Europe Cruise Missile Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Europe Cruise Missile Industry Overview

The Europe cruise missile market is semi-consolidated at the moment but more consolidation is expected during the forecast period as the leading players, including RTX Corporation, MBDA, Rafael Advanced Defense Systems Ltd., JSC Tactical Missiles Corporation, and Kongsberg Gruppen ASA, release new products to gain market share and restrict the entry of small players. 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 the sharing of technology and expertise which will help them develop sophisticated cruise missile systems in the future, which, in turn, will help them attract new customers and increase their market presence and share. For instance, in January 2021, the UK MoD awarded a USD 750 million contract to MBDA for equipping its F-35 fleet with SPEAR3 cruise missiles. As per the development plan, the SPEAR3 missile will achieve initial operation capability on the aircraft in 2025, which will make it the primary air-to-ground weapon for the F-35 jets in service with the Royal Navy and Royal Air Force.