What is the global market size of Rockets And Missiles Market?

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). Read More

Global Rockets And Missiles Market Size, Share, Growth Analysis, By Launch Mode(Surface to Surface, Surface to Air), By Propulsion(Solid, Liquid), By Platform(Airborne, Naval), By Product(Cruise Missiles, Ballistic Missiles), By Speed(Subsonic, Supersonic), By Guidance Mechanism(Guided, Unguided) - Industry Forecast 2024-2031

Report ID: SQMIG20A2170 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 176 | Figures: 79

Global Rockets And Missiles Market News

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.

Global Rockets And Missiles Market Report Snapshots

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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).

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. '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.'

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.

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.

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.

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Global Rockets And Missiles Market News

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