PUBLISHER: 360iResearch | PRODUCT CODE: 1464845
PUBLISHER: 360iResearch | PRODUCT CODE: 1464845
[186 Pages Report] The Cruise Missile Market size was estimated at USD 3.92 billion in 2023 and expected to reach USD 4.16 billion in 2024, at a CAGR 6.67% to reach USD 6.16 billion by 2030.
The cruise missile market encompasses the global sales and production of cruise missiles, advanced guided missiles used extensively by military forces for precision strike capabilities.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 3.92 billion |
Estimated Year [2024] | USD 4.16 billion |
Forecast Year [2030] | USD 6.16 billion |
CAGR (%) | 6.67% |
The exploration of new propulsion systems to extend range and reduce detection of cruise missiles is significantly enhancing the market growth. Increased defense budgets in response to global security threats directly fuel market expansion. The ongoing innovations in missile technology and guidance systems further stimulate market growth by enhancing missile capabilities and efficiency. However, international arms control agreements may restrict missile proliferation and development, limiting the market expansion. The high development and manufacturing costs associated with cruise missiles is a challenging factor for the market growth. Moreover, the integration of artificial intelligence for improved targeting precision and decision-making is creating significant opportunities for market growth. The development of hypersonic cruise missiles offering unmatched speed and maneuverability, and ongoing advancements in stealth technology to evade enemy detection are expected to create new opportunities for the market expansion.
Type: Advances in sea cruise missiles for naval warfare
Air-Launched Cruise Missiles (ALCMs) are precision-guided weapons that are deployed from military aircraft. Air-launched cruise missiles are designed to be launched from a significant distance, allowing the aircraft to remain outside the defensive range of surface-to-air missiles. Land Attack Cruise Missiles (LACMs) are designed to target and destroy specific enemy positions or infrastructure on land, from military bases to strategic utility facilities. Land attack cruise missiles are launched from ground-based, naval, or air platforms and are capable of carrying either conventional or nuclear payloads. Surface-launched sea cruise missiles (SL-SLCMs) are deployed from ships or boats, adding a vital component to naval warfare and strategic defense operations. Submarine-launched sea cruise missiles (SL-SLCMs) provide stealthy and potent offensive capabilities capable of being launched underwater from submarines.
Speed: Increasing preference for hypersonic cruise missiles for sheer speed and maneuverability
Subsonic cruise missiles travel at speeds less than the speed of sound, which is approximately 343 meters per second at sea level. Subsonic cruise missiles benefit from lower engine noise, reduced radar detection due to the terrain-following capability, and lower manufacturing and operational costs. Supersonic cruise missiles can reach speeds between Mach 1 (the speed of sound) and Mach 3 (three times the speed of sound). The primary advantage of supersonic missiles is their ability to reach their targets more quickly than their subsonic counterparts, reducing the time for enemy defenses to react. Hypersonic cruise missiles travel at speeds greater than Mach 5, which is more than five times the speed of sound at sea level. Hypersonic cruise missiles represent a significant technological leap, capable of evading traditional missile defense systems through sheer speed and maneuverability. Hypersonic speed combined with advanced guidance systems makes these missiles exceptionally difficult to detect, track, and intercept, thereby increasing their strategic value.
Regional Insights
In the Americas region, the United States maintains a leading position in developing and procuring advanced cruise missile systems. Given its substantial defense budget, the US invests heavily in R&D, with recent patents showcasing innovations in stealth technology and propulsion. The Americas region's industry stakeholders consistently seek cutting-edge capabilities to maintain its strategic advantage, driving demand within the domestic market. European Union countries display varied demands for cruise missile technology, influenced by regional security concerns and NATO commitments. With rising geopolitical tensions, EU nations have shown increased interest in enhancing their long-range strike capabilities. Joint research and development efforts, such as the European Defence Fund, aim to streamline and bolster the continent's defense technology base. In the Middle East, defense spending remains high, with countries such as Saudi Arabia and the UAE heavily investing in advanced missile systems for both deterrence and active defense roles. African countries show fragmented demand largely influenced by internal security challenges. In the APAC region, China's rapidly expanding military capabilities include significant developments in cruise missiles, emphasizing indigenous innovation and self-reliance. Japan's evolving security strategy increasingly focuses on stand-off defense capabilities, including adopting and developing cruise missiles. India's focus on strengthening its strategic deterrent and precision strike capabilities has led to significant investment in cruise missile technology, contributing to the market growth.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Cruise Missile Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Cruise Missile Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Cruise Missile Market, highlighting leading vendors and their innovative profiles. These include Avibras Industria Aeroespacial S/A, Bharat Dynamics Limited, China Aerospace Science and Technology Corporation, Kongsberg Gruppen, L3Harris Technologies, Inc., Lockheed Martin Corporation, MBDA Inc., Roketsan A.S., RTX Corporation, and The Boeing Company.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Cruise Missile Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cruise Missile Market?
3. What are the technology trends and regulatory frameworks in the Cruise Missile Market?
4. What is the market share of the leading vendors in the Cruise Missile Market?
5. Which modes and strategic moves are suitable for entering the Cruise Missile Market?