USD 54.8 billion
Report ID: SQSG20A2026 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Rockets and Missiles Market was valued at USD 54.8 billion in 2021, and it is expected to reach a value of USD 82.03 billion by 2028, at a CAGR of more than 5.9% over the forecast period (2022-2028).
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.
Global Market Size
USD 54.8 billion
more than 5.9% CAGR
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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).
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.
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.
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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.
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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.
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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.
|Market size value in 2021||USD 54.8 billion|
|Market size value in 2028||USD 82.03 billion|
|Growth Rate||more than 5.9%|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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Product ID: SQSG20A2026