Market Trends of Cruise Missile Industry
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.
