Europe Cruise Missile Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | > 13.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Cruise Missile Market Analysis
The Europe Cruise Missile Market is anticipated to register a CAGR of over 13% during the forecast period.
- The increased defense spending on missile and missile defense systems by European countries is driving the growth of the market. Countries like Poland, Finland, etc have increased the budget for the procurement of missile defense systems from foreign countries.
- On the other hand, countries like France, the United Kingdom, Germany, etc. are spending a lot of money on the research and development of supersonic and hypersonic cruise missiles which is expected to propel the missile market growth in Europe during the forecast period.
- The market is also witnessing collaborations between various countries in Europe for the development of new and technologically advanced missile systems. This is also expected to help the market growth during the forecast period.
Europe Cruise Missile Market Trends
This section covers the major market trends shaping the Europe Cruise Missile Market according to our research experts:
Sea Segment is Expected to Grow with the Highest CAGR During the Forecast Period
In segmentation by Launch Platform, the Sea segment is expected to have the highest share in the market during the forecast period. The rise in naval spending by countries such as France, the United Kingdom, Germany, etc. is propelling the market growth for the cruise missiles launched from the surface combatants and submarines. Countries in Europe have been investing a significant amount toward indigenous development of naval platforms or procurements from foreign players. The increasing fleet of the naval forces in the region is also demanding robust air defense capabilities with guided and interceptor missiles, which is driving the growth of the segment in the region. Several navies are developing and procuring sea-launched missiles for their naval fleets. In July 2019, the UK Royal Navy successfully tested its new missile called Martlet, also known as the Lightweight Multi-role Missile, to defeat incoming boats and ships on the sea. Similar missiles are being developed especially for the new generation surface combatants and submarines, which are scheduled to enter service during the forecast period. This would drive the Sea segment of the market during the forecast period.
Russia Held the Largest Market Share in 2019
Russia is one of the top five defense spenders in the world. In late 2019, the government announced a federal military budget of about USD 154.1 billion for the period 2020-2022. In 2020, the country plans to spend USD 47.55 billion on defense and further increase it to USD 50 billion in 2021 and USD 51.3 billion in 2022. The country’s massive investments in the defense sector are propelling the indigenous missile development programs. For instance, the country developed Zircon hypersonic anti-ship cruise missiles, with the capability to travel at a speed of Mach 8, and they have a higher survival rate against modern air defenses. The testing of the missile from a submarine and a frigate is expected to be completed in 2020. The country is expected to modernize its Soviet-era surface ships and submarines, along with the procurement of newly built vessels and submarines. All the future attack submarines of the country are expected to have Zircon missiles carrying capabilities. The completion of the testing of Zircon cruise missiles may enable them to be fitted to the new growing fleet of Russia in the future, thereby, generating an increasing demand for cruise missiles. Additionally, the government announced the development of a new nuclear cruise missile called 9M730 Burevestnik (Petrel) in March 2018. The missile is being developed as an intercontinental range cruise missile with stealth capabilities. These missiles are anticipated to enter service by 2025. Thus, the development of such advanced cruise missiles and their induction into the missile arsenal of the country is expected to increase the market for the cruise missiles in Russia during the forecast period.
Europe Cruise Missile Industry Overview
Some of the prominent players in Europe Cruise Missile Market are Raytheon Technologies Corporation, MBDA Inc., Rafael Advanced Defense Systems Ltd, JSC Tactical Missiles Corporation, Kongsberg Gruppen ASA, among others. The market is witnessing a significant investment in research and development of advanced missiles, like hypersonic cruise missiles. Several missile manufacturers are collaborating, forming joint ventures for sharing of technology and expertise which will help them develop sophisticated cruise missile systems in the future, which, in turn, will help them in attracting new customers and increase their market presence and share.
Europe Cruise Missile Market Leaders
Raytheon Technologies Corporation
MBDA Inc.
Rafael Advanced Defense Systems Ltd
JSC Tactical Missiles Corporation
Kongsberg Gruppen ASA
*Disclaimer: Major Players sorted in no particular order
Europe Cruise Missile Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Launch Platform
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5.1.1 Air
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5.1.2 Sea
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5.1.3 Land
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5.2 Range
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5.2.1 Short-range Missiles
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5.2.2 Medium-range Missiles
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5.2.3 Long-range Missiles
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5.3 Country
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5.3.1 Germany
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5.3.2 United Kingdom
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5.3.3 France
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5.3.4 Italy
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5.3.5 Russia
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5.3.6 Rest of Europe
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6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
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6.1.1 JSC Tactical Missiles Corporation
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6.1.2 Rafael Advanced Defense Systems Ltd.
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6.1.3 Israel Aerospace Industries
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6.1.4 Raytheon Technologies Corporation
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6.1.5 Lockheed Martin Corporation
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6.1.6 MBDA Inc.
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6.1.7 The Boeing Company
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6.1.8 Kongsberg Gruppen ASA
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6.1.9 Aerojet Rocketdyne Inc.
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6.1.10 Thales Group
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6.1.11 Saab AB
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6.1.12 BAE Systems Plc
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Cruise Missile Industry Segmentation
Short-range missiles have a range of less than 300 km, while the medium-range missiles have a range between 300 km and 1,000 km. On the other hand, the long-range missiles have a range exceeding 1,000 km.
| Launch Platform | |
| Air | |
| Sea | |
| Land |
| Range | |
| Short-range Missiles | |
| Medium-range Missiles | |
| Long-range Missiles |
| Country | |
| Germany | |
| United Kingdom | |
| France | |
| Italy | |
| Russia | |
| Rest of Europe |
Europe Cruise Missile Market Research FAQs
What is the current Europe Cruise Missile Market size?
The Europe Cruise Missile Market is projected to register a CAGR of greater than 13% during the forecast period (2023-2028).
Who are the key players in Europe Cruise Missile Market?
Raytheon Technologies Corporation, MBDA Inc., Rafael Advanced Defense Systems Ltd, JSC Tactical Missiles Corporation and Kongsberg Gruppen ASA are the major companies operating in the Europe Cruise Missile Market.
Europe Cruise Missile Industry Report
Statistics for the 2023 Europe Cruise Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Cruise Missile analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
