About Cruise Missile
Cruise missiles are designed to deliver a large warhead over long distances with high precision. The cruise missiles are used to attack relatively high-value targets such as ships, command bunkers, bridges, and dams. Growing demand for cruise missiles propelled by rising defense expenditure across different countries is expected to be one of the major factors aiding the growth of the market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Cruise Missile is a consolidated market due to the few major company operating on global and regional level. The players are focusing on planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Cruise Missile market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Lockheed Martin (United States), Raytheon (United States), Tactical Missiles Corporation (Russia), CASIC (China), Roketsan A.S (Turkey), Taurus Systems (German), DRDO (India), The Boeing Company (United States), MBDA Inc. (France) and Tomahawk (Netherland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Kongsberg Gruppen (United States), China Aerospace and Science technology Corporation (China) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Cruise Missile market by Type (Air-launched Cruise Missile, Land Attack Cruise Missile and Others), Application (Defense and Homeland Security) and Region.
On the basis of geography, the market of Cruise Missile has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Range, the sub-segment i.e. Short-range missiles will boost the Cruise Missile market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Technological Advanced Missiles and The liquid fuel turbojet and turbofan engines dominant propulsion system in cruise missile
Market Growth Drivers:
Increasing Defense Expenditure of Emerging Economies and Changing Nature of Warfare Worldwide
Challenges:
Issues Related to Integration of A Missile
Restraints:
High Cost Involved in the Development of Missile Systems and The Requirement of Maintenance of the System
Opportunities:
Miniaturization of Missiles and Their Components and Increasing National Security Concerns
Market Leaders and their expansionary development strategies
In January 2023, Raytheon Technologies to merged two defence businesses. Raytheon Technology plans to streamline its organisation by combining its two defence focused business units into one, the US based company announced. Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD) become a single business called Raytheon.
In November 2023, Lockheed Martin opens 25000 square foot, USD 16.5M Missile defense lab, engineering facility at its Huntville campus, introducing more capabilities for missile defense innovation in North Alabama
Key Target Audience
Original Equipment Manufacturers (OEMs), Component Suppliers, Military, Government Body & Associations and Other Service Providers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.