Cruise Missiles Market Size & Insights
The Global Cruise Missiles Market size was valued at around USD 2.3 billion in 2024 and is projected to reach USD 3.4 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 7% during the forecast period, i.e., 2025-30. Growing defense budgets and military modernization initiatives drive significant growth in the cruise missiles global market. China, India, and the United States have all raised their defense budgets dramatically. The Financial Year 2025 Defense Appropriations Act allocates USD 851.7 billion to address global threats, support service members, and strengthen the defense industrial base in the United States. The increase in funding is a result of the increased need for long-range precision strike capabilities which are crucial for contemporary combat.
What are the Key Driver in the Cruise Missiles Market?
Increased Geopolitical Tensions Driving Demand for Advanced Missiles – These days’ countries around the globe are prioritizing their defense capabilities as geopolitical tensions are rising and this has been fueling the demand for sophisticated weapons such as cruise missiles. Precision strike systems are in huge demand due to ongoing conflicts and territorial disputes, especially in areas like the South China Sea, Eastern Europe, and the Middle East. For instance, the ongoing Russia-Ukraine conflict has highlighted the importance of cruise missiles strategically especially in contemporary warfare. Russia has deployed more than 11,466 missiles from September 2022 to 2024.
What are the Key Segments in the Cruise Missiles Market?
The Cruise Missiles is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Launch Type
- Air
- Surface Combatants
- Submarine
- Land
By Range
- Short-Range Missiles
- Medium-Range Missiles
- Long-Range Missiles
Long-range missiles dominate the Global Cruise Missile Market with roughly 45% market share.
By Speed
- Subsonic
- Supersonic
- Hypersonic
Subsonic cruise missiles command a market share of roughly 50% worldwide because of their widespread deployment, cost-effectiveness, and demonstrated dependability.
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How does geographical analysis highlight in the Cruise Missiles market?
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America commands a 40% share of the Global Cruise Missile Market due to significant investments in advanced defense technologies and a robust military infrastructure.
Who are the Key Players in Cruise Missiles Market?
- Lockheed Martin Corporation
- The Boeing Company
- DRDO
- Avibras Indstria Aeroespacial S/A
- MBDA Inc.
- RTX Corporation
- Raytheon Technologies Corporation
- Tactical Missiles Corporation
- Kongsberg Gruppen ASA
- Roketsan Roket Sanayii ve Ticaret AS
- Bharat Dynamics Limited
- China Aerospace Science and Technology Corporation
- Aerojet Rocketdyne Inc.
- NORINCO
- Denel Dynamics
- Others
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Cruise Missiles Market News
- October 2024: Lockheed Martin boosted production of JASSM and LRASM missiles with a new U.S. government contract, enhancing defense capabilities. The contract supports increased annual production through the Large Lot Procurement pilot program.
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