QY Research announced the publication of a new report, titled “Global Cruise Missile Industry Research Report, Growth Trends, and Competitive Analysis 2019-2025.” The research report provides a detailed description of the market. It highlights the factors that are likely to lead it and offers solutions to overcome the existing restraints. The research report provides a qualitative and quantitative analysis of the market. It includes a SWOT analysis and Porter’s five forces analysis, which intends to give the readers an accurate projection of the market. In addition, it also contains an assessment of the historical milestones achieved by the market and the current situation to derive its trajectory.
According to the research report, the global cruise missile market is expected to be worth US$2145.3 mn by the end of 2025 from US$1302.2 mn in 2018. During the forecast years of 2019 and 2025, the global cruise missile market is expected to register a steady CAGR of 7.2%.
Global Cruise Missile Market: Drivers and Opportunities
The global cruise missile market is expected to rise in the coming years as political tensions remain rife between many countries. In addition to the volatile political picture, the rising defense budgets is also expected to bode well for the overall market. The unfortunate rise in the number of conflicts is projected to raise the orders for the development of cruise missiles. Growing terrorism and border security issues have also contributed to the market’s growth in recent years. Efforts by governments across the globe to add value to their arsenals has had a positive impact on the global cruise missile market.
Increasing investments in research and development to make cruise missiles more sophisticated are also driving the market. Several research facilities are trying to incorporate artificial intelligence in cruise missiles to ensure accuracy while hitting the target. The next-generation cruise missiles are expected to adapt to combat situations.
Global Cruise Missile Market: Segments
Some of the leading players operating in the global cruise missile market are air-launched cruise missile and land attack cruise missile. Out of these, the air-launched cruise missile is expected to lead the global market as it held a whopping share of 61.77% in the global market in 2018. The report predicts that sales of air-launched cruise missile will reach 1824 units by the end of 2025 from 745 units in 2018.
In terms of application, the global market is segmented into defense and homeland security. Out of these, the homeland security segment holds a leading share. In terms of volume, this segment is projected to reach 2573 units by 2025, registering a CAGR of 12.59% between 2019 and 2025.
Global Cruise Missile Market: Regional Segment
In terms of region, the global cruise missile market is segmented into North America, Asia Pacific, Europe, Central and South America, and the Middle East and Africa. Out of these regional segments, Asia Pacific is expected to lead the way. Growing investments in defense facilities across India are expected to boost this regional market during the forecast period.
Global Cruise Missile Market: Key Players
Some of the leading key players operating in the global cruise missile market are Lockheed Martin, Raytheon, Tactical Missiles Corporation, CASIC, Roketsan A.S, and Taurus Systems.