Rocket And Missiles Market Size, Forecast & Trend, Analysis, Growth, Industry Report

Rocket and Missile Market Overview

The Rocket And Missiles Market size Anticipated to Reach 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.

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

Recent News :

In April 2024, India conducted a test of the indigenous technology cruise missile (ITCM) from the Chandipur integrated test range, located off the coast of Odisha. The missile has a strike range of 1,000 kilometers. This subsonic long-range land-attack cruise missile, equipped with a canister-launch system, will eventually become a crucial component of the tri-service Integrated Rocket Force. This force is being established to enhance conventional combat capabilities and deterrent, without involving nuclear weapons. The missile's performance on Thursday was observed by multiple radars, electro-optical tracking systems, and telemetry sensors placed at various locations to ensure comprehensive monitoring of the flight trajectory.

The missile was propelled by the indigenous Manik turbofan engine, replacing the previous Russian engine. The trajectory of the missile, a modified version of the original Nirbhay missile equipped with domestic systems, was also tracked by Sukhoi-30MKI aircraft. The successful flight-test also confirmed the dependable performance of the domestically built propulsion system created by the Gas Turbine Research Establishment, Bengaluru. The missile is outfitted with state-of-the-art avionics and software to guarantee superior and dependable performance.

In March 2024, NASA initiated the launch of three sounding rockets to investigate the impact of temporary dimming of sunlight on a specific area of the Earth's upper atmosphere during the total solar eclipse on April 8, 2024. The Atmospheric Perturbations surrounding Eclipse Path (APEP) sounding rockets will be launched from NASA's Wallops Flight Facility in Virginia to investigate the disruptions in the ionosphere caused by the Moon blocking the Sun during an eclipse.

The sounding rockets were previously launched and successfully retrieved from White Sands Missile Range in New Mexico, during the annular solar eclipse in October 2023. The instruments have undergone refurbishment and will be reintroduced in April 2024. The sounding rockets were launched at three distinct intervals: 45 minutes prior to, during, and 45 minutes following the culmination of the local eclipse. It is crucial to gather data during these intervals to study the impact of the Sun's abrupt departure on the ionosphere, which can cause disruptions that may interfere with human communications.

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)

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.

Report Attribute/Metric	Details
Market Size	USD 54 Billion (2030)
CAGR	5% (2022-2030)
Base Year	2021
Forecast Period	2030
Historical Data	2019
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Launch Mode, Propulsion
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	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

Rocket Missile Market Highlights:

Frequently Asked Questions (FAQ) :

What is the projected market value of the global rocket and missile market?

global rocket and missile market is projected to acquire the market value of USD 54 Billion during the forecast period from 2022 to 2030

At what CAGR is the global rocket and missile market estimated to expand?

The global rocket and missile market is estimated at 5% during the forecast period from 2022 to 2030

What is the USP of the global rocket and missile market during the forecast period?

Development of guided missile systems is the anticipated market USP of the rocket and missile market.

Who are the key players of the global 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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