Market Size and Growth Report 2024-2032:

According to a new report by IMIR Market Research on Global Cruise Missile Market Size was valued at USD 2.5 Billion in 2023. The Cruise Missile market industry is projected to grow from USD 2.7 Billion in 2024 to USD 4.97 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.93% during the forecast period (2024 - 2032).

Cruise missiles are self-propelled, unmanned, guided missiles that can deliver warheads with extreme precision. The importance of cruise missiles to the military and national defence is growing as a result of their increased employment in modern warfare tactics in recent years. Second, technological developments have enabled the deployment of self-guided cruise missiles, which travel non-ballistic, ultra-low-altitude routes at supersonic and hypersonic speeds. Moreover, these missiles are commonly used in strikes by tactical teams, who deploy different types of missiles to accomplish different goals. Because acquiring cruise missiles offers strategic advantages, the military and defence sector is seeing an increase in demand and uses for these missiles. The increasing defence budget and the increased political emphasis on bolstering military capabilities also contributed to the surge in demand for cruise missiles. In addition, companies were able to produce advanced missiles with higher speeds and longer ranges because of technology developments, which should promote the use of cruise missiles. Despite high production and maintenance costs, budget constraints are expected to hamper market expansion. Due to their critical role in defence strategies, cruise missiles account for a sizable amount of the budgets of all nations. Additionally, nations all over the world increase their spending on defence and the armed forces. Furthermore, it is projected that growing geopolitical and territorial disputes between nations would spur increased military spending, which would bolster the cruise missile market. Based on forecasts for military budget increases, countries with superior combat capabilities would be able to carry out well-thought-out plans backed by enough resources. Additionally, government organisations frequently update military installations to strengthen and enhance security protocols. As a result, the market grows and reaches its peak demand during the projected time. The increasing threat presented by terrorism and anti-security measures also spurs industry growth.

Market Dynamics:

Market Drivers-

Increasing Geopolitical Tensions and Territorial Disputes

• Territorial disputes and growing geopolitical tensions are driving the cruise missile business. A greater need is being felt by nations to fortify their borders in order to avoid conflict over resources, boundaries, or regional influence.  That means more money will go towards the military, primarily for the purchase of cutting-edge equipment.  For these countries, cruise missiles meet a lot of requirements. Given their vast range, they can potentially dissuade aggression or provide offensive capabilities by striking targets located deep within enemy territory.  Precision strikes are also desirable for reducing civilian losses during conflicts due to technological developments in this area.  A strong market drive is underway for ever-more advanced and potent cruise missiles, owing in part to these causes as well as the strategic concerns about rising geopolitical tensions.Territorial disputes and growing geopolitical tensions are driving the cruise missile business.  A greater need is being felt by nations to fortify their borders in order to avoid conflict over resources, boundaries, or regional influence.  That means more money will go towards the military, primarily for the purchase of cutting-edge equipment.  For these countries, cruise missiles meet a lot of requirements. Given their vast range, they can potentially dissuade aggression or provide offensive capabilities by striking targets located deep within enemy territory.  Precision strikes are also desirable for reducing civilian losses during conflicts due to technological developments in this area.  A strong market drive is underway for ever-more advanced and potent cruise missiles, owing in part to these causes as well as the strategic concerns about rising geopolitical tensions.

Growing Demand for Long-Range, Precision-Strike Weapons

• Many factors that are changing the face of modern warfare are driving the demand for long-range, precision weapons like cruise missiles. The force multiplier effect of these weapons is substantial, to start.  With adversaries frequently having access to sophisticated air defence systems, troops can engage targets from a safe distance, minimising their own risk. When a well-equipped force confronts a less technologically advanced adversary in an asymmetric fight, this is especially alluring.  Furthermore, the exceptional accuracy of these armaments enables targeted attacks that reduce unintended harm. The possibility of civilian casualties inciting anger and causing problems for international relations is a growing issue for militaries.  Strategic flexibility is also provided by these weapons' extended range. An enemy's ability to fight a war may be severely hindered before they can mount a counterattack if they are able to destroy vital infrastructure, interfere with supply routes, or take down command centres remotely.  To put it briefly, long-range, precision-strike weapons are highly sought-after in today's military environment because they provide a powerful combination of safety, surgical efficacy, and strategic alternatives.

Market Trends-

Development of Hypersonic Cruise Missiles

• The exceptional speed and manoeuvrability of hypersonic cruise missiles make them an important weapon in warfare. The term "hypersonic" describes velocities greater than Mach 5, or five times the speed of sound. The effectiveness of conventional missile defence systems is greatly reduced at these speeds. Not only do hypersonic cruise missiles move at lightning speeds, but they also frequently use scramjet engines, which enable them to sustain this speed for lengthy periods of time. They are very challenging to follow and intercept because of this mix. Moreover, the ability to manoeuvre in midair gives hypersonic cruise missiles another degree of intricacy for possible defences. Hypersonic cruise missiles offer a wide range of possible military uses. They can strike targets anywhere in the world quickly thanks to their speed, which drastically slows down defenders' reaction times. They are skilled at attacking heavily defended targets and dodging defences because to their manoeuvrability. In essence, the development of hypersonic cruise missiles might completely change the global power structure and supersede current deterrent tactics. This explains why so many nations are investing heavily in the creation of these cutting-edge weaponry.

Increased Use of Artificial Intelligence (AI) in Cruise Missiles

• Modern warfare will be greatly impacted by the trend of integrating Artificial Intelligence (AI) into cruise missiles. A cruise missile's capabilities can be improved in a number of important ways with AI. A focal point is the identification of targets.  In order to efficiently recognise and differentiate genuine targets from spoofs or civilian structures, AI algorithms can be trained on enormous quantities of visual and sensor data. It also lowers the possibility of unintentional civilian casualties, improving mission accuracy.  Mission planning can also be done with AI. Artificial Intelligence can maximise a missile's effectiveness and survivability by optimising its flight route based on weather, probable opponent countermeasures, and real-time battlefield data analysis.  Artificial Intelligence also has the potential to allow the missile to make more independent decisions. In dynamic scenarios, artificial intelligence (AI) might enable the missile to instantly modify its trajectory in order to get around unanticipated obstacles or take advantage of new openings.  Ethical questions are brought up by the usage of AI in cruise missiles.  There is concern that human oversight in crucial strike operations may be eliminated when autonomous targeting and decision-making becomes possible.  Furthermore, because AI systems are so complicated, they can be hacked or otherwise manipulated with disastrous results.  The advantages of AI in terms of improved precision, mission planning, and flexibility are evident, even in the face of these worries.  Artificial intelligence (AI)-driven cruise missiles are sure to be a revolutionary aspect of warfare in the future, and their development and use will require serious analysis of their ethical and tactical consequences.

Market Restraining Factors-

High Cost of Development and Procurement

• A major obstacle to entrance for many nations is the expensive expense of producing and acquiring cruise missiles. Due to the extreme complexity of these weapons, state-of-the-art technology is needed for propulsion, navigation, guiding, and target acquisition. The creation of these sophisticated components is costly and frequently necessitates large government funding as well as cooperation between academic institutions and private defence firms. The cost per unit of cruise missiles is further increased by the need for specialised materials and complex manufacturing procedures. For armies with tight budgets, this exorbitant expense poses a problem. Although there is no denying the benefits of cruise missiles, not every country can afford them. This could result in an imbalance of power on the international scene if just a tiny number of nations have access to these cutting-edge weapons. Several nations are looking into different approaches to reduce these expenses. Focusing on the development of less advanced, shorter-range cruise missiles is one strategy. Even while they might not be as powerful as their more expensive counterparts, these might nevertheless be a useful offensive or deterrence alternative at a more affordable price. An further tactic is international cooperation, in which several nations work together on manufacturing and development in order to split the cost. A complicated problem with major ramifications for international security is the expensive cost of cruise missiles. While limiting access to these potent weapons, it also encourages the development of more affordable substitutes or promotes global cooperation.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Cruise Missile Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Launch Platform (Air, Surface Combatants, Land, Submarine), By Range (Short-range Missiles, Medium-range Missiles, Long-range Missiles), By Application (Attack, Defensive), By Speed (Subsonic, Supersonic, Hypersonic).

Report Scope and Segmentations:

List of 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
• Aerojet Rocketdyne Inc.

Key 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.
• August 2022, Russia unveiled a new cruise missile at the Army-2022 military exhibition near Moscow. The missile, codenamed as Kh-69 stealth missile, was displayed by the Tactical Missiles Corporation at the exhibition. Moreover, the missile has been developed to engage stationary targets with known coordinates and additional information about the environment near the target.
• In February 2021, Lockheed Martin signed a contract worth US$ 414mn with the US Navy and Airforce to supply LRASM, an anti-ship, precision-guided standoff missile based on the successful joint air-to-ground standoff missile.

Cruise Missile Market Segmentation Analysis:

Cruise Missile Launch Platform Outlook

• Air
• Surface Combatants
• Submarine
• Land

Cruise Missile Range Outlook

• Short-range Missiles
• Medium-range Missiles
• Long-range Missiles

Cruise Missile Speed Outlook

• Subsonic
• Supersonic
• Hypersonic

By Application

• Attack
• Defensive

Cruise Missile Market Segment Insights:

The market scope is segmented because of by Launch Platform, by Range, by Application, by Speed.

By Launch Platform

Based on the Launch Platform of the market is segmented into Air, Surface Combatants, Land, Submarine.

Modern armed forces rely on a broad range of missile systems on many platforms to maintain operational flexibility and strategic superiority. Air-launched Cruise Missiles (ALCM) and Joint Air-to-Surface Standoff Missiles (JASSM), two extremely versatile weapons, are launched from fighter planes, bombers, and other aircraft during air conflict. With their wide deployment ranges and ability to hit several targets from different airfields, these missiles guarantee flexibility in war situations. Naval forces can accurately eliminate threats from the air as well as from ships by using missiles like the Harpoon and Tomahawk Land Attack Missile (TLAM), which are fired from cruisers, destroyers, and frigates. On the other hand, land-based missile systems provide unmatched benefits over fixed sites in terms of deployment flexibility when placed on mobile ground equipment such as trucks or trailers. The Army Tactical Missile System (MGM-140 ATACMS) and the Land-Attack Cruise Missile (LACM) are two examples of such weapons that offer swift and agile strike capabilities. A submarine's strategic choices are further enhanced by its capacity to deploy missiles surreptitiously. Examples of such missiles are the Kalibr cruise missile and the Tomahawk submarine-launched cruise missile (SLCM). These underwater platforms allow the naval forces to launch long-range attacks from covert locations, expanding their reach and adding another level of secrecy to their arsenal. These missile systems are a vital component of modern military tactics because they cooperate to deliver power and precision in the air, surface, land, and underwater domains.

By Range

Based on the Range of the market is segmented into Short-range Missiles, Medium-range Missiles, Long-range Missiles.

The normal range of Short-Range Missiles (SRCMs) is less than 150 kilometres. Their efficiency at engaging local targets on the battlefield, along with their price and ease of mobility, make them highly desired. The AGM-114 Hellfire and the Starstreak missile are two examples. Medium-Range Missiles (MRCMs) provide a balanced combination of firepower and range, with a range of 150 to 600 kilometres. They are appropriate for both targeted attacks against targets at a moderate range and regional conflicts. The Tomahawk Block IV and the BrahMos cruise missile are two examples. Long-Range Missiles (LRCMs) may reach targets located far into enemy territory because their range exceeds 600 km. These missiles are essential for precise strikes on targets of great strategic importance as well as for deterrence. AGM-181 Long Range Anti-Ship Missile (LRASM) and JASSM-ER (Extended Range) are two examples.

By Application

Based on the Application of the market is segmented into Attack, Defensive.

Launched from a variety of platforms (air, land, sea, or submarine) and with varying ranges (short, medium, and long), attack missiles are offensive weapons intended to strike adversary objectives. Inherent military assets, enemy ships, radar sites, and land-based infrastructure are examples of potential targets. Tomahawk Land Attack Missile (TLAM) and Joint Air-to-Surface Standoff Missile (JASSM) are two examples. When facing inbound aerial threats such as enemy aircraft, missiles, or drones, defensive missiles play a protective role. They are placed close to military installations or vital infrastructure and usually have lower ranges than attack missiles. The Patriot missile defence system and the S-400 Triumf air defence system are two examples.

By Speed

Based on the Speed of the market is segmented into Subsonic, Supersonic, Hypersonic.

Subsonic, supersonic, and hypersonic cruise missiles are included in the market segmentation based on speed. In 2023, the subsonic segment dominated the cruise missile market. Hypersonic rockets and missiles are able to reach speeds of Mach 5 or higher—five times the speed of sound—because they are equipped with a propulsion system. It is difficult to stop hypersonic missiles that are guided with precision. Currently in the development stage, these weapons should soon be put into service.

Regional Snapshots:

Geographically, during the projected period, North America is anticipated to experience notable expansion. The primary drivers driving the market's expansion in the near future will be the growing frequency of cross-border conflicts, the expanding military budget, and the requirement to bolster defence capabilities with cutting-edge weaponry. In the world, the US spends a significant amount on its military. Based on information provided by the US Department of Defence, the US military budget for 2023 is expected to be USD 797 billion, up from USD 728 billion for the same fiscal year in 2022. In addition, of the USD 728 billion, USD 56.5 billion has gone towards air power platforms and systems, USD 40.8 billion towards sea power, and USD 12.6 billion towards Army and Marine Corps fighting vehicle modernization. AGM-129A Advanced Cruise Missile is the most advanced cruise missile that the United States currently possesses. Air-launched, subsonic cruise missile with turbofan propulsion is called the AGM-129A. More accurate and with a longer range than the AGM-86 air-launched cruise missile, it is more difficult to detect. The extremely efficient engine, aerodynamics, and fuel loading of the AGM also contribute to its maximum range. Furthermore, six AGM-129A missiles, or a total of twelve missiles per aircraft, can be carried by B-52H bombers on each of their two external pylons. Additionally, in recent years, US investments have been made in the development of sophisticated cruise missiles. As an example, the US Air Force declared in August 2022 that they had successfully conducted a covert long-range stealthy cruise missile test-fire from a B-2 stealth bomber. With nearly three times the range of the normal JASSM (370 km), Lockheed Martin's JASSM-ER cruise missile may reach mobile targets located far behind enemy lines. It is also designed to be retargetable while in flight. The F-15E strike fighter and B-1 bomber have already been outfitted with this upgrade. The cruise missile market in North America is expected to increase significantly over the projected period due to these beneficial developments in cruise missile technology.

Cruise Missile Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Cruise Missile Market valued?
• Which region has the largest share in 2024 for the global Cruise Missile Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Cruise Missile Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Cruise Missile Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: