According to the latest report by IMARC Group, titled "Cruise Missile Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cruise missile market size reached US$ 1.7 Billion in 2022. A cruise missile refers to strategic guided equipment that is capable of carrying a conventional or a nuclear warhead. It is equipped with a contour map that is stored in the system’s computerized memory, that helps in navigation during the flight. Additionally, it is guided by an inertial guidance system (IGS), terrain contour matching (Tercom), a global positioning system (GPS) and digital scene-matching area correlation (DSMAC) that assist in placing a special or ordnance payload on a target. It is a small, pilotless plane that consists of a wingspan, which is powered by turbofan engines and sustains flight through aerodynamic lift for its flight path. Due to its property to provide an alternate means to deliver a lethal payload accurately and rapidly to a target, there has been a considerable rise in the demand for cruise missiles across the globe.
Global Cruise Missile Market Trends:
The global market is primarily driven by significant growth in the defense sector. Along with this, the increasing investments by private and public agencies to upgrade the overall military infrastructure are providing a boost to the market. Moreover, the growing concerns regarding border threats due to the rising geopolitical conflicts are a major driving factor for cruise missiles across the globe. Apart from this, continual technological advancements, such as the integration of the internet of things (IoT), artificial intelligence (AI) and machine learning (ML) with cruise missiles, are creating a positive market outlook. Furthermore, rapid advancements in 3D machinery that help in designing improved components and structures are acting as a growth-inducing factor. In addition to this, numerous leading players are focusing on the development of new nuclear capabilities that are anticipated to generate demand for cruise missiles on the global level. Other factors, including rapid urbanization and extensive research and development (R&D) activities conducted by key players to introduce enhanced product variants, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.6 Billion by 2028, exhibiting a CAGR of 7.1% during 2023-2028.
- On the basis of the launch platform, the market has been segmented into air, surface combatants, land and submarine.
- Based on the speed, the market has been classified into subsonic, supersonic and hypersonic.
- On the basis of the range, the market has been segregated into short-, medium- and long-range missiles.
- Based on the application, the market has been bifurcated into attack and defensive.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Aerojet Rocketdyne Inc., Avibras Industria Aeroespacial SA, China Aerospace Science and Industry Corporation Limited, Defence Research and Development Organisation, Kongsberg Gruppen, Lockheed Martin Corporation, MBDA, Raytheon Technologies Corporation, Roketsan Roket Sanayii ve Ticaret AS and The Boeing Company.
|Base Year of the Analysis
||Launch Platform, Speed, Range, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Aerojet Rocketdyne Inc., Avibras Industria Aeroespacial SA, China Aerospace Science and Industry Corporation Limited, Defence Research and Development Organisation, Kongsberg Gruppen, Lockheed Martin Corporation, MBDA, Raytheon Technologies Corporation, Roketsan Roket Sanayii ve Ticaret AS and The Boeing Company
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