Rocket and Missiles Market Forecasts to 2028 – Global Analysis By Product Type (Ballistic Missiles, Torpedoes, Cruise Missiles, Rockets and Other Product Types), Speed (Hypersonic, Supersonic, Subsonic and Other Speeds), Guidance, Platform, Launch Mode, Propulsion Type and By Geography
According to Stratistics MRC, the Global Rocket and Missiles Market is accounted for $61.96 billion in 2022 and is expected to reach $90.81 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Rockets and missiles are heavy weapon systems meant to destroy the missiles or rockets of any adversary or terrorist group, including planes, tanks, artilleries, ships, helicopters, armored vehicles, and any other adversary. In addition, rockets and missiles are designed to deliver an explosive warhead with great accuracy at high speed.
According to the Missile Defense Agency, over 5,900 ballistic missiles are in existence outside of the United States, the North Atlantic Treaty Organization, Russia, and China. According to Stockholm International Peace Research Institute (SIPRI), total military expenditure rose to $1981 billion, an increase of 2.6 percent from 2019.
Market Dynamics:
Driver:
Increasing need for defence programs
Increasing expenditure on defence programs will likely to drive the growth of global rockets and missile market. The government invests upon enormous expenditures for the military services and weapons, homeland security, and intelligence gathering. Moreover, the increasing number of conflicts and high defence spending are few of the major factors driving the market globally.
Restraint:
Strict regulations
There are federal and legislative rules and regulations that the state-owned dense organization must comply with, such as import-export regimes, exchange controls. The problem of transfer of technologies and weapons aggravated with terrorist organizations gaining access to various advanced weaponry. This has resulted in strict control over the transfer of technologies. This factor acts as a restraint for the growth of the market.
Opportunity:
Growing Use of 3D-Printing in Building Missiles
Complex components and structures of missiles and rockets, such as warheads, missile outer skins, fuel tanks, and missile control vanes, are manufactured using technologically advanced 3D printers. The advantages include faster product creation, single-step manufacturing, low-cost production, and increased sustainability. Because of its ability to manufacture complicated shapes and sizes of objects in a short amount of time and at a low cost, it is becoming increasingly popular.
Threat:
Issue associated with integration
The integration of various electronic equipment, sensors, warheads, kill vehicles and other subsystems is very complex. The integration of a missile with the command, control, battle management, and communications system is a complicated task. It requires integrating individual sensors and weapons into the overall system by conducting simulations and launch platform integration. This integration issues can act as a challenge for the growth of the market.
Covid-19 Impact
The COVID-19 epidemic has had a neutral impact on the market for rockets and missiles. The deployment of few missile defence systems has been postponed as a result of research and development operations relating to rockets and missiles. Furthermore, several companies are projected to see slack in production as the supply chain for rockets and missiles slows down. The epidemic is wreaking havoc on the military industry's bottom line. Because of the worldwide lockdowns imposed by government authorities, the major defence manufacturing enterprises have shut down. These factors affected the market.
The surface to surface segment is expected to be the largest during the forecast period
The surface to surface segment is estimated to have a lucrative growth, due to usage in land warfare processes, are designed to strike targets on the ground or at sea. These rockets are launched from land or sea. They can be fired from handheld, automotive, or fixed installations. So because the launching platform is usually stationary or moving slowly, they are often powered by a rocket engine and sometimes fired by an explosive device.
The solid segment is expected to have the highest CAGR during the forecast period
The solid segment is anticipated to witness the fastest CAGR growth during the forecast period, due to they are used to power rockets and missiles. These propellants are simpler to store and manage since they are made of a homogeneous combination of different composites. These systems are less expensive and provide the missiles with a lot more thrust. This propulsion is made more effective by modified grains and high-performance propellants.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing defence expenditure and rising terrorist activities. As a result, a growing number of weapon manufacturers are shifting their focus to the development of precision-guided munitions. The launches of rockets and missiles are developing the growth of the region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to increasing adoption of rocket and missile for performing military missions. The rise in launch vehicles and rising research & development activities to develop cost-effective propulsion technologies are expected to drive up market demand.
Key players in the market
Some of the key players profiled in the Rocket and Missiles Market include Kongsberg Gruppen, Israel Aerospace Industries Ltd, Saab AB, Elbit Systems Ltd, BAE Systems plc, Northrop Grumman Corporation, Raytheon Technologies Corporation, LIG Nex1, The Boeing Company, Thales Group, Lockheed Martin Corporation, Denel SOC Ltd, MBDA Missiles Systems Inc, General Dynamics Corporation, Rafael Advanced Defense Systems Ltd., Mesko SA, Nammo AS and Roketsan AS.
Key Developments:
In March 2022, Northrop Grumman expanded their operations by opening of new facility in Colorado to support critical national security programs to help the nation and allies.
In May 2021, General Dynamics Corporation and Raytheon Technologies signed a contract to manufacture seeker components for two new variants of the standard system. General Dynamics provides optical hardware to Raytheon’s missiles and defence business to integrate into the SM-3 Block interceptors.
In December 2019, BAE system has been awarded a contract to deliver additional Advanced Precision Kill Weapon Sytem (APKWS) laser-guided rockets to the U.S. Navy.
Product Types Covered:
• Ballistic Missiles
• Torpedoes
• Cruise Missiles
• Rockets
• Other Product Types
Speeds Covered:
• Hypersonic
• Supersonic
• Subsonic
• Other Speeds
Guidance Covered:
• Unguided
• Guided
• Other Guidance
Platforms Covered:
• Ground
• Airborne
• Naval
• Other Platforms
Launch Modes Covered:
• Subsea to Surface
• Air to Surface
• Air to Air
• Surface to Air
• Surface to Surface
• Other Launch Modes
Propulsion Types Covered:
• Scramjet
• Turbojet
• Ramjet
• Hybrid
• Liquid
• Solid
• Other Propulsion Types
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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