cruise missile market, it directly affected production and demand due to a decrease in the workforce. The Production raw materials used for manufacturing the missiles were not available.

Many leading companies in the missile industry are struggling to create supply chains and disruption in the market due to problems in transportation and a shortage of workforce.

In addition, the global economy is affecting the industry by the financial impact on firms and financial markets. Due to the pandemic, some companies are continuing, and some are shuttered. Key companies dominating the market are also suffering because manufacturing jobs are onsite, and there is no chance to work from another place.

REPORT COVERAGE:

This research report on the global cruise missile market has been segmented and sub-segmented into the following categories.

Cruise Missile Market - By Launch Platform:

• Air
• Surface Combatants
• Land
• Submarine

The launch platform's global Cruise Missile market is segmented into air, surface combatants, land, and submarine. Among this segmentation, air-launched cruise missiles were dominating the market.

Cruise Missile Market – By Range:

• Short-range Missiles
• Medium-range Missiles
• Long-range Missiles

Cruise Missile Market - By Speed:

• Subsonic
• Supersonic
• Hypersonic

Based on speed, the Supersonic segment holds the largest market share. A supersonic missile relies mainly on sheer speed and inbuilt electronic countermeasures to breach the air defense network of hostile enemy forces. United States, China, Russia, the United Kingdom, France, and India can produce supersonic cruise missiles. For example, Russia is now developing the 9M730 Burevestnik, also known as the SSC-X-9 Skyfall, to deliver long-range strategic nuclear strikes.

Cruise Missile Market - By Application:

• Attack
• Defensive

Cruise Missile Market - By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

North America is projected to have the largest market share over the projection period, with the highest CAGR among all the regions. In terms of geography, the area also had the largest market share in 2019. The primary cause for the region's supremacy is the rise of the U.S. cruise missile business.

The current U.S. president recommended a national security budget of USD 740.5 billion for F.Y. 2021 in February 2020, with USD 705.4 billion allocated to the Department of Defense (DOD). The base procurement budget for F.Y. 2021 is USD 131.75 billion, with USD 21.3 billion given to munitions purchased for the Air Force, Navy, and Army. Harpoon, AMRAAM, JASSM/JASSM ER, Harpoon, and Tomahawk are commonly used cruise missiles by the U.S. Air Force and Navy.

Furthermore, the most excellent RDT&E budget of USD 106.6 billion was sought as part of the new military budget to invest in developing critical emerging technologies such as hypersonic, autonomous, and artificial intelligence (A.I.), among others. Thanks to such significant investments in advanced technology, the country intends to develop and deploy upgraded missiles in the coming years.

For example, the government declared in February 2020 that in F.Y. 2022, it would establish a program to develop a new nuclear-armed, submarine-launched cruise missile with a separate budget. In addition, the Nuclear Posture Review (in 2018) focused on developing two new nuclear capabilities.

The missile's development is expected to be completed within the next decade, according to the government. The U.S. Navy aims to induct 20 guided-missile frigates (FFGs) as part of the FFG(X) program over the next decade. In addition, the U.S. Air Force made an order for 78 new F-35 fighter aircraft in April 2020. The market for cruise missiles is expected to rise due to such purchases of sea and air platforms.

KEY MARKET PLAYERS:

Some of the significant key players listed in the report are Lockheed Martin Corporation, Morgan Advanced Material PLC, Raytheon Company, DuPont, The Boeing Company, Aerojet Rocketdyne, Roketsan A.S., MBDA, Ceradyne Inc., and Tactical Missiles Corporation