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

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.