Rockets and Missiles Market - Global Revenue Growth Expectations in the Near Future

Posted by Sandeep Roy on September 12th, 2022

According to the latest research report the Global Rockets and Missiles Market size is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. The demand for these weapons has witnessed significant growth recently due to rising threats of insurgencies that have highlighted the need for precision attacks and stand-off surgical strikes. Thus, it is imperative to avoid collateral damage and provide combatants with advanced weapons have led to the growth of Rockets and Missiles market.

Key Market Players

The Rockets and missiles market is dominated by a few globally established players such as Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France).

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The rockets and missiles market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced rockets and missiles to counter the modern combat around the country’s border. Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally. Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing rockets and missiles. However, issues related to the integration of missiles pose a challenge for rockets and missiles market growth.

The missile segment is projected to grow at the highest CAGR rate for the ROCKETS AND MISSILES market during the forecast period.

A missile plays an important role in ROCKETS AND MISSILES majorly for land, air, and marine platforms. The missile segment has been further sub-segmented further segmented into cruise missiles and ballistic missiles. The missile segment is projected to reach USD 57.1 billion by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR during the forecast period.

The hypersonic segment is projected to register the highest CAGR of 6.6% during the forecast period

Based on speed, the ROCKETS AND MISSILES market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic rockets and missiles are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.

The solid propulsion segment is projected to grow at the highest CAGR rate for the ROCKETS AND MISSILES market during the forecast period.

Based on propulsion type, the ROCKETS AND MISSILES market has been segmented into Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet, and Scramjet. Solid propulsion uses solid propellants to boost missiles and rockets. Solid propellants consist of a homogenous mixture of various composites, which are easier to store and handle. These systems cost less and offer a large amount of thrust to the missiles. High-performance propellants and modified grains enhance the capability of solid propulsion.

By launch mode, the surface-to-surface segment is estimated to account for the largest share (31) of the ROCKETS AND MISSILES market in 2021

Based on launch mode, the ROCKETS AND MISSILES market has been segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface rockets and missiles are fired from the ground or the sea. They can be launched from hand-held or vehicle-mounted devices or fixed installations. These missiles used in land warfare operations are designed to hit ground or sea targets. Hence, they are also known as ground to ground rockets and missiles.

The North American market is projected to contribute the largest share from 2021 to 2026

North America is projected to be the largest regional share of ROCKETS AND MISSILES market during the forecast period. Major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in rocket and missile market.

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