Rockets and Missiles Market is predicted to reach USD 93.0 billion at a CAGR of 5.20% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Rockets and Missiles Market” that contains information from 2018 to 2032. The Rockets and Missiles market is estimated to register a CAGR of 5.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Rockets and Missiles market— BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, Kongsberg Gruppen, Israel Aerospace Industries Ltd, The Boeing Company, Lockheed Martin Corporation, LIG Nex1, Thales Group, Northrop Grumman Corporation.

Rockets and Missiles Market Highlights

The global Rockets and Missiles market is accounted to register a CAGR of 5.20% during the forecast period and is estimated to reach USD 93.0 Billion by 2032.

The global market for rockets and missiles is expanding rapidly due to rising defence spending, geopolitical unrest, and technological developments. To meet the changing requirements of armed forces around the world, key actors are concentrating on creating sophisticated missile systems with improved range, precision, and multifunctional capabilities.

Segment Analysis

The global rockets and missiles market has been segmented based speed, product, propulsion type, guidance mechanism, and launch mode.

On the basis of speed, the market is segmented into subsonic, supersonic, and hypersonic. Subsonic segment dominated the global market in 2022. Hypersonic rockets and missiles are equipped with propulsion systems to enable them to reach speeds of Mach 5 or more, which is equivalent to five times the speed of sound.

Based on product, the global Rockets and Missiles market has been segmented into cruise missiles, ballistic missiles, rockets, and torpedoes. Cruise missiles segment dominated the global market in 2022. Cruise missiles are more in demand than other missiles, which are more specialised and have a smaller application, because they are chosen for attacking land and marine targets.

Based on propulsion type, the global green ammonia market has been segmented into solid, liquid, hybrid, ramjet, turbojet, and scramjet. Solid segment dominated the global Rockets and Missiles market in 2022. Ballistic systems have started using solid fuel more frequently due to the solid fuel's advantage in storage, which is to blame for the increase in utilisation.

Based on guidance mechanism, the global green ammonia market has been segmented into guided and unguided. Guided segment dominated the global Rockets and Missiles market in 2022. This is due to the growing need for guided rockets and missiles.

Based on launch mode, the global green ammonia market has been segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface segment dominated the global Rockets and Missiles market in 2022. Surface-to-surface rockets and missiles are launched from the ocean or the ground.

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Regional Analysis

The global Rockets and Missiles market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Rockets and Missiles market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Rockets and Missiles market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Rockets and Missiles market comprises of Middle East, Africa, and Latin America.

The North America Rockets and Missiles Market dominated this market in 2022 (45.80%). Due to the rise in launch vehicles and increased R&D efforts to provide affordable propulsion technologies, it is projected that the market demand for sophisticated rocket and missile propulsion systems in North America would rise. The market need for propulsion systems also increases as US defence spending on ballistic and missile programmes expands.

Moreover, in 2022, the European rockets and missiles market had a sizable market share.This is due to the country's largest defence budget and the strongest demand for defence products. Additionally, the U.K. rocket and missile market grew at the highest rate in the European region, while the German rocket and missile market had the largest market share.

Additionally, from 2023 to 2032, the Asia Pacific rockets and missiles industry is anticipated to experience rapid growth. China, India, and Russia all invest much in modernising their armed forces. As a result, more and more gun manufacturers are focusing on developing precision-guided munitions. In September 2021, the Defence Research and Development Organisation (DRDO) also showcased the Agni-Prime missile.

Furthermore, the rest of the world's Rockets and Missiles market is divided into the Middle East, Africa, and Latin America. Due to expanding defence expenditures, issues with regional security, and the need for modernization, the Latin American rockets and missiles industry is expanding significantly. To improve their defence capabilities and ensure regional stability, nations like Brazil, Mexico, and Argentina are collaborating on the development of indigenous missiles.

Key Findings of the Study

• The global Rockets and Missiles market is expected to reach USD 93.0 Billion by 2032, at a CAGR of 5.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to Russia, India, and China all make significant military force modernization investments.


• Based on launch mode, the surface to surface segment was attributed to holding the largest market in 2022.


• BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, Kongsberg Gruppen, Israel Aerospace Industries Ltd, The Boeing Company, Lockheed Martin Corporation, LIG Nex1, Thales Group, Northrop Grumman Corporation.