Cruise Missile Market Outlook - 2027
Cruise missiles are unmanned, guided, and self-propelled missiles targeted to deliver warheads with high precision. Over the years, the influence and application of missiles in modern warfare strategies have increased, urging the military & defense segment of nations to maintain a significant amount of cruise missiles. In addition, upgrading of technology has enabled modern cruise missiles to self-navigate, fly on a non-ballistic and extremely low-altitude trajectory, and travel at hypersonic and supersonic speeds. Moreover, these missiles are widely used in the attacking segment of the military where missiles of different ranges are put to diverse uses.
COVID-19 scenario analysis:
- Cruise missile production is expected to be more agile after the end of COVID-19.
- The supply chain disruption is expected to affect the future growth of the companies due to lockdown.
- The revenue is not being generated for the companies due to the ongoing pandemic, which is expected to result in major losses throughout the year.
- Companies have to deal on a significant margin basis to revive the market.
- A huge monetary loss has been accounted for in the revenue generation of the cruise missile companies due to the lockdown.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The strategic gains of procuring cruise missiles surge the demand and application of cruise missiles in the military & defense. In addition, the growing defense budget and increased governmental stress on bolstering the military assets increase the demand for the product. Moreover, with advancement of technologies, manufacturers were able to develop advanced missiles with longer ranges and high speeds, which, in turn, are anticipated to foster the application of cruise missiles. However, high manufacturing and maintenance costs, followed by budget constraints are expected to hamper market growth.
The global cruise missile market trends are as follows:
Growing defense budget to boost the market potential
Cruise missiles play a major role in the defense strategies of all nations; therefore, a certain amount of budget is precisely allocated to the same. In addition, countries across the globe augment their military & defense segment by increasing their military budget. Moreover, growing political and territorial issues across the borders of nations are anticipated to rise the military budget, thereby propelling the demand for cruise missiles. Growth in the defense budget is anticipated to enhance the combat capabilities of nations, allowing proper execution of planned strategies supported by adequate funding. In addition, government organizations tend to improve security systems by bolstering the military base of one’s nation by upgrading the military base. Therefore, the market flourishes with optimum demand from the same. Furthermore, the growing threat of terrorism and anti-security activities fosters the market growth.
Advancement in technology to proliferate the market growth
Hypersonic missiles can travel five times more than the speed of sound. On encountering national security threats and perceiving the same for the future, the defense segment urges the need to deploy reliable hypersonic missiles. Moreover, one of the prominent reasons stressing the acquisition of hypersonic missiles is that no weapon can stand against the speed of hypersonic missiles, which makes them the strongest cruise missile among all others. In addition, their speed makes them formidable and developed nations seek to bolster their military warfare with integrating hypersonic technology into the existing missiles.
Key benefits of the report:
- This study presents the analytical depiction of the global cruise missile market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global cruise missile market share.
- The current market is quantitatively analyzed to highlight the global cruise missile market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global cruise missile market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the cruise missile market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Cruise Missile Market Report Highlights
By Launch Platform
Key Market Players
DuPont, Raytheon Company, Morgan Advanced Material PLC, Ceradyne Inc., Roketsan A.S, The Boeing Company, Aerojet Rocketdyne, MBDA, Tactical Missiles Corporation, Lockheed Martin Corporation