Global Cruise Missile Market Insights Forecasts to 2033

• The Global Cruise Missile Market Size was Valued at USD 1.7 Billion in 2023
• The Market Size is Growing at a CAGR of 6.19% from 2023 to 2033
• The Worldwide Cruise Missile Size is Expected to Reach USD 3.1 Billion by 2033
• Asia-Pacific is expected to Grow the fastest during the forecast period.

The Global Cruise Missile Market Size is Anticipated to Exceed USD 3.1 Billion by 2033, Growing at a CAGR of 6.19% from 2023 to 2033.

Market Overview:

Cruise missiles are unmanned aircraft powered by jet engines, similar to an airplane. They can be launched from land, air, or water platforms. Cruise missiles remain in the atmosphere for the entirety of their flight and can fly as low as a few meters above land. Cruise missiles are made up of a guidance, payload, and aircraft propulsion system housed in an airframe. They can be fired from land, sea, or air platforms. They employ a variety of technologies, including terrain mapping, global positioning systems (GPS), inertial navigation, motion sensors, and gyroscopes, to maintain a predetermined flight route.

The government spending on a strong defense system due to rising conflicts of geopolitical circumstances has significantly contributed to the growth of cruise missile market. For instance, the Albanese Government is investing more than $1.7 billion in some of the most potent and sophisticated weapons systems ever deployed by Australia's Defence Force. To establish this crucial capacity, the Australian government has agreed to buy more than 200 Tomahawk cruise missiles from the United States for the Royal Australian Navy's Hobart Class destroyers for over $1.3 billion.

Report Coverage:

This research report categorizes the market for the global cruise missile based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cruise missile market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cruise missile market.

Driving Factors:

The primary reasons driving market expansion are the increasing number of cross-border agitations and terrorist activities throughout the world. Cruise missiles are essential for implementing military plans, combating terrorist threats, and resolving political and territorial disputes. Furthermore, the incorporation of artificial intelligence (AI) technology into defense systems to improve situational awareness and target precision is boosting market growth.

Restraining Factors:

Integrating sophisticated cruise missile systems with current defensive systems and networks can be complicated and costly, which will slow market expansion.

Market Segmentation:

The global cruise missile market share is classified into launch platform and range.

• The air launch platform has a significant share of the market during the forecast period.

Based on the launch platform, the global cruise missile market is categorized into air, surface combatants, submarine, land. Among these, the air-launch platform has a significant share of the market during the forecast period. Air-launched cruise missiles are preferred because of their flexibility and fast deployment capabilities, which enable armed forces to successfully hit distant targets. Surface combatants, such as cruisers and destroyers armed with cruise missiles, improve naval attack capabilities by offering significant area denial and offensive force.

• The long-range missiles hold a significant share of the market over the forecast period.

Based on the range, the global cruise missile market is categorized into short range missiles, medium range missiles, long range missiles. Among these, the long-range missiles hold a significant share of the market over the forecast period. The substantial share emphasizes their relevance in current military arsenals. LRCMs are highly regarded for their strategic capabilities, which enable armed forces to engage targets deep within enemy territory. The extended reach is crucial in modern combat because the capacity to strike from a distance while avoiding exposure to counterattacks provides a tactical advantage. The great demand for LRCMs stems from their capacity to deliver precise attacks on critical infrastructure, command centers, and other high-value targets, severely interrupting adversary operations.

Regional Segment Analysis of the Global Cruise Missile Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global cruise missile market over the forecast period.

North America, led by the United States, dominates the worldwide cruise missile market due to a variety of variables. The United States is the world's greatest military spender, allocating enormous funds to defense. The large budget allows for massive spending on sophisticated cruise missile development, manufacture, and stockpiling. The United States is leading the way in missile technology improvements, with a concentration on developing long-range, high-precision missiles with various targeting capabilities. Innovations in guidance systems, stealth technologies, and propulsion systems are constantly merged into newer models, boosting their efficacy and operating versatility.

Asia-Pacific region is also expected to fastest CAGR growth during the forecast period. Asia Pacific is emerging as a thriving market for cruise missiles, fueled by rising defense spending and geopolitical concerns. Countries in the area, including China, India, Japan, and South Korea, are investing in cruise missile capabilities to improve their strategic reach and operational flexibility.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cruise missile market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies:

• Tactical Missiles Corporation
• Kongsberg Gruppen
• Roketsan
• vibras Indstria Aeroespacial S/A
• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• DRDO
• The Boeing Company
• MBDA Inc.
• Leonardo S.p.A.
• Bharat Dynamics Limited
• NORINCO
• Denel Dynamics
• Aerojet Rocketdyne
• Northrop Grumman Corporation
• BAE Systems plc
• Others

Key Market Developments:

• In April 2024, The Defence Research and Development Organisation (DRDO) successfully tested the Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR) at Chandipur, off the coast of Odisha. During the test, all subsystems operated as expected.
• In April 2024, India handed its first batch of BrahMos supersonic cruise missiles to the Philippines. According to official reports, the first batch was delivered on board an Indian Air Force cargo aircraft.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cruise missile market based on the below-mentioned segments: 

Global Cruise Missile Market, By Launch Platform

• Air
• Surface Combatants
• Submarine
• Land

Global Cruise Missile Market, By Range

• Short Range Missiles
• Medium Range Missiles
• Long Range Missiles

Global Cruise Missile Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa