Polaris Market Research & Consulting LLP
The market is experiencing significant growth due to the increasing importance of advanced defense technologies in modern warfare.
NEW YORK, July 22, 2024 (GLOBE NEWSWIRE) — Market Overview:
The rockets and missiles market size is estimated to be US$ 59,862.24 million in 2023. The market valuation is expected to reach US$ 98,253.49 million by 2032, registering a staggering CAGR of 5.7% during the forecast period 2024-2032.
What are rockets and missiles?
Rocket and missile systems are any type of munition that delivers a combustible explosive to a target by rocket propulsion. Rocket is a term often used to describe a type of jet-propelled missile in which forward motion occurs primarily by ejecting material backward at high speed. Forced gas jets usually consist of solid or liquid fuel ignition material. Rocket propulsion is a unique projection of the jet propulsion engine family, which also includes turbojet, pulsejet, and ramjet systems. Rocket engines contradict these in that the propulsion jet component is independent within the vehicle.
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Key market statistics:
The rockets and missiles market size was valued at USD 59,862.24 million in 2023.
The market size is expected to grow from USD 63,202.56 million in 2024 to USD 98,253.49 million by 2032.
The market is expected to exhibit a CAGR of 5.7% during the forecast period.
Key findings from the report:
The rocket and missile market is expected to expand significantly due to advancements in next-generation air missile and defense systems, which are being accompanied by both military and defense industries across the globe.
Rockets and missiles market segmentation is primarily based on speed, product, propulsion type, launch mode, and region.
North America recorded the largest market share.
Rocket and Missile Market Drivers and Trends:
Rising Defense Budgets: The rising defense budgets of emerging nations have led to a significant increase in the global demand for rockets and missiles. As these nations organize to strengthen their military capabilities, there is a surge in the demand for advanced missiles and rocket systems.
Increasing Investments in Military: At the same time, increasing investments in military by established powers to gain an advantage on the battlefield are also driving the market growth. For example, in October 2021, KONGSBERG signed a contract for 1426 MNOK with the Royal Norwegian Navy to equip it with the latest naval attack missiles and extend the functional life of its existing list.
Rise in Terrorist Activities: Increase in terrorist activities and border conflicts has raised concerns over national security across the world. This has increased the importance of military preparedness and defense spending, especially in developing countries, thus propelling the rocket and missile market forward.
Advances in Rockets and Missiles: Countries such as Russia, the United States, China, and India are strengthening their military power through improved weapons capabilities, including the development and deployment of advanced rocket and missile systems. For example, in March 2019, Lockheed Martin was awarded a $1.13 billion contract by the U.S. Army for Lot 14 production of the Guided Multiple Launch Rocket System (GMLRS) rocket and associated equipment.
The story continues
Market Challenges:
Demand for rockets and missiles market growth is expected to be limited by facing stringent regulations related to global reliability, potential waste of advanced missile technology, and proliferation of weapons of mass destruction. Additionally, national shipping regulations and licensing requirements also hinder the global sale of rocket and missile technology. Governments inspect and prohibit the shipping of vulnerable technologies, including counseling systems and propulsion.
Key players in the industry:
BAE Systems
Bharat Dynamics Limited
Boeing
Denel Dynamics
L3Harris Technologies
Lockheed Martin
MBDA
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Geographical landscape:
The North American region holds the largest market share for rockets and missiles, which is the result of multiple companies and partnerships in the US and Canada. The North American Aerospace Defense Command (NORAD) plays a vital role in aerospace surveillance, aerospace regulation, and maritime surveillance for North America.
Moreover, due to advancements and deployment of missiles due to complex geopolitical volatility and security concerns, the Asia-Pacific region is expected to grow at the fastest pace during the forecast period, exhibiting a robust compound annual growth rate (CAGR).
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Market segmentation:
According to Speed Outlook:
Subsonic
Supersonic
Supersonic
Product Outlook:
Cruise missiles
Trajectory
rocket
torpedo
Outlook by propulsion type:
solid
hybrid
Turbojet
others
Outlook by startup mode:
Surface to Surface
Surface to Air
Air-to-Air
Air to Ground
From the ocean floor to the surface
Regional outlook:
North America (USA, Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea, Australia)
Latin America (Brazil, Mexico, Argentina)
Middle East and Africa (Saudi Arabia, UAE, Israel, South Africa)
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