Market Scenario
Global Rocket and Missile Market is expected to be valued at USD 79.6 Billion and register a CAGR of 4.2% between 2020 and 2026. 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.
Market Synopsis
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.
Market USP
Development of guided missile systems
Market Drivers
- 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
Market Opportunities
- Growing Demand for Missiles and Rockets in Emerging Nations
Segmentation
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.
By Propulsion
- 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.
By Region
- 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.
Key Players
- 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)
Frequently Asked Questions (FAQ) :
global rocket and missile market is projected to acquire the market value of USD 79.6 billion during the forecast period from 2020 to 2026.
global rocket and missile market is estimated at 4.2% during the forecast period from2020 to 2026.
Development of guided missile systems is the anticipated market USP of the rocket and missile market.
global rocket and missile market is segmented on the basis of launch mode, propulsion, and region.
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.
