According to Markntel Advisors Report, Cruise Missiles Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

A cruise missile is an unmanned, guided missile that maintains flight using aerodynamic lift for most of its journey. These missiles are capable of delivering a substantial payload with exceptional precision over long distances. Today's advanced cruise missiles can travel at high speeds, autonomously navigate, and fly at extremely low altitudes on non-ballistic trajectories.

Global Cruise Missiles Market Research Report Summary:

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.     

Time Period Captured in the Report:

• Historical Years: 2020-2023
• Base Years: 2024
• Forecast Years: 2025-2030

Who are the Key Players Operating in the Cruise Missiles Market?

The top companies of the Cruise Missiles Market ruling the industry are: 

Lockheed Martin Corporation, The Boeing Company, DRDO, Avibras Industria 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, and Others

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What is Included in Cruise Missiles Market Segmentation?

The Cruise Missiles Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Launch Type

-Air – Market Size Forecast 2020-2030, (USD Million)

-Surface Combatants – Market Size Forecast 2020-2030, (USD Million)

-Submarine – Market Size Forecast 2020-2030, (USD Million)

-Land – Market Size Forecast 2020-2030, (USD Million)

- By Range

-Short-Range Missiles – Market Size Forecast 2020-2030, (USD Million)

-Medium-Range Missiles – Market Size Forecast 2020-2030, (USD Million)

-Long-Range Missiles – Market Size Forecast 2020-2030, (USD Million)

-By Speed

-Subsonic – Market Size Forecast 2020-2030, (USD Million)

-Supersonic – Market Size Forecast 2020-2030, (USD Million)

-Hypersonic – Market Size Forecast 2020-2030, (USD Million)

-By Region

-North America

-South America

-Europe

-The Middle East Africa

-Asia-Pacific

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Global Cruise Missiles Market Driver:

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.

Moreover, the U.S. is also getting aligned with worldwide trends of warfare. The U.S. Department of Defense spent 2023, more than USD 142 billion on the procurement of advanced war weapons including sophisticated cruise missile systems. Given the fact that cruise missiles provide precision long-range capabilities and strategic deterrence, thus these developments demonstrate the effect of geopolitical instability that drives up investments in these weapons worldwide.

Global Cruise Missiles Market Opportunity:

Retrofitting and Upgrading Legacy Missile Systems – The Global Cruise Missiles Market offers substantial opportunities for retrofitting and upgrading legacy missile systems as countries seek to modernize their current arsenals while minimizing expenses. Many nations keep sizable stockpiles of outdated missile systems that need to be upgraded to meet contemporary combat needs including the U.S., Russia, and India. For example, the U.S.A. modernized the Air Forces AGM-86 Air-Launched Cruise Missiles, replacing nearly every part including modifying the engine and updating sophisticated guidance systems.

With the help of retrofitting, military forces can improve missile performance by adding features like electronic counter-measures precision targeting, and enhanced propulsion without having to invest in completely new systems. For countries seeking to preserve technological parity, this strategy is an economical and environmentally responsible way to promote sustainability by reducing production waste. For instance,

• Tomahawk Cruise Missiles, the Australian government invested over $1.3 billion to upgrade its Hobart Class destroyers with more than 200 Tomahawk cruise missiles. This retrofitting effort included integrating advanced navigation and propulsion systems to enhance the missiles' precision and range.

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