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The Rocket and Missile market is a crucial part of the defense enterprise, representing modern technology in the field of projectile arms. This means that missile industries are controlled by changing world geopolitics, ever-advancing military strategies as well as constant drive to improve on advanced missile systems targeting defensive and deterrent purposes. Contemporary warfare relies significantly on rockets and missiles for long- range delivery, location specificity, and neutralization capabilities towards emerged threats.
One of the key drivers shaping market dynamics for rocket and missile systems is global geopolitics. As part of national defense strategies, countries have invested heavily in their missile capabilities. The market responds by advancing its missiles through longer-range designs, more accurate guidance systems or payload diversification. Worldwide military deterrence balance is shaped by ongoing development and deployment of sophisticated missile systems.
Technological advancement lies at the center of the Rocket and Missile systems market dynamics. Persistent research aims at enhancing propulsion technologies, guidance & control systems as well as materials used in designing missiles. The market evolves introducing innovations such as hypersonic weapons, precision-guided munitions or stealth capabilities to enhance overall effectiveness or versatility of missile systems. These advancements not only enhance offensive capabilities but also lead to robustness in constructing air-defense mechanisms with missiles.
The threat landscape created by ballistic missiles proliferation and non-state actors with access to advanced weaponry shapes the market dynamics for Rocket and Missile Systems. To counter possible attacks on critical infrastructure; nations invest into improving their missile defense capacity even further. For example, advanced anti-missile systems including interceptors, radars or command & control infrastructure are being developed & deployed by the market to protect against different types of missile threats in a layered manner. Missiles' global developmental trend results into greater security across national borders.
Rocket and Missile Systems’ global marketplace dynamics are influenced largely through international collaborations and partnerships. Defense contractors cooperate with technology providers and governments thus pooling together their resources/ expertise so that they can come up with sophisticated missile technologies. These collaborations help in sharing of knowledge, standardizing efforts, as well as ensuring that participating countries can profit from joint research and development initiatives. The market’s collaborative nature implies that missile technology is globally interconnected.
The commercialization of space and the rise of space exploration initiatives contribute to the market dynamics of Rocket and Missile systems. Satellites launch services for commercial purposes, commercial satellite deployments as well as intercontinental ballistic missiles (ICBMs) intended for space or satellite launching are some of the elements within this industry. Therefore, the demand for reliable and cost-effective launch vehicles has compelled the market to develop new generation solutions such as reusable rockets which have made more small satellites’ applications feasible outside defense sector.
Key challenges in market dynamics comprise arms control agreements, export controls & ethical issues surrounding use of missile technologies. For instance, international agreements like Missile Technology Control Regime (MTCR) seek to limit proliferation of missile technologies towards non-peaceful uses. In order to comply with these agreements plus export control legislations; missile makers have devised various strategies and operations in relation to their trade activities.
Rocket Missile Market Highlights:
Rocket and Missile Market Overview
The Rocket And Missiles Market size Anticipated to Reach 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
- 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
Recent News :
In April 2024, India conducted a test of the indigenous technology cruise missile (ITCM) from the Chandipur integrated test range, located off the coast of Odisha. The missile has a strike range of 1,000 kilometers. This subsonic long-range land-attack cruise missile, equipped with a canister-launch system, will eventually become a crucial component of the tri-service Integrated Rocket Force. This force is being established to enhance conventional combat capabilities and deterrent, without involving nuclear weapons. The missile's performance on Thursday was observed by multiple radars, electro-optical tracking systems, and telemetry sensors placed at various locations to ensure comprehensive monitoring of the flight trajectory.
The missile was propelled by the indigenous Manik turbofan engine, replacing the previous Russian engine. The trajectory of the missile, a modified version of the original Nirbhay missile equipped with domestic systems, was also tracked by Sukhoi-30MKI aircraft. The successful flight-test also confirmed the dependable performance of the domestically built propulsion system created by the Gas Turbine Research Establishment, Bengaluru. The missile is outfitted with state-of-the-art avionics and software to guarantee superior and dependable performance.
In March 2024, NASA initiated the launch of three sounding rockets to investigate the impact of temporary dimming of sunlight on a specific area of the Earth's upper atmosphere during the total solar eclipse on April 8, 2024. The Atmospheric Perturbations surrounding Eclipse Path (APEP) sounding rockets will be launched from NASA's Wallops Flight Facility in Virginia to investigate the disruptions in the ionosphere caused by the Moon blocking the Sun during an eclipse.
The sounding rockets were previously launched and successfully retrieved from White Sands Missile Range in New Mexico, during the annular solar eclipse in October 2023. The instruments have undergone refurbishment and will be reintroduced in April 2024. The sounding rockets were launched at three distinct intervals: 45 minutes prior to, during, and 45 minutes following the culmination of the local eclipse. It is crucial to gather data during these intervals to study the impact of the Sun's abrupt departure on the ionosphere, which can cause disruptions that may interfere with human communications.
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)
Segmentation
By Launch Mode
- 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.
- 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.
- 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
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
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