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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 13.5%
Geographically, North America occupies a significant share in the market for cruise missiles. This can be ascribed to the growing cruise missile market in the US. The United States account for the largest share of investments in technologically advanced weapon systems to counter the increasing capabilities of other powerful countries like China and Russia. Further, the growth in the region is being aided by increasing government budget allocation on military applications and the involvement of the private sector in weapon manufacturing.
Industry Definition and Segmentation
Cruise missiles refer to guided and unmanned missiles, which are designed to deliver large warheads with superior precision. These missiles can self-navigate, fly on a non-ballistic and low trajectory, and travel at supersonic and hypersonic speeds. Advanced cruise missiles are equipped with various technologies including terrain mapping, global positioning systems (GPS), and gyroscopes to maintain a pre-programmed flight path.
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Based on the launch platform, the market is divided into:
- Surface Combatants
The market, based on range, can be classified into:
- Short-range Missiles
- Medium-range Missiles
- Long-range Missiles
On the basis of speed, the market divisions include:
The regional markets for cruise missile include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growth in the global market for cruise missiles is being forwarded by the growing influence of missiles in modern warfare strategy applications. From a strategic outlook, countries in possession of advanced cruise missiles have an upper hand in international conflicts and thus have a higher potential of keeping their adversaries at bay. As a result, increasing investments in military and defence is likely to augment the demand for cruise missiles, hence contributing to the market growth. In addition to this, the increase in cross-border hostilities and increasing terrorist activities are additional factors anticipated to drive the growth of the market in the coming years. Moreover, the market growth is further expected to benefit from the increasing integration of digital technologies such as artificial intelligence to augment automation. Further advances in 3D printing capabilities are also likely to pave the way for more economical manufacturing during the forecast period.
Key Market Players
The major players in the market are 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., and Avibras Indústria Aeroespacial S/A, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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