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The Rocket and Missile market is greatly affected by a number of factors, playing a vital role in shaping it growth and dynamics within the aerospace and defense sectors. One of the main drivers of this market is the ongoing global military modernization initiatives as countries try to improve their defense capabilities while at the same time maintaining strategic deterrence. Rockets and missiles are indispensable components for modern defense arsenals which have the ability to launch precision strikes over long distances. The demand for advanced rocket and missile systems has continued to rise due to evolving geopolitical tensions as well as persistent security threats resulting in substantial investment in research, development and production.
Technological innovation forms a significant basis upon which Rocket and Missile market is shaped. Advancements in propulsion systems, guidance technology, materials among other fields contribute towards making more sophisticated and adaptable rocket/missile systems. Innovations in miniaturization, greater precision, ability for carrying diverse payloads contribute towards adaptability of these systems in terms of changing military requirements. Moreover, current rocket/missile technologies are integrated with Artificial Intelligence (AI) along with advanced sensor technologies that make them capable of meeting contemporary warfare demands because they increase precision.
Geopolitical considerations play a vital role when it comes to determining the market dynamics of rockets and missiles. Having observed that nations actively seek strategies that will safeguard their interest from emerging challenges posed by others state acquisition through purchase or development of highly advanced rockets or missiles becomes an essential strategy. Defense budgets are influenced by regional conflicts along with realignments hence prompt procurement choices made on defense equipment following such dynamics Taking advantage technologically while keeping credible deterrence results into thriving markets.
Regulatory issues together with international arms control treaties significantly affect the Rocket and Missile market conditions.Every manufacturer thus becomes concerned about non-proliferation obligations alongside observance export control laws.Generally such regimes also have an input on how trade on missiles is carried out thereby providing definition on who can procure such products and for what purpose they can be deployed.
Defense budgets and global security threats are among the economic factors that drive market dynamics. Spending on defense is influenced by global economic conditions as well as geopolitical concerns, which impact on the acquisition and utilization of rocket and missile systems. Economic stability as well as growth in the defense sector encourages investments into modern technologies while budgeting aspects may spur prioritization and optimization of defense capabilities.
Increase in adoption of rockets and missile system during asymmetric warfare, counter terrorism operations has increased marketing volumes considerably.Precision strikes against high value targets with minimum collateral destruction makes them indispensable in addressing current security challenges. The attraction towards the military forces from different nations thus lies in the versatility of such ammunition when facing diverse evolving threats."
Rocket Missile Market Highlights:
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.
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
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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
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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.
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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.
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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
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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)
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