+1 915 229 3004 (U.S.) | 
+44 7452 242832 (U.K.)
+1 915 229 3004 (U.S.) | +44 7452 242832 (U.K.)
Global Rockets and Missiles Market Size was valued at USD 58.7 Billion in 2022. The Rockets and Missiles market industry is projected to grow from USD 62.1 Billion in 2023 to USD 93.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.40% during the forecast period (2023 - 2032). Factors include the growth in territorial disputes, the need for more advanced rockets and missiles to resist modern border conflict, and the rise in defence budget in emerging nations, are the key market drivers enhancing the market growth.
Download Free Sample to learn more about this report.
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
A nation's dominance or outright sovereignty over natural resources, such as fertile farmland, rivers, minerals, and oil reserves, leads to the bulk of territorial conflicts. For instance, China and Japan each claim a number of islands in the East China Sea. In Japan, they are known as the Senkaku Islands, and in China, they are known as the Diaoyu Islands. As a result, tensions between the two countries have increased. Another key cause of conflict in the Middle East is the conflict that continues to exist between Israelis and Palestinians. Competing territorial claims between Jordan and the Mediterranean are at the heart of the conflict. In addition, states frequently try to occupy areas in order to exert their control over them, while non-state actors use terrorism to try to influence the behaviour of governments. As a result, territorial conflicts are a significant cause of wars and terrorism. As a result of the rise in such instances and territorial conflicts, numerous countries improved their border security and surveillance capabilities with cutting-edge armament, missiles, and anti-missile systems, and they utilised missiles to grab territory in civil wars. For instance, in April 2022, Russia expanded the scope of its missile strikes on Kyiv in reprisal for Ukrainian forces' assaults or sabotage on Russian territory. In September 2020, missiles, drones, and rocket artillery were heavily employed in the conflict between Armenia and Azerbaijan over the disputed area of Nagorno-Karabakh. It is projected that market expansion will be fueled by the rising use of rocket and missile systems in territorial disputes over the projection period.
Governments of countries like Russia, the United States, China, India, and others are increasing their spending on military forces in an effort to gain dominance on the battlefield. The Stockholm International Peace Research Institute (SIPRI) predicts that global military spending will reach $1981 billion in 2020, up 2.6 percent from 2019. The need for self-guided missiles and rockets also increases as a result of governments being pushed to upgrade their forces as a result of ongoing international conflicts and terrorist strikes in numerous regions. Thus, driving the Rockets and Missiles market revenue.
The global Rockets and Missiles market segmentation, based on Guidance Mechanism, includes guided and unguided. Guided segment dominated the global Rockets and Missiles market in 2022. This is due to the growing need for guided rockets and missiles.
The global Rockets and Missiles market segmentation, based on Launch Mode, includes surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface segment dominated the global Rockets and Missiles market in 2022. Surface-to-surface rockets and missiles are launched from either the air or the ocean. They can be discharged from stationary locations, moving platforms, or handguns. These missiles are used in land combat operations and are designed to strike targets on land or at sea. For this reason, they are often referred to as ground-to-ground rockets and missiles.
The global Rockets and Missiles market segmentation, based on Speed, includes subsonic, supersonic, and hypersonic. Subsonic segment dominated the global market in 2022. Hypersonic rockets and missiles have a propulsion technology that enables them to reach speeds of Mach 5 or higher, or five times the speed of sound. It is difficult to stop hypersonic-moving, precision-guided weaponry. These weapons are currently being developed and should soon be ready for use.
The global Rockets and Missiles market segmentation, based on Product, includes cruise missiles, ballistic missiles, rockets, and torpedoes. Cruise missiles segment dominated the global market in 2022. Cruise missiles are more in demand than other missiles, which are more specialised and have a smaller application, because they are chosen for attacking land and marine targets.
The global Rockets and Missiles market segmentation, based on Propulsion Type, includes solid, liquid, hybrid, ramjet, turbojet, and scramjet. Solid segment dominated the global Rockets and Missiles market in 2022. The increase in utilisation can be attributed to ballistic systems using solid fuel more frequently as a result of its advantage in storage. Solid fuel has a significant amount of thrust-producing potential. Hydrocarbons make up liquid fuels.
Download Free Sample to learn more about this report.
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Rockets and Missiles Market dominated this market in 2022 (45.80%). Due to the rise in launch vehicles and increased R&D efforts to provide affordable propulsion technologies, it is projected that the market demand for sophisticated rocket and missile propulsion systems in North America would rise. Additionally, market demand for propulsion systems increases along with the increase in US defence spending on ballistic and missile initiatives. Further, In the North American area, the U.S. Rockets and Missiles market had the biggest market share, while the Canada Rockets and Missiles market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Download Free Sample to learn more about this report.
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Europe Rockets and Missiles market accounted for the healthy market share in 2022. This is due to the country's largest defence budget and the strongest demand for defence products. Further, In the European region, the German Rockets and Missiles market had the biggest market share, and the U.K. Rockets and Missiles market had the quickest rate of growth.
The Asia Pacific Rockets and Missiles market is expected to register significant growth from 2023 to 2032. China, India, and Russia all invest much in modernising their armed forces. As a result, more and more gun manufacturers are focusing on developing precision-guided munitions. In September 2021, the Defence Research and Development Organisation (DRDO) also showcased the Agni-Prime missile. Moreover, In the Asia-Pacific region, the Indian Rockets and Missiles market had the quickest rate of growth while China's Rockets and Missiles market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Rockets and Missiles market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Rockets and Missiles sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Rockets and Missiles sector. Major players in the Rockets and Missiles market, including BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, Kongsberg Gruppen, Israel Aerospace Industries Ltd, The Boeing Company, Lockheed Martin Corporation, LIG Nex1, Thales Group, and Northrop Grumman Corporation, are attempting to increase market demand by investing in research and development Speeds.
Lockheed Martin Corp. is the company that manufactures security and aerospace products. The company worked on the creation, production, and integration of high-tech products, systems, and services. It also offers management, technical, engineering, scientific, logistical, system integration, and cybersecurity services. The company's product line includes military and rotary-wing aircraft, airlifters, ground vehicles, missiles and guided weapons, radar systems, sensors, unmanned systems, and naval equipment. Lockheed Martin provides support and upgrade services for military aircraft, ground vehicles, missile defence systems, satellites, and space transportation systems. It serves both commercial clients and the US government. The company has operations in the Americas, Europe, Africa, and the Middle East. Lockheed Martin's headquarters are located in Bethesda, Maryland, a city in the United States. In November 2021, the US government gave Lockheed Martin a defence contract for the development of long-range Precision Strike Missiles.
Space Exploration Technologies Corp. (SpaceX), a company in the space aviation industry, manufactures and launches rockets and spacecraft. It oversees cargo replenishment trips to space stations. SpaceX offers the ability to launch heavy, medium, and low lift payloads. As launch vehicles, the company has debuted Falcon 9 and Falcon Heavy. Its launch sites are Cape Canaveral Air Force Station (CCAFS) in Florida and Vandenberg Air Force Base (VAFB) in California. The company also offers human spaceflight and ride-sharing services. The company offers a range of products and portfolios under the brand names SpaceX, Falcon, Falcon Heavy, and Dragon. It performs engine and building testing at a construction site in McGregor, Texas. SpaceX's headquarters are in Hawthorne, in the US state of California. In January 2022, the US government granted SpaceX a defence contract so the business may use its rockets to transport military and aid around the world.
· BAE Systems plc
· Saab AB
· Elbit Systems Ltd
· Raytheon Technologies Corporation
· Kongsberg Gruppen
· Israel Aerospace Industries Ltd
· The Boeing Company
· Lockheed Martin Corporation
· LIG Nex1
· Thales Group
· Northrop Grumman Corporation
February 2022: The US Missile Defence Agency (MDA) presented prizes to the Northrop Grumman Corp., Lockheed Martin Corp., and Raytheon Co.
November 2021: The U.S. Army Contract Command has a contract with Lockheed Martin Missile and Fire Control Division to buy a long-range Precision Strike (PrSM) system.
· Subsonic
· Supersonic
· Hypersonic
· Cruise Missiles
· Ballistic Missiles
· Rockets
· Torpedoes
· Solid
· Liquid
· Hybrid
· Ramjet
· Turbojet
· Scramjet
· Guided
· Unguided
· Surface to Surface
· Surface to Air
· Air to Air
· Air to Surface
· Subsea to Surface
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 58.7 Billion |
|
Market Size 2023 |
USD 62.1 Billion |
|
Market Size 2032 |
USD 93.2 Billion |
|
Compound Annual Growth Rate (CAGR) |
5.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Speed, Product, Propulsion Type, Guidance Mechanism, Launch Mode, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, Kongsberg Gruppen, Israel Aerospace Industries Ltd, The Boeing Company, Lockheed Martin Corporation, LIG Nex1, Thales Group, and Northrop Grumman Corporation |
|
Key Market Opportunities |
The rise in the adoption of hypersonic missile systems |
|
Key Market Dynamics |
The increasing territorial conflicts, the rising need for advanced rockets and missiles to counter the modern combat around the country’s border, and the growing defense budget of emerging economies |
The global Rockets and Missiles Market was valued at USD 58.7 billion in 2022, and it is estimated to reach USD 93.2 billion by 2032.
The global market is projected to grow at a CAGR of 5.40% during the forecast period, 2023-2032
North America had the largest share in the global market
The key players in the market are BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, Kongsberg Gruppen, Israel Aerospace Industries Ltd, The Boeing Company, Lockheed Martin Corporation, LIG Nex1, Thales Group, and Northrop Grumman Corporation
The Subsonic Speed dominated the market in 2022.
The Cruise Missiles Product had the largest share in the global market.
Report Code :
RL65189
Published on :
Sep 2023
Request a Free Sample Report
Speak to Analyst