Cruise Missile Market Size (2024 - 2029)

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 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).