Global Cruise Missile Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Cruise Missile Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global cruise missile market report has been segmented on the basis of range type, product type, and region.

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Global Cruise Missile Market: Overview

Cruise missiles are small and pilotless or unmanned vehicles/airplane which are launched from air, ground, or sea platforms and are propelled by jet engines. Cruise missiles uses four different guidance systems to hit its target which includes Inertial Guidance System (IGS), Terrain Contour Matching (Tercom), Global Positioning System GPS, and Digital Scene Matching Area Correlation (DSMAC), which allows cruise missiles to be self-guided.

Global Cruise Missile Market: Dynamics

Growing military expenditure among developing countries, rising concerns regarding conflicts among various countries, growing security threats that are imposed externally or internally, and increasing nations border security issues, coupled with increasing expeditions of some nations for universal dominance is resulting into high demand for modern weaponry. Aforementioned are among major factors expected to fuel growth of the global market during the forecast period. In addition, increasing defense expenditure by multiple emerging countries governments across the globe, owing to rising volatile relations among developing nations is propelling adoption of various missiles especially cruise missiles are some other major factors expected to support growth of the global cruise missile market over the forecast period.

Moreover, cruise missiles have witness significant advancements in control and guidance technologies which has improved the reliability, lethality, and accuracy of cruise missiles. Also, advancement in propulsion technologies of cruise missiles have transformed from traditional designs to carry large payloads with high precision accuracy of target hits. In addition, advancement in stealth technology of cruise missile have provided low-level flight feature, to stay relatively close to ground to avoid detection from anti-missile systems, which in turn is increasing inherent survivability of cruise missiles. Aforementioned are among major factors expected to create significant opportunities in terms of revenue for players operating in the target market.

Furthermore, many emerging and developed countries are working strictly to integrate artificial intelligence (AI) technology into defensive weapon systems, which includes production of guided missiles using built-in smart tools and sensors. These missiles are expected to be controlled in a real-time environment, used in fire-and-forget mode, or to add multi–tasking feature into in-flight missiles. Above mentioned features are key factors to register high adoption of cruise missiles by military and defence sector, which in turn is expected to drive growth of the global cruise missile market in the coming 10 years.

Global Cruise Missile Market: Region Analysis

North American region is expected to register highest CAGR in the global cruise missile market during the forecast period, owing to highest demand for cruise missiles, high defense budget, and increasing investments in R&D sector in this region.

Emerging Asia-Pacific countries such as China, Japan, and India is expected to have the highest revenue growth during the forecast period, owing to increasing development and manufacturing activities for new cruise missiles in this region. For instance, India’s long-range subsonic cruise missile ‘Nirbhay’ which was guided by highly advanced inertial navigation system and indigenously developed, designed, and tested by Research Centre Imarat (RCI) from a range at Chandipur along Odisha coast in November 2017.

Global Cruise Missile Market Segmentation:

By Range Type:

Short Range (<300 km)
Medium Range (300-1000 km)
Long Range (>1000 km)
Intercontinental missiles

By Product Type:

Hypersonic
Supersonic
Long-Range Subsonic
Short-Range Subsonic
Medium-Range Subsonic