Market Research Report
Global Cruise Missile Market - Segmented by Launch Platform, Range (Short-range missiles, Medium-range missiles, Long-range missiles, Intercontinental missiles), Speed, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||707244|
|Published||Content info||103 Pages
Delivery time: 2-3 business days
|Global Cruise Missile Market - Segmented by Launch Platform, Range (Short-range missiles, Medium-range missiles, Long-range missiles, Intercontinental missiles), Speed, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 1, 2018||Content info: 103 Pages||
The global military expenditure experienced an increase of 1.1 % from 2016 to reach USD 1,739 billion in 2017. The main reason for this growth in expenditure being the conflicts among various countries and various security threats imposed externally and internally, the increasing terrorism, the quests of some nations for universal dominance, several border security issues, the volatile relations among the nations, and various technological advancements in the field of defense. This increase in defense expenditure by governments across the world is helping the armies to procure more sophisticated weaponry which generates demand for cruise missiles during the forecast period and the cruise missile market is estimated to grow at a CAGR of over 6% and reach around USD 9 billion by the year 2020.
The advancements in cruise missile technology are expected to create a significant impact on the cruise missile market during the forecast period. Many countries are working in the field of military to incorporate Artificial intelligence (AI) technology into weapon systems, including missiles using built-in smart sensors and tools. Countries like China and Russia planning to use artificial intelligence (AI) technology to build the next generation of cruise missiles that can adapt to specific combat situations. These missiles are expected to aid the future combat missions that will require weapons to be both cost-efficient and flexible. They can also be controlled in a real-time manner or can be used in fire-and-forget mode, or even to add more tasks to in-flight missiles.
Based on range, the market is segmented into short-range missiles, medium-range missiles, long-range missiles, and intercontinental missiles. With the increasing need for national security and increasing military spending of the various countries, development of advanced long-range missiles is expected to boost the long-range segment of the market. Recently South Korea announced its plans to design an indigenous, air-launched, long-range cruise missile to be equipped with the KF-X fighter aircraft. South Korea's state-funded arms development agency, Agency for Defense Development is assigned to develop this missile using the Taurus technology and is expected to be operational by 2026.
For maintaining the military supremacy and national security, the cruise missile procurement in the United States has been increasing over the past few years and is expected to increase during the forecast period, due to which the North American region is expected to have the highest demand for cruise missiles and Asia-Pacific region is expected to have the highest CAGR during the forecast period due to development of new cruise missiles, which is estimated to create an impact on cruise missile market. India's indigenously designed and developed long-range subsonic cruise missile 'Nirbhay', was tested from a range at Chandipur along the Odisha coast in November 2017. It is guided by a highly advanced inertial navigation system, indigenously developed by Research Centre Imarat (RCI).
Cruise Missile Market Major Players:
Boeing, MBDA, Lockheed Martin Corporation, Raytheon Company, Defence Research and Development Organisation among others.
Cruise Missile Market Recent Developments:
Jul 2018: Defence Research and Development (DRDO) has successfully tested supersonic cruise missile BrahMos from the Integrated Test Range (ITR) at Chandipur. The missile was launched from the launch complex three of the ITR and effectively flew in its pre-set trajectory. It is a joint venture between India's DRDO and NPO Mashinostroyenia (NPOM) of Russia and is one of the fastest cruise missiles currently in operational use.
Jun 2018: Azerbaijan has displayed SOM-B1(Turkey's first indigenous long-range, autonomous, high-precision air-to-surface cruise missile designed and produced by Roketsan) in a military parade that marked the 100th anniversary of the establishment of the Azeri Armed Forces.
Apr 2018: US stealth cruise missile, AGM-158B JASSM-ER missile was fired from B-1B Lancer bombers, was used in combat for the first time during airstrikes on Syria. This Lockheed Martin Corporation produced missile is an extended range (ER) version of a Joint Air-To-Surface Munition (JASSM), with two-and-a-half times the range. It is operational since 2014 but was never fired in combat. Its infrared imaging system allows it to hit targets with incredible precision and low-profile stealthy design makes it harder for anti-aircraft missiles to detect it.
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