Multiple Launch Rocket Systems Market Forecasts to 2028 – Global Analysis By Launch Vehicle (Tracked and Wheeled), Caliber (70-180 mm and 180-300 mm), Range (10-100 km and 100-300 km), Pod Capacity (Up to 16 and 16 to 40), Application (Hardware and Software), End User and By Geography
According to Stratistics MRC, the Global Multiple Launch Rocket Systems Market is accounted for $804.14 million in 2022 and is expected to reach $1290.31 million by 2028 growing at a CAGR of 8.2% during the forecast period. A multiple launch rocket system (MLRS) is a versatile automatic weapon that can launch guided rockets and missiles. The launcher contains a fire control computer and is installed on a stretched chassis. A lot of firepower is delivered by MLRS to attack at great ranges and with heavy payloads at all levels of the tactical battlefield. Modern wheeled systems are currently gaining popularity in the defence and military industry on a global scale because they are lightweight, have a high degree of mobility, and are faster than tracked systems.
According to Stockholm International Peace Research Institute (SIPRI), total global military expenditure rose to $1981 billion in 2020, an increase of 2.6 percent from 2019. According to new amendments in the Motor Vehicle Act that came into force in September 2019, authorities will levy a fine of INR 1000, and the consequence can also be suspension of driving license or imprisonment for up to 3 months if a motorcycle rider is found to ride without a helmet. Also, according to Central Motor Vehicle Rules, the manufacturer must give the protective headgear at the time of purchase of the 2-wheeler.
Market Dynamics:
Driver:
Rising cross-border tensions between various countries
One of the major factors driving the market expansion is the escalating tensions across international borders, which are occurring at the same time that more governments are investing in cutting-edge weapons. These organisations are also investing in new system purchases and artillery modernization initiatives. In addition, the preference for guided munitions over unguided rocket artillery is expanding, which is helping MLRS sales. This is expected to drive the multiple launch rocket systems market during the forecast period.
Restraint:
High maintenance cost
The global Multiple Launch Rocket Systems market expected to hinder growth during the forecast period. The biggest drawback of this vehicle is the significant expense of maintenance required to keep the barrels ready to fire. Hence, its rocket system with many launches is a negative.
Opportunity:
Growth in artillery modernization programs
The market for multiple-launch rocket systems is expected to rise as a result of reasons including an increase in artillery modernization programmes, an increase in defence spending, an increase in territorial disputes, and the purchase of new multiple rocket launch systems. Technology advancements in MLRS, such as the creation of guided multiple-launch rocket systems, are another factor that is paving the way for the market expansion of multi-launch rocket systems.
Threat:
Dual-use nature
Dual-use products can be utilized for both civilian and military purposes. Because these products can be categorized for civilian use, converted to military use, or even worse, utilized for terrorism, they are subject to strict regulation. The Dual- use nature of this product is limiting the growth of the global multiple launch rocket systems market.
Covid-19 Impact:
The worldwide quarantine implemented in reaction to the COVID-19 outbreak has resulted in an economic disaster that has disrupted virtually every industry. The areospace sector is not an exception to how badly the pandemic is affecting other industries. Businesses were compelled to make challenging financial and cost-cutting decisions in the wake of the SARS-CoV-2 outbreak in order to maintain the flow of goods. The new coronavirus's immediate impact on the global industrial sector—which led to a decline in demand—led to the lockdown. Due to the economic devastation caused by the global quarantine implemented in reaction to the COVID-19 breakout, almost every business is in disarray.
The tracked multi-barrel rocket launchers segment is expected to be the largest during the forecast period
Based on the launch vehicle, the market is classified into Tracked and Wheeled. The tracked segment is projected to control the global multiple launch rocket systems market and most liable explanation for the majority of the share during the forecast period. Tracked rocket launchers are expected to dominate the Launch Vehicle section of the Global Multiple Launch Rocket Systems in the coming years, owing to the growing desire for self-loading and other autonomous characteristics such as an update in fire control systems.
The 180 mm-300 mm segment is expected to have the highest CAGR during the forecast period
Based on the caliber, the market is segmented into 70-180 mm and 180-300 mm. The 180 mm- 300 mm segment is captured to be more profitable and predicted to record a strong CAGR during the forecast period. The market for global multiple launch rocket systems is expected to be dominated by artillery with width dimensions in the region of 180 mm to 300 mm due to the growing preference for modern machinery with increased destructive capacity.
Region with highest share:
The North America region market is estimated to witness a highest share of the global multiple launch rocket systems market during the forecast period, particularly the US, accounted for the largest share of the multiple launch rocket systems market, due the reasons for the United States' superiority are mostly due to expanding artillery modernization programmes and a shift in emphasis to high mobility, lightweight artillery systems.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Multiple Launch Rocket Systems (MLRS) Market growth prospects in the Asia-Pacific region would be lucrative due to factors including rising military spending and escalating international conflicts.
Key players in the market
Some of the key players in multiple launch rocket systems market include BAE Systems, Norinco, Larsen & Toubro, Tata Power Sed, Avibras Indstria Aeroespacial S.A., Lockheed Martin, Hanwha, Roketsan, NPO Splav, IMI Systems
Key Developments:
In September 2022, Hanwha proposed its Chunmoo multiple rocket launcher (MRL) to Poland at the International Defence Industry Exhibition MSPO 2022 being held in Kielce.
In June 2022, Tata Advanced Systems, Larsen and Toubro deliver 100th missile launcher for IAF’s Akash project.
In July 2022, Lockheed Delivers First Upgraded Multiple Launch Rocket System to US Army.
Launch Vehicles Covered:
• Tracked
• Wheeled
Calibers Covered:
• 70-180 mm
• 180-300 mm
Range Covered:
• 10-100 km
• 100-300 km
Pod Capacities Covered:
• Up to 16
• 16 to 40
Applications Covered:
• Hardware
• Software
End Users Covered:
• Original Equipment Manufacturer (OEM)
• Ammunition Manufacturers
• Defence Services
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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