Global Cruise Missiles Market: Key Drivers and Future Opportunities

Introduction
The global cruise missiles market — as per a report by Stratview Research — is estimated to have been worth USD 1.7 billion in 2021 and is forecast to grow at a compound annual growth rate (CAGR) of 13.8% between 2022 and 2028, reaching about USD 4.2 billion by 2028. Cruise missiles market are guided, self‑propelled weapons designed for precision strikes. Their increasing importance in modern warfare — due to long-range capability and high accuracy — drives their demand among defense forces worldwide.

Applications
Cruise missiles are primarily used for long-range precision strikes, capable of targeting distant enemy positions with high accuracy while evading defense systems. They serve critical roles in anti-ship and maritime operations, providing naval forces with surface strike and deterrence capabilities. Additionally, they are employed in land-attack missions to neutralize high-value targets, infrastructure, or strategic positions with minimal warning. Beyond direct combat, cruise missiles enhance a nation’s overall deterrence strategy, giving armed forces a tactical advantage in both conventional and asymmetric conflict scenarios.

Key Drivers

• In November 2021, the Russian Navy successfully tested a potential hypersonic missile. The launch was performed in the latest series of tests of Zircon, which is anticipated to go into service by 2022..
• In September 2021, North Korea successfully introduced recently developed long-range cruise missiles. The missile test is the very first missile test in the past 6 months by North Korea.  
• In October 2019, the Indian Air Force (IAF) performed a test of 2 supersonic cruise missiles named BrahMos a surface-to-surface cruise missile to authenticate the IAF’s capability to counteract targets positioned up to 300 kilo meters with determined precision.

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Future Opportunities
As defense needs evolve, the cruise missile market is poised for expansion: demand is likely to grow in emerging defense markets where nations are upgrading their military capabilities. Integration of cutting-edge technologies — such as stealth design, improved navigation, and possibly hypersonic propulsion — could widen market scope. There is also potential for increased demand for missiles deployable from multiple platforms (aircraft, ships, submarines, ground launchers), offering versatility to armed forces facing diverse security challenges.

Conclusion
The cruise missiles market is on a strong growth trajectory through 2028. Driven by modernization of military arsenals, rising defense spending, geopolitical uncertainty, and continuous technological advancements, cruise missiles are becoming central to national defense strategies. Their long-range precision strike capability and versatility across platforms make them a key asset — and continued investment and innovation are likely to further strengthen their role in future military operations.