Cruise Missile Market Size was valued at USD 1.9 Billion in 2022. The Cruise Missile market industry is projected to grow from USD 2.0 Billion in 2023 to USD 3.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032). The increasing frequency of terrorist attacks and cross-border agitations worldwide, as well as the incorporation of artificial intelligence (AI) technology in defence systems, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the major factors propelling the market's expansion is the increase in international unrest and terrorist activity. The use of cruise missiles is essential for enforcing defensive plans, thwarting terrorist threats, and resolving territorial and political disputes. Additionally, the development of the market is being boosted by the use of artificial intelligence (AI) technology in defence systems for improved situational awareness and target precision. Other growth-promoting technological developments include the creation of cutting-edge hypersonic cruise missiles that can fly faster than the speed of sound. These missiles have a great deal of force and can be used to launch long-range nuclear strikes. Novel variations can manoeuvre and reposition the missile horizontally to avoid airstrikes, and they are also immune to electronic countermeasures. Other elements, such as the quick upgrading of current defence systems and the widespread use of 3D-printed missile structures and components, are projected to propel the market towards expansion.
The importance and use of missiles in contemporary warfare tactics have grown throughout time, putting pressure on military and defence sectors of governments to keep a sizable stock of cruise missiles. Modern cruise missiles can also self-navigate, fly on a non-ballistic, extremely low-altitude trajectory, and move at hypersonic and supersonic speeds because to advancements in technology. These advancements are anticipated to have a favourable view and will cause the cruise missile market to see significant expansion over the course of the projected period.
Governments of both rich and emerging nations, including those of India, China, Russia, the United States, and others, are investing a lot of money on military modernization initiatives to increase their firepower and enhance their weaponry and surveillance capabilities. For instance, the Norwegian Defence Materiel Agency (FMA) and Kongsberg Gruppen inked a deal in October 2021 for the purchase of naval strike missiles (NSM) and the augmentation of the NSM inventory already in stock. A deal to purchase Joint Strike Missiles (JSM) for Norway's fleet of F-35A Lightning II fighter planes was also signed in October 2021 by the Norwegian Defence Materiel Agency (NDMA). Additionally, the U.S. Army and Lockheed Martin Corporation agreed to a USD 1.12 billion deal in March 2021 for the construction of rockets for the Lot 16 of the Guided Multiple Launch Rocket System (GMLRS) and related hardware. Throughout the forecast period, these efforts are anticipated to present possibilities for the cruise missile market. Thus, driving the Cruise Missile market revenue.
Cruise Missile Launch Platform Insights
The Cruise Missile Market segmentation, based on launch platform, includes air, surface combatants, submarine, and land. Surface combatants segment dominated the global market in 2022. Rockets and missiles are fired from the land or the water by surface combatants. They can be fired from permanent facilities, mobile platforms, or handheld weapons. These missiles are intended to strike targets on land or at sea and are utilised in land combat operations. They are also referred to as ground-to-ground rockets and missiles for this reason.
Cruise Missile Range Insights
The Cruise Missile Market segmentation, based on range, includes short range missiles, medium range missiles, and long range missiles. Long range missiles segment dominated the global market in 2022. Due to its high precision, dependability, and quick-hit capability over a very great distance in enemy territories, the long-range missiles market is expected to continue to have strong demand in the near future.
Cruise Missile Speed Insights
The Cruise Missile Market segmentation, based on speed, includes subsonic, supersonic, and hypersonic. Subsonic segment dominated the Cruise Missile Market in 2022. A propulsion system is included in hypersonic rockets and missiles so they can travel at speeds of Mach 5 or greater, which is five times the speed of sound. Precision-guided weapons that travel at hypersonic speeds are challenging to block. These weapons are currently in the development stage and should become operational soon.
Figure 1: Cruise Missile Market, by Speed, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cruise Missile Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cruise Missile Market dominated this market in 2022 (45.80%). The primary drivers of the market's expansion in the near future are the rise in cross-border tensions, an expanding military budget, and the demand for more sophisticated weaponry to improve defence capabilities. One of the greatest military spenders in the world is the United States. Further, the U.S. Cruise Missile market held the largest market share, and the Canada Cruise Missile market was the fastest growing market in the North America region.
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.
Figure 2: CRUISE MISSILE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Cruise Missile market accounted for the healthy market share in 2022. The industry is anticipated to improve as a result of increased private sector support for the supply of ballistic missiles in Europe. The demand for automatic target recognition and precision-guided technologies is driving growth in the U.K. market. Further, the German Cruise Missile market held the largest market share, and the U.K Cruise Missile market was the fastest growing market in the European region
The Asia Pacific Cruise Missile market is expected to register significant growth from 2023 to 2032. Multiple independent re-entry vehicles are used more frequently by the People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV), which supports the expansion of the sector. Australia stated in April 2022 that it would update its defence system for USD 2.6 billion. Moreover, China’s Cruise Missile market held the largest market share and the Indian Cruise Missile market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Cruise Missile market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cruise Missile industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cruise Missile industry to benefit clients and increase the market sector. In recent years, the Cruise Missile industry has offered some of the most significant advantages to medicine. 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 Indstria 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.
The United States government's NASA agency is in charge of all air and space-related science and technology. With the Soviet satellite Sputnik's launch in 1957, the Space Age officially began. In 1958, NASA was established. The organisation was established to coordinate American space exploration and aviation research. In what could be a major development in America's hypersonic programme, the National Aeronautics and Space Administration (NASA) created artificial intelligence (AI) in April 2022 that would assist it in developing a hypersonic missile. The AI system at NASA is capable of maximising the range and destructive power of missiles.
An international defence contractor is General Dynamics Corp (General Dynamics). Business jets, wheeled combat vehicles, battle tanks, armaments, and propellants are all provided by the company. Additionally, General Dynamics offers command and control systems, lifecycle support services, and nuclear-powered submarines. Business aviation, ground, and expeditionary combat vehicles and systems, shipbuilding and marine systems, armaments and munitions, and mission-critical information systems and technology solutions are among the products and services the company provides. It provides services to the US government, defence organisations, and private clients. The company has operations throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. In the United States, General Dynamics has its headquarters in Falls Church, Virginia.
Cruise Missile Industry Developments
November 2022 A BrahMos supersonic cruise missile was tested by the Indian Army from the Andaman and Nicobar (A&N) Islands. The extended-range missile was tested by the Army's Western Command. The tested Brahmos cruise missile, according to the Indian army, can also reach targets up to 450 kilometres away.
Cruise Missile Market Segmentation
Cruise Missile Launch Platform Outlook
Cruise Missile Range Outlook
Cruise Missile Speed Outlook
Cruise Missile Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.9 Billion |
| Market Size 2023 | USD 2.0 Billion |
| Market Size 2032 | USD 3.6 Billion |
| Compound Annual Growth Rate (CAGR) | 7.50% (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 |
Frequently Asked Questions (FAQ) :
The 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.
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