The cruise missiles market has witnessed significant growth over the past few years, owing to the increasing adoption of these missiles by various armed forces across the world. Cruise missiles are unmanned, self-propelled, guided vehicles that can travel at subsonic or supersonic speeds and are primarily used for precision strikes against enemy targets.
The demand for cruise missiles is driven by several factors, including the increasing threat of terrorism and the need to modernize military equipment. Additionally, the rise in global tensions and conflicts between countries has led to an increase in military spending, which has further fueled the growth of the cruise missiles market.
The global cruise missiles market was estimated at US$ 1.7 billion in 2021 and is expected to grow at a CAGR of 13.8% during 2022-2028 to reach US$ 4.2 billion by 2028.
Based on speed, the global cruise missiles market is divided into Hypersonic, Subsonic, and Supersonic. The supersonic segment held the largest share of the market in 2021 owing to the increasing demand for missiles from the defense forces. A supersonic missile depends mainly on inbuilt electronic countermeasures and sheer speed to infiltrate the defense network of the enemy forces. The United States, the United Kingdom, Russia, China, India, and France are some nations that can build a supersonic cruise missile. The hypersonic segment is expected to grow at the fastest rate owing to the growing demand for next-generation precision-guided munitions.
Based on range, the global cruise missiles market is segmented into long-range missiles, medium-range missiles, and short-range missiles. The long-range missiles segment is projected to show continued demand soon due to its high accuracy, reliability, and quick-hit capability at a very long distance in enemy territories.
Based on application, the market is segmented into attack and defensive. The defensive segment is expected to grow at the fastest CAGR during the forecast period due to the rapid expansion of military forces across the world along with a rise in procurement of cruise missiles by forces to safegaurd from any incoming ambush in case of any war situation.
Region-wise, North America was the largest cruise missiles market in 2021 and is forecast to lead the market during the forecast period. This is due to the high defence budget, technological advancements, favorable regulations, and presence of key manufacturers in the region. However, Asia-Pacific is expected to witness the fastest demand growth by 2028 owing to the surge in investments in the defence sector, rise in terrorism activities, and unstable socio-political scenarios in the region. Further, emerging economies such as India and China are also investing heavily in cruise missiles, apart from modernizing their existing military equipment.
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The following are the major players in the global cruise missiles market:
- Aerojet Rocketdyne Inc.
- Avibras Industria Aeroespacial SA
- China Aerospace Science and Industry Group Corporation Limited
- Defense Research and Development Organization (DRDO)
- Kongsberg Gruppen ASA
- Lockheed Martin Corporation
- MBDA Inc.
- Raytheon Technologies Corporation
- Roketsan Roket Sanayii ve Ticaret AS
- Tactical Missile Corporation
- The Boeing Company
In conclusion, the cruise missiles market is expected to witness significant growth during the forecast period, owing to the increasing adoption of these missiles by various armed forces across the world. The market is segmented based on range, speed, launch platform, guidance system, and region. North America is expected to dominate the market, while the Asia Pacific region is expected to grow at a faster rate during the forecast period. The key players in the market are focusing on strategic partnerships, collaborations, and acquisitions to strengthen their position in the market.
