Europe Cruise Missile Market Size (2024 - 2029)

Europe Cruise Missile Market Analysis

The Europe Cruise Missile Market size is estimated at USD 1.18 billion in 2024, and is expected to reach USD 1.89 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).

The increased defense spending on missile and missile defense systems by European countries is driving the growth of the market. Countries like Poland, Finland, etc have increased the budget for the procurement of missile defense systems from foreign countries. Additionally, the focus on the indigenous development of missiles has increased, due to the increasing cybersecurity breaches aimed at gaining the technological know-how of military technologies. As the militaries emphasize keeping the technologies used in the missile systems intact, in order to maintain technological superiority, they also emphasize indigenous missile development. In addition, countries started developing their own missiles to reduce their dependence on foreign technologies. Furthermore, indigenous development helps countries both strategically and economically, by opening new prospects for exports. Countries like France, the United Kingdom, Germany, etc. are spending a lot of money on the research and development of supersonic and hypersonic cruise missiles which is expected to propel the missile market growth in Europe during the forecast period.

A modern missile is a result of years of R&D activities conducted on a component-level basis. To deliver the best results, such development activities are carried out for an extensive period, and they include years of rigorous testing and documentation before releasing a new variant for military use. Till then, the R&D costs of new technologies, especially new concepts, are expected to be high and economically straining to the budgets. The missile development programs take years and, sometimes, decades for their induction into the military from the date of their announcement. In the meantime, several factors may influence the governments and the militaries to either cancel or delay the development programs.

Europe Cruise Missile Industry Segmentation

A cruise missile is a guided missile used against hostile targets to deliver a conventional or nuclear warhead through low-altitude flight to evade radar detection. Short-range missiles have a range of less than 300 km, while medium-range missiles have a range between 300 km and 1,000 km. On the other hand, the long-range missiles have a range exceeding 1,000 km.

The Europe cruise missile market is segmented by launch platform, range, and geography. By launch platform, the market has been segmented into air, sea, and land. By range, the market has been segmented into short-range missiles, medium-range missiles, and long-range missiles. The report also covers the market sizes and forecasts in 5 countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).