Cruise Missile Market Report by Launch Platform (Air, Surface Combatants, Land, Submarine), Speed (Subsonic, Supersonic, Hypersonic), Range (Short-range Missiles, Medium-range Missiles, Long-range Missiles), Application (Attack, Defensive), and Region 2024-2032

Cruise Missile Market Report by Launch Platform (Air, Surface Combatants, Land, Submarine), Speed (Subsonic, Supersonic, Hypersonic), Range (Short-range Missiles, Medium-range Missiles, Long-range Missiles), Application (Attack, Defensive), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4304
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Market Overview:

The global cruise missile market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.3% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 1.9 Billion
Market Forecast in 2032
US$ 3.3 Billion
Market Growth Rate 2024-2032 6.3%


Cruise missile refers to an unmanned, self-propelled and guided missile used for delivering targeted warheads with enhanced precision. It can self-navigate, fly on a non-ballistic and low-altitude trajectory and travel at supersonic and hypersonic speeds. Cruise missiles consist of a guidance, payload and aircraft propulsion system that is enclosed in an airframe and can be launched using land, sea and air-based platforms. They use various technologies, such as terrain mapping, global positioning systems (GPS), inertial guidance, motion sensors and gyroscopes to maintain a pre-programmed flight path. The missiles are also programmed for surface-to-surface, surface-to-air, air-to-air, air-to-surface and subsea to surface launch modes. They use solid, liquid, hybrid, ramjet, turbojet and scramjet propulsion systems.

Global Cruise Missile Market

Cruise Missile Market Trends:

The rising incidence of cross-border agitations and terrorist activities across the globe is one of the key factors driving the growth of the market. Cruise missiles are crucial for enforcing defense strategies and countering terrorist threats and political and territorial issues. Moreover, the integration of artificial intelligence (AI) technology in defense systems for enhanced situational awareness and target precision is providing a thrust to the market growth. Various technological advancements, such as the development of innovative hypersonic cruise missiles that can travel faster than the speed of sound, are acting as other growth-inducing factors. These missiles are highly powerful and can be used for delivering long-range strategic nuclear strikes. Novel variants are also resistant to electronic countermeasures and are equipped with angular thrusters to reposition the missile horizontally and maneuver against airstrikes. Other factors, including the rapid modernization of existing defense systems, along with the widespread adoption of 3D printed missile components and structures, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cruise missile market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on launch platform, speed, range and application.

Breakup by Launch Platform:

Cruise Missile Market Report

  • Air
  • Surface Combatants
  • Land
  • Submarine
     

Breakup by Speed:

  • Subsonic
  • Supersonic
  • Hypersonic
     

Breakup by Range:

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

Breakup by Application:

  • Attack
  • Defensive
     

Breakup by Region:

Cruise Missile Market Report

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Launch Platform, Speed, Range, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
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Corporate License: US$ 5899
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global cruise missile market was valued at US$ 1.9 Billion in 2023.

We expect the global cruise missile market to exhibit a CAGR of 6.3% during 2024-2032.

The increasing incidence of cross-border agitations and terrorist activities, along with the rising integration of Artificial Intelligence (AI) technology in defense systems for enhanced situational awareness and target precision, is primarily driving the global cruise missile market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the decline of aviation activities, thereby negatively impacting the global market for cruise missiles.

Based on the launch platform, the global cruise missile market has been divided into air, surface combatants, land, and submarine. Among these, air currently exhibits a clear dominance in the market.

Based on the speed, the global cruise missile market can be categorized into subsonic, supersonic, and hypersonic. Currently, supersonic accounts for the majority of the global market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global cruise missile market 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.

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Cruise Missile Market Report by Launch Platform (Air, Surface Combatants, Land, Submarine), Speed (Subsonic, Supersonic, Hypersonic), Range (Short-range Missiles, Medium-range Missiles, Long-range Missiles), Application (Attack, Defensive), and Region 2024-2032
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