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Rocket and Missile Market Scenario
The Rocket And Missiles Market Is Estimated At $54 Billion In 2021 Growing At A CAGR Of 5% From 2022 To 2030. rockets and missiles are the self-propelling weapons that are fired from surface to air, air to surface, or air to air. Rockets and missiles can have solid, liquid, hybrid, turbojet, ramjet, and scramjet propulsion system. The rockets and missiles can travel to more than 1,000 kilometers. Moreover, the intercontinental ballistic missile can travel 5,500 kilometers. Hence the use of these weapons has been increasing from the last few years.
Global Rocket and Missile Market has witnessed high growth in recent years owing to the increasing defense expenditure, increasing cross border disputes, and increasing development of advanced weapon systems. However, the high development cost of rockets and missiles is expected to hinder the growth of the market to some extent.
Development of guided missile systems
- Increasing Defense Expenditures: Globally, military spending has increased significantly in recent years. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure rose by 2.6% to approximately USD 1.82 trillion from 2017 to 2019. The increase in defense expenditure is expected to boost the demand for advanced weapon systems such as rockets and missiles. This is likely to drive the growth of the global rocket and missile market.
- Increasing Cross Border Disputes
- Increasing Development of Advance Weapon Systems
- Growing Demand for Missiles and Rockets in Emerging Nations
By Launch Mode
- Surface-To-Surface: This segment accounted for the largest market share in 2019 and is expected to register a steady CAGR during the forecast period. The surface-to-surface rockets and missiles are conventional weapons and thus are primarily used by the military forces.
- Air-To-Surface: The segment is expected to register the highest CAGR during the review period. The increasing use of guided missiles that are launched by fighter jets and helicopters is expected to drive the growth of this segment.
- Surface-To-Air: The segment accounted for the second-largest market share in 2019. This can be attributed to the increasing use of surface-to-air missiles for destroying enemy aircraft.
- Solid Propulsion: The segment dominated the rocket and missile market in 2019. This is due to the wide use of solid-state propulsion systems in rockets.
- Hybrid Propulsion: The segment is expected to register the highest CAGR during the forecast period. This is due to the increasing demand for hybrid propulsion systems for intercontinental ballistic missiles.
- Turbojet: The segment is expected to witness steady growth during the forecast period, 2019 to 2026. The turbojet propulsion systems are widely used in missiles.
- North America: North America dominates the rocket and missile market and is projected to continue to do so throughout the forecast period. The increasing adoption of rocket and missile by the US and Canada for performing military missions are expected to drive the growth of the regional market.
- Europe: Europe accounted for the second-largest market share in 2019 primarily due to the presence of prominent players, such as Kongsberg Gruppen ASA, Thales Group, MBDA Holdings SAS, and Saab AB, and increasing investments by these companies in developing advanced rockets and missiles.
- Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Increasing defense expenditure and rising terrorist activities in India, Indonesia, and Australia are driving the growth of the regional market.
- Middle East & Africa: The increasing defense expenditures by countries such as Saudi Arabia, the UAE, and Israel is driving the growth of the rocket and missile market in the Middle East & Africa.
- Latin America: An increase in the use of advanced weapon systems by the defense organizations in Brazil and Mexico is also expected to boost the demand for rockets and missiles in the region.
- Denel Dynamics (South Africa)
- General Dynamics Corporation (US)
- Kongsberg Gruppen ASA (Norway)
- Lockheed Martin Corporation (US)
- MBDA Holdings SAS (France)
- Mesko SA (Poland)
- Nammo AS (Norway)
- Rafael Advanced Defense Systems Ltd (Israel)
- Roketsan AS (Turkey)
- Saab AB (Sweden)
- Thales Group (France)
- Raytheon Technologies Corporation (US)
USD 54 Billion (2030)
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Launch Mode, Propulsion
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Denel Dynamics (South Africa), General Dynamics Corporation (US), Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), MBDA Holdings SAS (France), Mesko SA (Poland), Nammo AS (Norway), Rafael Advanced Defense Systems Ltd (Israel), Roketsan AS (Turkey), Saab, AB (Sweden), Thales Group (France), Raytheon Technologies Corporation (US)
Key Market Opportunities
Growing Demand for Missiles and Rockets in Emerging Nations
Key Market Drivers
Increasing Defense Expenditures. Increasing Cross Border Disputes. Increasing Development of Advance Weapon Systems
Frequently Asked Questions (FAQ) :
global rocket and missile market is projected to acquire the market value of USD 54 Billion during the forecast period from 2022 to 2030
The global rocket and missile market is estimated at 5% during the forecast period from 2022 to 2030
Development of guided missile systems is the anticipated market USP of the rocket and missile market.
Denel Dynamics (South Africa), Mesko SA (Poland), Lockheed Martin Corporation (U.S.), and Roketsan AS (Turkey) are some of the renowned players in the global rocket and missile market.
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