USD 54.8 billion
Rockets And Missiles Market Size, Share, Growth Analysis, By Launch Mode(Surface to Surface, Surface to Air, Air to Air, Air to Surface), By Propulsion(Solid, Liquid, Hybrid, Ramjet), By Platform(Airborne, Naval, Ground), By Product(Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes), By Speed(Subsonic, Supersonic, Hypersonic), By Guidance Mechanism(Guided, Unguided), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2170 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
176
|Figures:
79
Rockets And Missiles Market Insights
Rockets And Missiles Market size was valued at USD 54.8 billion in 2019 and is poised to grow from USD 77.816 billion in 2023 to USD 82 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
A rocket is a high-tech reaction motor that can propel a launch vehicle by transporting its oxidant. As a propulsion mechanism, a response motor is used to create forward thrust by moving the structure backward. A missile is a type of unmanned vehicle. The guiding mechanism is combined with explosive material. A warhead is guided by an orbiting communication centre. Global market is predicted to develop as military budgets throughout the world continue to rise, as does the requirement for improved rockets and missiles to fight contemporary battle beyond the country's borders. Furthermore, the growing number of wars and rising defence spending are two important drivers driving the worldwide market. Various governments, including the United States, China, India, and Russia, are investing considerably in upgrading their armed forces. As a result, many armament manufacturers are turning their attention to the development of rockets and missiles. However, challenges with missile integration provide a hindrance to the expansion of the market.
Because of the unknown geopolitical difficulties and the dynamic character of conflict, the use of rockets and missiles is spreading over the world. The use of modern rockets and missiles by military all over the world is increasing to address the aforementioned threats.
US Rockets And Missiles Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Ground
Fastest Growth
Naval
Growth Rate
4.2% CAGR
Global Rockets and Missiles Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Rockets And Missiles Market Segmental Analysis
Global Rockets and Missiles Market is segmented based on the lunch mode, propulsion, platforms, product, speed, and guidance mechanism, and region. Based on launch mode, the market is segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Based on propulsion, the market is segmented into solid, liquid, hybrid, ramjet, turbojet, and scramjet. Based on products, the market is categorized into cruise missiles, ballistic missiles, rockets, and torpedoes. Based on platforms, the market is segmented into airborne, naval, and ground. By speed, the market is segmented into subsonic, supersonic, and hypersonic. Based on guidance mechanism the market is segmented into guided, and unguided. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Rockets And Missiles Market Analysis by Launch Mode
Due to the increased use of laser-guided missiles, the surface-to-surface segment will dominate. The armed forces commonly use surface-to-surface combat during operations, and the category is dominated by rocket-powered guided projectiles that may be fired from trailer-mounted platforms, hand-held platforms, and vehicle-mounted platforms. This technology uses a ground-based platform to eliminate aerial targets such as military helicopters and aeroplanes. A military aircraft shoots an air-to-air missile designed to destroy the opponent's aerial vehicles. The missile, which can achieve speeds of up to 4 Mach, is primarily used in military aircraft to attack pre-determined ground targets using GPS-based laser guidance technology. The submarine-to-surface missile, on the other hand, will be launched from naval warships toward terrestrial targets.
Rockets And Missiles Market Analysis by Platform
The ground segment is dominating owing to increased use of land-attack cruise missiles. To demolish an opponent's base camp, airborne platforms use missiles launched from combat fighter aircraft.
During the projection period, the naval segment is expected to increase at the fastest rate. The weapon launch system is installed aboard naval vessels to improve their offensive capabilities. During operations, rockets and missiles are launched from the aircraft carrier, corvette, and other assaulting naval vessels, while combat military vehicles are launched from the ground platform. Advanced missiles deployed from air, sea, or land platforms The YJ-63 is China's land-attack cruiser.
Global Rockets and Missiles Market By Platform, 2021 (%)
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Rockets And Missiles Market Regional Insights
North America is predicted to be the biggest market over the forecast period. The growing use of fibre optic guiding systems by the US Army and other countries, as well as increased expenditure in military modernization programmes by the US and Canada, are driving market growth. The presence of major manufacturers such as Lockheed Martin Corporation, General Dynamics Corporation, and Technologies Corporation accounts for a larger market share of rockets and missiles in North America. It is increasing missile industry supremacy.
During the forecast period, Asia Pacific is predicted to have the greatest CAGR. The People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) are increasingly employing several independent re-entry vehicles, boosting the industry's expansion.
Increased private sector investment for ballistic missile supply in Europe is projected to boost the market. The market in the United Kingdom is rising because to increased demand for precision-guided and automatic target identification technologies. The Russian Defence Ministry signed a deal with Scientific and Production Association Mashinostroyenia in August 2021 to deliver 3M22 Zircon hypersonic missiles.
The Middle East will also experience considerable growth throughout the forecast period. This rise is due to the projected deployment of missile technology by Saudi Arabia and Turkey. The Rest of the World is expected to grow considerably throughout the projected period, owing to increased defence expenditure in Latin America and Africa.
Global Rockets and Missiles Market By Region, 2021-2028
- Largest
- Fastest
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Rockets And Missiles Market Dynamics
Rockets And Missiles Market Driver
- With the rising demand, automatic target recognition (ATR) missile systems have become more prevalent. The primary purpose of an automatic target-recognition system is to detect hostile targets such as armoured personnel vehicles, military tanks, and howitzers. The target is identified using data obtained, such as photos of the enemy's location captured by laser radar sensors. The most prevalent use of ATR architecture is anti-missile defence. This technology combines multi-layered artificial neural networks and infrared imaging (IR). The ATR can distinguish 90% of targets in milliseconds.
Rockets And Missiles Market Restraint
- The primary issues of manufacturing companies are successful distribution and broadband coverage. Increased connection as a result of technology breakthroughs and new product development will drive up demand for wireless infrastructure. Wireless infrastructure design and development, connection issues, and a delay in standardisation are all major factors restricting industry growth. The rapid global proliferation of wireless networks creates severe issues about network security and data privacy, both of which impede economic success. Furthermore, some obstructions, such as gates, walls, and people, interfere with wireless signal transmission. These impediments result in poor communication and, in some circumstances, complete loss of wireless connection. The strength of wireless broadcasts is determined by the range and position of the receiver.
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Rockets And Missiles Market Competitive Landscape
Additive manufacturing technology is employed in this field to create complex geometrical structures, Multiple Independent Re-entry Vehicles (MIRV), cruise, and ballistic and fibre optic guidance systems. These leading market companies' prominence may be due to their broad product portfolios, technologically superior solutions, and R&D initiatives.
Rockets And Missiles Market Top Player's Company Profiles
- Denel Dynamics
- KONGSBERG
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Northrop Grumman Corporation
- MBDA
- Rafael Advanced Defense Systems Ltd.
- Safran S.A.
- Thales Group
- BAE Systems plc
- Aerojet Rocketdyne Holdings, Inc.
- Boeing Company
- General Dynamics Corporation
- L3Harris Technologies, Inc.
- Tactical Missiles Corporation JSC
- BrahMos Aerospace Private Limited
- Hanwha Corporation
- Bharat Dynamics Limited
- Roketsan A.S.
- UkrOboronProm State Concern.
Rockets And Missiles Market Recent Developments
- In April 2022, Australia announced spending USD 2.6 billion to upgrade its defense system.
- In April 2022, North Korea successfully tested a new tactical guided weapon to improve its nuclear capability.
- In February 2022, The Missile Defense Agency (MDA) of the United States awarded Raytheon Co., Lockheed Martin Corp., and Northrop Grumman Corp. contracts totaling approximately USD 20 million each to develop prototypes of a hypersonic designed to intercept and destroy an adversary's hypersonic projectile during its unpowered glide phase of trajectory.
- In January 2022, The United States Air Force has given SpaceX a contract worth more than USD 102 million to utilise a rocket to deliver military supplies and humanitarian aid throughout the world. It is the largest freight deal.
Rockets And Missiles Key Market Trends
- 3D printing is a process used in additive manufacturing to create complicated geometrical items such as rocket and missile systems. Complex missile and rocket components and structures, including as warheads, exterior skins, fuel tanks, and control vanes, are made utilising cutting-edge 3D printers. 3D printing technology has several advantages, including speedier product creation, single-step manufacturing, low-cost production, and greater sustainability.
- AgniKul Cosmos, a space tech company located at the Indian Institute of Technology Madras, will file a patent application for its full-scale second-stage engine Agnilet, the world's first single-piece 3D-printed engine, in May 2022. This advancement means that it was manufactured in a single piece as opposed to the hundreds of pieces required by a regular engine. The use of 3D printing technology by key organisations in the military manufacturing industry is expected to drive rocket and missile market growth.
Rockets And Missiles Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Rockets and Missiles Market analysis, Surface-to-surface segment dominate the market because of rocket-powered guided projectiles. And in terms of platform, ground segment exhibit fastest growth as weapon launch system is installed aboard naval vessels to improve their offensive capabilities. Moreover, Russia-Ukraine Conflict is reshaping the defence industry as arsenal expenditures rise. The military's increasing monetary allocation for downsizing of missiles and related components, along with a growing military budget, is driving the rise of the rocket and missile business. Furthermore, the introduction of hybrid fuel driven missiles is expected to give abundant growth prospects for participants in the rocket and missile industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 54.8 billion |
| Market size value in 2031 | USD 82 billion |
| Growth Rate | 4.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Rockets And Missiles Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Rockets And Missiles Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Rockets And Missiles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rockets And Missiles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rockets And Missiles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Rockets And Missiles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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