Rockets Missiles Market Trends

Global Rockets and Missiles Market Overview

Rockets and Missiles Market Size was valued at USD 58.9 Billion in 2022. The Rockets and Missiles market industry is projected to grow from USD 62.0 Billion in 2023 to USD 93.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). The rise in territorial disputes, the requirement for more sophisticated rockets and missiles to combat contemporary border fighting, and the increased defence spending in emerging nations are all factors, are the key market drivers enhancing the market growth.

Rockets and Missiles Market Trends

• The increasing territorial conflicts is driving the market growth

The majority of territorial disputes arise as a result of a nation's domination or absolute sovereignty over natural resources such rich farmland, rivers, minerals, and oil reserves. For instance, a number of islands in the East China Sea are claimed by both China and Japan. They are referred to as the Senkaku Islands in Japan and the Diaoyu Islands in China. As a result, hostilities between the two nations have gotten worse. The ongoing struggle between Israelis and Palestinians is another significant source of strife in the Middle East. The conflict is centred on competing territorial claims between Jordan and the Mediterranean. Additionally, territorial disputes are a major contributor to wars and terrorism since states typically try to occupy territories in order to assert their authority over them, while non-state actors employ terrorism to try to sway the actions of governments. Additionally, several countries enhanced their border security and surveillance capacities with cutting-edge weaponry, missiles, and anti-missile systems, and they used missiles in civil wars to seize territory as a result of the growth in such incidents and territorial conflicts. For instance, in April 2022, in retaliation for Ukrainian forces' assaults or sabotage on Russian territory, Russia increased the scope of its missile strikes on Kyiv. The fight between Armenia and Azerbaijan over the disputed Nagorno-Karabakh territory also made extensive use of missiles, drones, and rocket artillery in September 2020. During the projection period, it is anticipated that the increasing use of rocket and missile systems in territorial conflicts would fuel market expansion.

To establish dominance on the battlefield, governments of nations including Russia, the U.S., China, India, and others are boosting their spending on armed forces. The Stockholm International Peace Research Institute (SIPRI) estimates that overall worldwide military spending increased by 2.6 percent from 2019 to $1981 billion in 2020. Additionally, as international wars and terrorist attacks in various locations develop, nations are forced to strengthen their militaries through improvements in weaponry, which raises the demand for self-guided missiles and rockets. Thus, driving the Rockets and Missiles market revenue.

Rockets and Missiles Market Segment Insights

Rockets and Missiles Speed Insights

The Rockets and Missiles Market segmentation, based on Speed, includes subsonic, supersonic, and hypersonic. Subsonic segment dominated the global market in 2022. A propulsion system is included in hypersonic rockets and missiles so they can travel at speeds of Mach 5 or greater, which is five times the speed of sound. Precision-guided weapons that travel at hypersonic speeds are challenging to block. These weapons are currently in the development stage and should become operational soon.

Rockets and Missiles Product Insights

The Rockets and Missiles Market segmentation, based on Product, includes cruise missiles, ballistic missiles, rockets, and torpedoes. Cruise missiles segment dominated the global market in 2022. Because they are chosen for striking land and sea targets, cruise missiles are more in demand than other missiles, which are more specialised and have a smaller application.

Rockets and Missiles Propulsion Type Insights

The Rockets and Missiles Market segmentation, based on Propulsion Type, includes solid, liquid, hybrid, ramjet, turbojet, and scramjet. Solid segment dominated the Rockets and Missiles Market in 2022. Due to the solid fuel's advantage in storage, ballistic systems have begun to employ it more frequently, which is responsible for the rise in usage. Solid fuel is capable of producing a considerable amount of thrust. Liquid fuels are made up of hydrocarbons.

Rockets and Missiles Guidance Mechanism Insights

The Rockets and Missiles Market segmentation, based on Guidance Mechanism, includes guided and unguided. Guided segment dominated the Rockets and Missiles Market in 2022. The rising need for guided rockets and missiles is to blame for this.

Rockets and Missiles Launch Mode Insights

The Rockets and Missiles Market segmentation, based on Launch Mode, includes surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface segment dominated the Rockets and Missiles Market in 2022. From the water or the ground, surface-to-surface rockets and missiles are launched. They can be fired from permanent facilities, mobile platforms, or handheld weapons. These missiles are intended to strike targets on land or at sea and are utilised in land combat operations. They are also referred to as ground-to-ground rockets and missiles for this reason.

Figure 1: Rockets and Missiles Market, by Launch Mode, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Rockets and Missiles Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Rockets and Missiles Market dominated this market in 2022 (45.80%). The market demand for advanced rocket and missile propulsion systems in North America is anticipated to increase due to the increase in launch vehicles and increased research and development activities to produce cost-effective propulsion technologies. Additionally, as the US defence funding for ballistic and missile programmes rises, so does market demand for propulsion systems. Further, the U.S. Rockets and Missiles market held the largest market share, and the Canada Rockets and Missiles market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ROCKETS AND MISSILES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Rockets and Missiles market accounted for the healthy market share in 2022This is because it has the greatest budget for defence equipment and the highest demand for defence solutions. Further, the German Rockets and Missiles market held the largest market share, and the U.K Rockets and Missiles market was the fastest growing market in the European region

The Asia Pacific Rockets and Missiles market is expected to register significant growth from 2023 to 2032. Russia, India, and China all make significant military force modernization investments. As a result, an increasing number of gun makers are concentrating on the creation of precision-guided munitions. The Agni-Prime missile was also unveiled in September 2021 by the Defence Research and Development Organisation (DRDO). Moreover, China’s Rockets and Missiles market held the largest market share and the Indian Rockets and Missiles market was the fastest growing market in the Asia-Pacific region.

Rockets and Missiles Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Rockets and Missiles market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Rockets and Missiles industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Rockets and Missiles industry to benefit clients and increase the market sector. In recent years, the Rockets and Missiles industry has offered some of the most significant advantages to medicine. Major players in the Rockets and Missiles market, including 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, and Northrop Grumman Corporation, are attempting to increase market demand by investing in research and development Speeds.

The aerospace and security product manufacturer is called Lockheed Martin Corp. The business was involved in the development, manufacture, and integration of high-tech systems, goods, and services. Additionally, it provides services in management, technical, engineering, science, logistics, system integration, and cybersecurity. Military and rotary-wing aircraft, airlifters, ground vehicles, missiles and guided weapons, radar systems, sensors, unmanned systems, and naval systems are among the company's product offerings. For military aircraft, ground vehicles, missile defence systems, satellites, and space transportation systems, Lockheed Martin offers support and upgrade services. Both business clients and the US government are served by it. The corporation conducts business in the Middle East, the Americas, Africa, and Europe. The U.S. city of Bethesda, Maryland, is home to Lockheed Martin's headquarters. The US government awarded Lockheed Martin a defence contract in November 2021 for the creation of long-range Precision Strike Missiles.

The space aviation business Space Exploration Technologies Corp. (SpaceX) produces and launches rockets and spacecraft. It manages space station resupply missions for cargo. Heavy, medium, and low lift launch capabilities are all provided by SpaceX. The business has introduced Falcon 9 and Falcon Heavy as launch vehicles. Its launch locations are at Vandenberg Air Force Base (VAFB) in California and Cape Canaveral Air Force Station (CCAFS) in Florida. The business also provides ridesharing services and human spaceflight. Under the brand names SpaceX, Falcon, Falcon Heavy, and Dragon, the corporation provides a variety of goods and portfolios. It tests engines and structures at a development site in McGregor, Texas. US state of California's Hawthorne serves as the home base for SpaceX. The US government awarded SpaceX a defence contract in January 2022 so that company could use its rockets to ship military and humanitarian aid around the globe.

Key Companies in the Rockets and Missiles market include

• 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 Industry Developments

February 2022: The Northrop Grumman Corp., Lockheed Martin Corp., and Raytheon Co. received awards from the US Missile Defence Agency (MDA).

November 2021: In order to purchase a long-range Precision Strike (PrSM) system, the U.S. Army Contract Command has entered into a contract with Lockheed Martin Missile and Fire Control Division.

Rockets and Missiles Market Segmentation

Rockets and Missiles Speed Outlook

• Subsonic


• Supersonic


• Hypersonic

Rockets and Missiles Product Outlook

• Cruise Missiles


• Ballistic Missiles


• Rockets


• Torpedoes

Rockets and Missiles Propulsion Type Outlook

• Solid


• Liquid


• Hybrid


• Ramjet


• Turbojet


• Scramjet

Rockets and Missiles Guidance Mechanism Outlook

• Guided


• Unguided

Rockets and Missiles Launch Mode Outlook

• Surface to Surface


• Surface to Air


• Air to Air


• Air to Surface


• Subsea to Surface

Rockets and Missiles Regional Outlook

• 
  North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America