Rocket and Missiles Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Rocket and Missiles Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Rocket and Missiles Market

The rocket and missiles market size was valued at USD 59.21 billion in 2021, and the market is now projected to grow from USD 61.96 billion in 2022 to USD 84.77 billion by 2029, exhibiting a CAGR of 4.58% during the forecast period of 2022-2029.

Modern conflicts such as the Russia-Ukraine are fostering defense expenses and remoulding the procurement tendencies emphasising the technologies applicable in GPS countermeasures. Russia’s advanced electronic warfare and Ukraine’s successful use of the Turkish Bayraktar TB2 UCAV highlight the demand for resilient communication and unmanned systems. The TB2’s effectiveness has stirred interest among governments seeking to expand their UCAV capabilities, which boosts Baykar's market position. These developments are poised to impact the rocket and missiles market growth.

Automatic Target Recognition (ATR) systems in missiles are advancing due to the demand for precise target detection, identifying assets such as tanks and carriers within milliseconds. ATR combines artificial neural networks with infrared imaging for high target recognition accuracy. Anti-ship missiles are a major ATR application, primarily used by U.S. and Russian militaries. The U.S., with its substantial defence budget, drives ATR adoption, further boosting the rocket and missiles market share.

Additionally, adopting 3D printing for missile components boosts market growth, enabling faster, more sustainable manufacturing with lower costs. This advanced technology produces complex missile structures such as warheads, fuel tanks and control vanes in a single step. The ability to create intricate geometries quickly benefits production efficiency and cost-effectiveness, positioning 3D printing as a transformative approach in missile manufacturing.

Comprehensive Analysis of Rocket and Missiles Market

The rocket and missiles market and aerospace & defence industry are rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated by types, by platforms, by launch modes and by propulsions. The types include, Missile and Rocket. The platform includes, Airborne, Naval and Ground. The launch mode includes, Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface and Sea-to-Sea. The propulsion includes, Solid, Liquid, Hybrid, Scramjet, Cryogenic and Others.

North America is expected to dominate the rockets and missiles market worth USD 19.29 billion in 2021 due to a growing prevalence of fiber optic guidance systems in the U.S. Army and heightened military spending by the U.S. and Canada. Companies such as Lockheed Martin, General Dynamics and Raytheon have given North America the leading contribution percentage strengthening the region’s position. Higher investment and research and development on missile technology help in market continuation.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These players include, Denel Dynamics (South Africa), General Dynamics Corporation (U.S.), ROKETSAN A.S. (Turkey), KONGSBERG (Norway), Lockheed Martin Corporation (U.S.), MBDA (France), MESKO (Poland), Nammo AS (Norway), Rafael Advanced Defense Systems Ltd. (Israel), Raytheon Technologies Corporation (U.S.), Saab AB (Sweden) and Thales Group (France). These market players provide a level-playing competitive landscape.

In January 2022, SpaceX secured a contract exceeding USD 102 million from the U.S. Air Force to deploy rockets for global transport of military supplies and humanitarian aid, marking the largest cargo contract of its kind.

Segmentation Table

Global Rocket and Missiles Market Scope

Study Period 2018-2029

Base Year 2021

Forecast Period 2022-2029

Growth Rate CAGR of 4.58% from 2022 to 2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation By Type, Platform, Launch Mode, Propulsion, and Geography

By Type Missile

Rocket

By Platform Airborne

Naval

Ground

By Launch Mode Surface-to-Surface

Surface-to-Air

Air-to-Air

Air-to-Surface

Subsea-to-Surface

Sea-to-Sea

By Propulsion Solid

Liquid

Hybrid

Scramjet

Cryogenic

Others (Ramjet, Turbojet and Pulsejet)

By Geography North America (By Type, Platform, Launch Mode, Propulsion, and Country)

U.S. (By Type)

Canada (By Type)

Europe (By Type, Platform, Launch Mode, Propulsion, and Country)

U.K. (By Type)

Germany (By Type)

France (By Type)

Russia (By Type)

Rest of Europe (By Type)

Asia Pacific (By Type, Platform, Launch Mode, Propulsion, and Country)

China (By Type)

India (By Type)

Japan (By Type)

South Korea (By Type)

Australia (By Type)

Rest of Asia Pacific (By Type)

Middle East (By Type, Platform, Launch Mode, Propulsion, and Country)

Saudi Arabia (By Type)

Israel (By Type)

Turkey (By Type)

Rest of Middle East (By Type)

Rest of the World (By Type, Platform, Launch Mode, Propulsion, and Sub-Region)

Latin America (By Type)

Africa (By Type)


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