New York, US, July 28, 2023 (GLOBE NEWSWIRE) -- Cruise Missile Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cruise Missile Market By Launch Platform, Range, Speed, and By Region –Market Forecast Till 2032”, The global cruise missile market will touch USD 3.6 billion at a 7.50% CAGR by 2032, as per the recent Market Research Future report.
Drivers
Rising Maritime Security Concerns to Boost Market Growth
The need for cruise missiles having anti-ship capability is driven by maritime security issues including piracy, territorial conflicts, and the need to secure national seas and commerce lanes. Cruise missile systems are purchased by navies all over the world to ward off prospective threats and retain command over key maritime areas.
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Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 3.6 Billion |
| CAGR | 7.50% (2023–2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Launch Platform, Range, Speed, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Development of new generation air & missile defense system |
Key Players
Eminent market players profiled in the global cruise missile market report include :
- 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
- and Aerojet Rocketdyne Inc
Opportunities
Technological Advances to offer Robust Opportunities
The cruise missile industry is primarily driven by improvements in missile technology, such as guidance systems, better propulsion systems, and precise attack capabilities. Cruise missiles are more precise, have greater range, and can carry bigger payloads thanks to technological developments, which increases their appeal to potential purchasers.
Restraints and Challenges
High Cost to act as Market Restraint
The soaring price of cruise missiles, technological complexity, stringent export controls, and strategic limitations may act as market restraints over the forecast period.
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Market Segmentation
The global cruise missile market is bifurcated based on launch platform, range, and speed.
By launch platform, surface combatants will lead the market over the forecast period. Surface warriors launch rockets and missiles from the air or the ocean. They can be discharged from stationary locations, moving platforms, or handguns. These missiles are used in ground combat operations and are designed to hit targets at sea or on land. For this reason, they are often referred to as the ground-to-ground rocket and missile.
By range, long range missiles will dominate the market over the forecast period. The demand for long-range missiles is anticipated to remain high in the near future because of its high accuracy, reliability, and quick-hit capabilities across a very long distance in enemy territory.
By speed, subsonic will spearhead the market over the forecast period. For the most part, supersonic missiles rely on their sheer speed and internal electronic defenses to get past the air defense system of their hostile adversary forces.
COVID-19 Analysis
It is possible that the pandemic created delays in manufacturing, problems with the supply chain, and financial difficulties in the global defense sector, but it is unlikely that it had a substantial impact on the development and usage of the cruise missile systems as a whole. It is important to remember that the epidemic did indirectly affect military operations and international security. In order to battle the virus, several countries diverted their resources and efforts, which may have resulted in temporary changes in military objectives or the reallocation of defense budget to assist public health initiatives. Military drills, joint operations/international cooperation using cruise missile systems may also have been hampered by travel restrictions and limits on cross-border mobility.
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Regional Analysis
North America to Head Cruise Missile Market
In 2022, this market was controlled by the North American cruise missile market (45.80%). Cross-border tensions, a growing military budget, & the desire for more advanced weapons to boost defense capabilities will be the main factors driving market growth in the near future.
The United States is one of the biggest military spenders within the world. In addition, the North American region's cruise missile market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion. During the projection period, North America is anticipated to have considerable expansion. The primary drivers of the market's expansion in the near future are the rise in cross-border tensions, an expanding military budget, and the demand for more sophisticated weaponry to improve defense capabilities. One of the countries that invests the most on its military is the United States. Due to the expansion of the US industry, North America is anticipated to continue its dominance over the worldwide market and post the highest CAGR throughout the projected period. In order to confront the growing capabilities of China & Russia, the United States has made the biggest investment in technologically sophisticated military systems. The government's budget allocation & the private sector's participation in the weapon manufacturing business are further factors supporting the region's growth.
Europe to Have Admirable Growth in Cruise Missile Market
In 2022, the Europe market had a sizable market share. Increased private sector backing for the ballistic missiles supply in Europe is expected to benefit the industry. The U.K. market is expanding due to consumer demand for automated target identification and precision-guided technology. Furthermore, the U.K. cruise missile market grew at the highest rate in the European area, while the German market had the greatest market share.
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