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Global Cruise Missile Market Size was valued at USD 1.7 Billion in 2022. The Cruise Missile market industry is projected to grow from USD 2.2 Billion in 2023 to USD 3.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.60% during the forecast period (2023 - 2032). The rising number of terrorist attacks and international unrest, as well as the use of artificial intelligence (AI) technology in defence systems, are all factors., are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The rise in global instability and terrorist activities is one of the primary drivers of the market's expansion. In order to implement defence strategies, counter terrorist threats, and settle territorial and political disputes, cruise missiles must be used. Additionally, the adoption of artificial intelligence (AI) technology in defensive systems for enhanced situational awareness and target precision is promoting market growth. The development of cutting-edge, sound-defying hypersonic cruise missiles is another technological advancement that supports economic progress. These missiles have a lot of power and can be used to carry out nuclear long-range attacks. The missile may be manoeuvred and repositioned horizontally to evade airstrikes, and novel varieties are also resistant to electronic defences. Other factors are anticipated to drive the market towards growth, including the rapid modernization of existing defensive systems and the growing usage of 3D-printed missile structures and components.
The rise in global instability and terrorist activities is one of the primary drivers of the market's expansion. In order to implement defence strategies, counter terrorist threats, and settle territorial and political disputes, cruise missiles must be used. The integration of artificial intelligence (AI) technology into defensive systems for better situational awareness and target precision is also a key factor driving market expansion. The development of cutting-edge, sound-defying hypersonic cruise missiles is another technological advancement that supports economic progress.
As missiles' significance and utility in modern combat strategies have expanded over time, countries are under pressure to maintain a significant stock of cruise missiles in their arsenals. Due to technological developments, modern cruise missiles can also self-navigate, fly on a non-ballistic, extremely low-altitude trajectory, and travel at hypersonic and supersonic speeds. These developments are likely to have a positive impact and will lead to a noticeable rise of the cruise missile market over the course of the anticipated timeframe.
The governments of both developed and developing countries, such as those of India, China, Russia, the United States, and others, are pouring a lot of money into military modernization programmes in order to boost their strength and improve their weaponry and surveillance capabilities. For instance, in October 2021, the Norwegian Defence Materiel Agency (FMA) and Kongsberg Gruppen signed a contract for the acquisition of naval strike missiles (NSM) and the expansion of the existing NSM inventory. The Norwegian Defence Materiel Agency (NDMA) also agreed to buy Joint Strike Missiles (JSM) for Norway's fleet of F-35A Lightning II fighter planes in October 2021. Furthermore, a USD 1.12 billion agreement between the U.S. Army and Lockheed Martin Corporation was reached in March 2021 for the production of rockets for Lot 16 of the Guided Multiple Launch Rocket System (GMLRS) and associated components. These initiatives are predicted to open up opportunities for the cruise missile market throughout the course of the forecast year. Thus, driving the Cruise Missile market revenue.
The global Cruise Missile market segmentation, based on Speed, includes subsonic, supersonic, and . The subsonic segment dominated the global Cruise Missile market in 2022. Hypersonic rockets and missiles have a propulsion technology that enables them to reach speeds of Mach 5 or higher, or five times the speed of sound. It is difficult to stop hypersonic-moving, precision-guided weaponry. These weapons are currently being developed and should soon be ready for use.
The global Cruise Missile market segmentation, based on the Launch Platform, includes air, surface combatants, submarine, and land. The surface combatants segment dominated the global market in 2022. Surface warriors launch rockets and missiles from the air or the ocean. They can be discharged from stationary locations, moving platforms, or handguns. These missiles are used in land combat operations and are designed to strike targets on land or at sea. For this reason, they are often referred to as ground-to-ground rockets and missiles.
The global Cruise Missile market segmentation, based on Range, includes short-range missiles, medium-range missiles, and long-range missiles. The long-range missiles segment dominated the global market in 2022. The demand for long-range missiles is anticipated to remain high in the near future because of their high precision, dependability, and quick-hit capabilities across a very long distance in enemy territory.
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By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Cruise Missile Market dominated this market in 2022 (45.80%). Cross-border tensions, rising military spending, and the need for more advanced weapons to boost defence capabilities will be the main factors driving market growth in the near future. The United States is one of the biggest military spenders in the world. According to the US Department of Defence, a rise in the country's military spending has been proposed, moving it from USD 728 billion in fiscal year 2022 to USD 797 billion in fiscal year 2023. In addition, of the USD 728 billion, USD 56.5 billion, USD 40.8 billion, and USD 12.6 billion have been designated for platforms and systems for air power, sea power, and fighting vehicles for the Army and Marine Corps, respectively. Further, In the North American area, the U.S. Cruise Missile Market market had the biggest market share, while the Canada Cruise Missile Market market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Cruise Missile market accounted for the healthy market share in 2022. Increased private sector backing for the supply of ballistic missiles in Europe is expected to benefit the industry. The U.K. market is expanding due to consumer demand for automatic target recognition and precision-guided technology. Further, In the European region, the German Cruise Missile Market market had the biggest market share, and the U.K. Cruise Missile Market market had the quickest rate of growth.
The Asia Pacific Cruise Missile market is expected to register significant growth from 2023 to 2032. The People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) are using multiple independent re-entry vehicles more regularly, which encourages the sector's growth. Australia announced in April 2022 that it would spend USD 2.6 billion to upgrade its defence system. Moreover, In the Asia-Pacific region, the Indian Cruise Missile Market market had the quickest rate of growth while China's Cruise Missile Market market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cruise Missile Market market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Cruise Missile Market sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cruise Missile Market sector. Major players in the Cruise Missile market, including Lockheed Martin Corporation, Raytheon Technologies Corporation, DRDO, The Boeing Company, MBDA Inc., Tactical Missiles Corporation, Kongsberg Gruppen, Roketsan, Avibras Industria Aeroespacial S/A, China Aerospace Science and Technology Corporation, and Aerojet Rocketdyne Inc., are attempting to increase market demand by investing in research and development Ranges.
All air and space-related science and technology is under the control of the NASA agency of the United States government. The Space Age officially began in 1957 with the launch of the Soviet satellite Sputnik. NASA was created in 1958. To coordinate American space exploration and aviation research, the organisation was founded. The National Aeronautics and Space Administration (NASA) developed artificial intelligence (AI) in April 2022 that would help them produce a hypersonic weapon, which might be a significant step in America's hypersonic programme. The NASA AI system is capable of optimising the missiles' range and destructive potential.
General Dynamics Corp. (General Dynamics) is a global provider of defence services. The company offers business aircraft, wheeled combat vehicles, battle tanks, weaponry, and propellants. General Dynamics also provides nuclear-powered submarines, lifecycle support services, and command and control systems. The corporation offers a variety of goods and services, including business aviation, ground and expeditionary combat vehicles and systems, weapons and munitions, shipbuilding and marine systems, and mission-critical information systems and technological solutions. The US government, defence organisations, and commercial clients are served by it. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. Falls Church, Virginia serves as General Dynamics' national headquarters. In May 2021, General Dynamics Corporation and Raytheon Technologies reached an agreement for the USD 43 million production of seeker components for two new Standard system versions.
· Lockheed Martin Corporation
· Raytheon Technologies Corporation
· DRDO
· The Boeing Company
· MBDA Inc.
· Tactical Missiles Corporation
· Kongsberg Gruppen
· Roketsan
· Avibras Indstria Aeroespacial S/A
· China Aerospace Science and Technology Corporation
· Aerojet Rocketdyne Inc.
November 2022: The Indian Army conducted a BrahMos supersonic cruise missile test from the Andaman and Nicobar (A&N) Islands. The Army's Western Command tested the long-range missile. According to the Indian army, the Brahmos cruise missile can also hit targets up to 450 km away.
· Air
· Surface Combatants
· Submarine
· Land
· Short Range Missiles
· Medium Range Missiles
· Long Range Missiles
· Subsonic
· Supersonic
· Hypersonic
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.7 Billion |
|
Market Size 2023 |
USD 2.2 Billion |
|
Market Size 2032 |
USD 3.9 Billion |
|
Compound Annual Growth Rate (CAGR) |
7.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Launch Platform, Range, Speed, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Lockheed Martin Corporation, Raytheon Technologies Corporation, DRDO, The Boeing Company, MBDA Inc., Tactical Missiles Corporation, Kongsberg Gruppen, Roketsan, Avibras Indstria Aeroespacial S/A, China Aerospace Science and Technology Corporation, and Aerojet Rocketdyne Inc. |
|
Key Market Opportunities |
Development of new generation air & missile defense system |
|
Key Market Dynamics |
The rising incidence of cross-border agitations and terrorist activities across the globe and the integration of artificial intelligence (AI) technology in defense systems |
The global Cruise Missile market size was valued at USD 1.9 Billion in 2022.
The global market is projected to grow at a CAGR of 7.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market Lockheed Martin Corporation, Raytheon Technologies Corporation, DRDO, The Boeing Company, MBDA Inc., Tactical Missiles Corporation, Kongsberg Gruppen, Roketsan, Avibras Indstria Aeroespacial S/A, China Aerospace Science and Technology Corporation, and Aerojet Rocketdyne Inc
The Surface Combatants Launch Platform dominated the market in 2022.
The Long Range Missiles Range had the largest share in the global market.
Report Code :
RL65144
Published on :
Sep 2023
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