Cruise Missile Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.10 Billion |
| Market Size (2029) | USD 2.86 Billion |
| CAGR (2024 - 2029) | 6.42 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cruise Missile Market Analysis
The Cruise Missile Market size is estimated at USD 2.10 billion in 2024, and is expected to reach USD 2.86 billion by 2029, at a CAGR of 6.42% during the forecast period (2024-2029).
The global market is experiencing growth, driven by a rise in cross-border conflicts and global terrorist activities. Cruise missiles are increasingly vital in defense strategies, countering threats, and addressing political and territorial concerns. Incorporating artificial intelligence (AI) in defense systems heightens situational awareness and target precision, further propelling market growth. Notably, technological advancements, such as hypersonic cruise missiles that exceed the speed of sound, are accelerating this market expansion.
Missiles have become central to modern warfare, leading nations to bolster their missile stockpiles. Today's cruise missiles can self-navigate, operate at ultra-low altitudes, and achieve hypersonic and supersonic speeds. These advancements are poised to boost the cruise missile market significantly.
Developing a modern missile is meticulous, involving years of component-level R&D, extensive testing, and documentation. Consequently, new technologies, especially innovative concepts, come with substantial R&D costs, often straining budgets. From their inception to deployment, missile development programs can span years, and in some cases, even decades. Throughout this period, governments and militaries may face factors that lead them to delay or cancel these programs.
Cruise Missile Market Trends
The Air Segment is Expected To Witness Significant Growth During The Forecast Period
Anticipated during the forecast period, the air-launch segment is poised for notable growth. Air-launched cruise missiles, characterized by their winged, jet-powered design, are crafted for launch from aircraft, autonomously navigating at low altitudes toward targets, boasting an impressive range of nearly 2,500 miles (4,023 km).
Presently, military aircraft are equipped with advanced cruise missiles, launched mid-air. These modern air-launched cruise missiles, classified as standoff weapons, are utilized for striking predetermined land targets, carrying payloads ranging from conventional to nuclear or even thermonuclear.
For instance, in November 2022, the US Air Force conducted an overseas test, unveiling its Rapid Dragon system. This system, featuring cruise missiles on pallets, was demonstrated as an MC-130J Commando II from the 352nd Special Operations Wing launched a Joint Air-to-Surface Standoff Missile-Extended Range cruise missile. This launch, executed over the Norwegian Sea, showcased the system's efficiency, earning it the moniker 'bomb bay in a box.' The US Air Force lauded this successful test, underscoring the program's rapid evolution from concept to live firing in under two years.
Concurrently, nations worldwide are making strides in developing advanced air-launched cruise missiles. Take, for example, the BRAHMOS air-launched cruise missile (ALCM), a cutting-edge weapon designed by Brahmos Aerospace for the Indian Air Force's Sukhoi-30MK1. This ALCM, known for its precision in targeting both sea and land, stands out as the heaviest and most potent armament for the Indian Air Force's Sukhoi-30MK1 super maneuverable strike fighter.
Given these advancements, the future for advanced air-launched cruise missiles appears promising, hinting at substantial growth in the air-launched platforms within the cruise missile market.
North America to Dominate the Market During the Forecast Period
North America is poised for substantial growth in the coming years, driven by escalating cross-border tensions, a bolstered military budget, and an increasing demand for cutting-edge defense weaponry.
The US stands out as a global military heavyweight. As per the US Department of Defense, the proposed military budget for 2023 is a staggering USD 797 billion, a notable increase from the USD 728 billion allocated in 2022. Of this, a significant portion (USD 56.5 billion) is earmarked for air power platforms, over USD 40.8 billion for sea power, and nearly USD 12.6 billion for enhancing Army and Marine Corps fighting vehicles.
The US currently boasts its most advanced variant of the AGM-129A Advanced Cruise Missile. This subsonic, turbofan-powered missile surpasses its predecessor, the AGM-86, regarding range, accuracy, and stealth capabilities. Enhanced by its efficient engine, aerodynamics, and fuel loading, the AGM-129A achieves an impressive range. Notably, a single B-52H bomber can carry up to twelve advanced missiles, with six on each of its two external pylons.
Furthermore, the US has been actively investing in the development of advanced cruise missiles. A notable example is Lockheed Martin's JASSM-ER, which, with a range triple that of the standard JASSM, offers enhanced retargeting capabilities. This missile has already been integrated into the B-1 bomber and the F-15E strike fighter, showcasing the nation's commitment to bolstering its cruise missile capabilities.
Cruise Missile Industry Overview
The cruise missile market is consolidated, with a few players holding significant shares. Some prominent players in the market are Lockheed Martin Corporation, RTX Corporation, The Boeing Company, Kongsberg Gruppen ASA, and MBDA Inc.
These companies have expanded their presence in various regions to provide flexible cruise missile manufacturing options, facilitating the cost-effective production and supply of such systems to system integrators or defense forces worldwide. The market attractiveness is envisioned to increase with the increase in defense expenditures and the capabilities of countries worldwide. Moreover, the demand for new and advanced cruise missiles will be generated from original equipment manufacturer (OEM) channels.
Cruise Missile Market Leaders
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Lockheed Martin Corporation
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MBDA Inc.
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The Boeing Company
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RTX Corporation
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Kongsberg Gruppen ASA
*Disclaimer: Major Players sorted in no particular order
Cruise Missile Market News
- January 2024: The US Air Force awarded RTX Corporation a USD 407.6 million contract modification further to develop the Hypersonic Attack Cruise Missile (HACM), following its initial delivery slated 2027. This contract supplements the nearly USD 1 billion deal secured by RTX Corporation in 2022 for the same project.
- January 2024: Japan’s Ministry of Defense (MoD) announced it had formally signed a contract worth JPY 254 billion (USD 1.7 billion) with the US Government to acquire up to 400 U.S.-made long-range Tomahawk cruise missiles from fiscal year 2025 to 2027.
- November 2022: The Indian Army tested a BrahMos supersonic cruise missile from the Andaman and Nicobar (A&N) Islands. The Western Command of the Army tested the extended-range version of the missile. Moreover, according to the Indian army, the tested Brahmos cruise missile can hit targets at 450 km or more.
- August 2022: Russia unveiled a new cruise missile at the Army-2022 military exhibition near Moscow. The missile, codenamed the 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.
Cruise Missile Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Launch Platform
5.1.1 Air
5.1.2 Surface Combatants
5.1.3 Submarine
5.1.4 Land
5.2 Range
5.2.1 Short Range Missiles
5.2.2 Medium Range Missiles
5.2.3 Long Range Missiles
5.3 Speed
5.3.1 Subsonic
5.3.2 Supersonic
5.3.3 Hypersonic
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Rest of Latin America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 Israel
5.4.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Lockheed Martin Corporation
6.2.2 RTX Corporation
6.2.3 DRDO
6.2.4 The Boeing Company
6.2.5 MBDA Inc.
6.2.6 Tactical Missiles Corporation
6.2.7 Kongsberg Gruppen ASA
6.2.8 Roketsan
6.2.9 Avibras Indstria Aeroespacial S/A
6.2.10 China Aerospace Science and Technology Corporation
6.2.11 Aerojet Rocketdyne Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cruise Missile Industry Segmentation
Cruise missiles, propelled by jet engines, are unmanned vehicles that can be launched from ground, air, or sea platforms. While remaining within the atmosphere, these missiles can fly as low as a few meters above the ground. Equipped with self-guidance capabilities, they leverage methods like terrain mapping, GPS, and inertial guidance, utilizing motion sensors and gyroscopes to maintain a set flight path. As advanced cruise missiles near their target, operators can utilize a camera in the missile's nose to visually guide it or abort the strike.
The cruise missile market is segmented by launch platform, range, speed, and geography. Launch platforms include air, surface combatants, submarines, and land. Ranges span short, medium, and long, while speeds are categorized as subsonic, supersonic, and hypersonic. The report also covers the market sizes and forecasts for the cruise missile aircraft market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Launch Platform | |
| Air | |
| Surface Combatants | |
| Submarine | |
| Land |
| Range | |
| Short Range Missiles | |
| Medium Range Missiles | |
| Long Range Missiles |
| Speed | |
| Subsonic | |
| Supersonic | |
| Hypersonic |
| Geography | |||||||
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Cruise Missile Market Research Faqs
How big is the Cruise Missile Market?
The Cruise Missile Market size is expected to reach USD 2.10 billion in 2024 and grow at a CAGR of 6.42% to reach USD 2.86 billion by 2029.
What is the current Cruise Missile Market size?
In 2024, the Cruise Missile Market size is expected to reach USD 2.10 billion.
Who are the key players in Cruise Missile Market?
Lockheed Martin Corporation, MBDA Inc., The Boeing Company, RTX Corporation and Kongsberg Gruppen ASA are the major companies operating in the Cruise Missile Market.
Which is the fastest growing region in Cruise Missile Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cruise Missile Market?
In 2024, the North America accounts for the largest market share in Cruise Missile Market.
What years does this Cruise Missile Market cover, and what was the market size in 2023?
In 2023, the Cruise Missile Market size was estimated at USD 1.97 billion. The report covers the Cruise Missile Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cruise Missile Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cruise Missile Industry Report
Statistics for the 2024 Cruise Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cruise Missile analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
