The new report by Expert Market Research titled, ‘Global Rocket and Missiles Market Share, Size, Price, Analysis, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global rocket and missiles market, assessing the market based on its segments like types, platforms, launch modes, propulsions, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Rocket and Missiles Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.6%
The global rockets and missiles industry is expected to witness growth due to a consistent increase in defence budget across the globe and the need for advanced rockets and missiles to counter the modern combat around the country’s border.
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An increasing number of conflicts and high defence spending are significant factors driving the market globally. Governments of various countries, such as the United States, China, India, and Russia, are spending heavily on modernising their military resources. Therefore, a large number of weapon manufacturers are shifting their focus toward developing rockets and missiles. Increasing rocket and missile development, a surge in investments, and security concerns positively affect the rocket and missile market. Furthermore, the development of hybrid fuel-powered missiles and access to advanced technologies extend profitable opportunities to the market players in the forecast period.
Rocket and Missiles Industry Definition and Major Segments
A missile is a rocket-propelled weapon designed to deliver an explosive warhead with high speed and accuracy. Missiles come in a variety of sizes, from small tactical weapons (with a range of only a few hundred feet) to much bigger strategic weapons (with a range of thousands of miles). While an unguided military missile, along with any launch vehicle used to sound the upper atmosphere or place a satellite in orbit, is referred to as a rocket.
By type, the market is segmented into:
• Cruise Missile
• Surface-to-Air Missile
• Anti-Ship Missile
• Anti-Tank Missile
• Anti-Submarine Missile
• Ballistic Missile
• Artillery Rocket
• Air-Launched Rocket
By platform, the market is classified into:
By launch mode, the market is divided into:
By propulsion, the market is segmented into:
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Rocket and Missiles Market Trends
Terrorist attacks are becoming more common, along with territorial issues that lead to confrontations with the neighbouring countries. This has resulted in close-quarter fighting scenarios. The electronics put into conventional missiles and rockets can now be tracked with ease owing to enhanced detecting techniques. As a result, countries are constantly refining their technologies, making it impossible to discern between them during a conflict.
Governments of other emerging countries, such as India, are expanding military spending in order to purchase technologically superior rockets and missiles. These factors are driving up demand for rocket and missile production across the world. The continuous advancements in the Surface-to-Surface (SSM), Surface-to-Air (SAM), Air-to-Surface (ASM), Air-to-Air (AAM), Subsea-to-Surface (SuSM) missiles due to developments in warfare technologies for reducing battlefield time and miniaturisation of missiles and their components further influence the market.
Key Market Players
The major players in the market are Denel SOC Ltd (Denel Dynamics), General Dynamics Corporation, Kongsberg Gruppen ASA, Lockheed Martin Corporation, MBDA Missiles Systems Inc., Rafael Advanced Defense Systems Ltd., and Raytheon Technologies Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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