Global Cruise Missile Market Report and Forecast 2024-2032

Global Cruise Missile Market Outlook

The global cruise missile market is expected to grow in the forecast period of 2024-2032 at a CAGR of 13.5%.

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North America to Continue Global Dominance Over the Forecast Period

Regionally, North America is expected to maintain its dominance over the global market registering highest CAGR during the forecast period owing to the growth of the US cruise missile industry. United States accounts for the largest investment in technology advanced weapons system to counter the increasing capabilities of China and Russia. Furthermore, the region’s growth is aided by the government’s budget allocation and the involvement of private sector in weapon manufacturing industry. By speed, the segment of supersonic cruise missile held the largest share in the market with a handful of nations capable enough to possess them. Major countries have been increasing their share of investments in all kinds of launch platforms for supersonic cruise missile which are predominantly in the long-range segment.

Cruise Missile: Market Segmentation

Cruise missiles are guided and unmanned missiles designed to deliver large warheads with great precision. They can self-navigate, fly on a non-ballistic and low-altitude trajectory and travel at supersonic and hypersonic speeds. Modern cruise missiles utilise various technologies, such as terrain mapping, global positioning systems (GPS), and gyroscopes to maintain a pre-programmed flight path.

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The market is segmented by launch platform into:

• Air
• Surface Combatants
• Submarine
• Land

The cruise missile industry can be broadly categorised based on its range into:

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

Based on speed, the market can be divided into:

• Subsonic
• Supersonic
• Hypersonic

The regional markets for cruise missile include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Cross-Border Hostilities and Warfare Diplomacy to Aid the Market Growth for Cruise Missile

The global market for cruise missile is mainly propelled by the growing influence of missiles in modern warfare strategies. From a strategic outlook, countries, or entities with possession of such advanced missiles have higher potential to keep their adversaries at bay, which is a promising factor for robust growth of the industry in the years to come. In Addition, the increasing frequency of cross-border hostilities and terrorist activities across the globe is one of the significant factors driving the growth of the industry.

Moreover, integrating artificial intelligence technology in defence is paving the way for further advancement in its utility and aiding the market growth. The rapid modernisation of present defence systems, equipping missiles with angular thrusters, which provide horizontal repositioning feature, and the use of 3D printing technology to build components and structures for missiles are some of the other factors anticipated to drive the market growth during the forecast period.

Key Industry Players in the Global Cruise Missile Market

The report presents a detailed analysis of the following key players in the global cruise missile market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Defense Research and Development Organization (DRDO)
• The Boeing Company
• MBDA Missile Systems Inc.
• Roketsan Roket Sanayii ve Ticaret A.S.
• Avibras Indústria Aeroespacial S/A
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Cruise Missile Market Report Snapshots

Cruise Missile Market Size

Cruise Missile Market Growth

Cruise Missile Companies