Global Rockets And Missiles Market Is Predicted To Increase Approximately USD 93 Billion By 2030

Global Rockets And Missiles Market Size Anticipated To Augment at a CAGR Of 6.01% by 2030

The global rockets and missiles industry size was nearly USD 60 Billion in 2022 and is predicted to increase to approximately USD 93 Billion by 2030 along with registering a CAGR of nearly 5.7% from 2023 to 2030.

Rockets and missiles are used for delivering explosives to a targeted site. Reportedly, missiles are embedded with a guided positioning system for hitting the targeted destination while rockets are launched in the direction of the target without having the facility of locking the target that is to be hit. In defense terminology, a missile is referred to as a guided rocket However, missiles and rockets differ in terms of engineering and other parameters. In terms of trajectory, missiles have a better chance of accurately hitting the target in comparison to rockets as they possess built-in navigation systems.

Rise in the allocation of funds for defense budgets by various governments across the globe to counter the threat of an invasion along with the need for protecting the borders will prop up the expansion of the global rockets and missiles market. Growing threat of terrorist activities experienced by various countries such as Afghanistan, Syria, Iraq, the U.S., the UK, India, and Lebanon has culminated in massive rockets and missiles market demand.

In addition to this, missile and rocket launchers can be modified from short-range to medium-range as well as from medium-range to long-range through the use of new technologies This can further enhance the demand for missiles and rockets launchers, thereby driving the expansion of the rockets and missiles industry across the globe. As per Wall Street Journal, the U.S. altered the advanced HIMARS multiple rocket launcher systems so that they can fire long-range rockets and missiles. Increase in the launching of intercontinental ballistic missiles by countries such as China, India, North Korea, Israel, Russia, and the U.S. will further boost the global market trends. Apart from this, India, Russia, and China have successfully tested their supersonic and hypersonic missiles in the recent past. This, in turn, has created a strong platform for the growth of the rockets and missiles market across the globe.

However, strict international laws pertaining to arms as well as arms technology transfer as well as the spare part transfer can pose a threat to the expansion of the global rockets and missiles industry. Furthermore, rise in the terrorist activities across the globe has further curtailed the demand for rockets and missiles. Nevertheless, the production of new-generation air & missile defense systems will open new growth avenues for the rockets and missiles industry across the globe.

The global rockets and missiles market is divided into type, speed, propulsion type, platform, guidance mechanism, launch mode, and region. 

In terms of guidance mechanism, the rockets and missiles market globally is segmented into guided and unguided segments. Furthermore, the guided segment is anticipated to account for the highest market share over the projected timespan. The segmental expansion can be attributed to the large-scale use of guided systems in missiles for aptly hitting the targets during wars.  

In terms of type, the global rockets and missiles market is divided into rocket and missile segments.

Based on the speed, the global Rockets and Missiles industry is bifurcated into Subsonic, Hypersonic, and Supersonic segments.

In terms of propulsion type, the Rockets and Missiles market across the globe is divided into Solid, Scramjet, Ramjet, Hybrid Propulsion, Cryogenic, Liquid, and Turbojet segments.

On basis of launch mode, the Rockets and Missiles market across the globe is sectored into Surface-to-Surface, Air-to-Air, Sea-to-Sea, Surface-to-Air, Subsea-to-Surface, and Air-to-Surface segments.

On basis of platform, the rockets and missiles industry across the globe is bifurcated into airborne, ground, and naval segments. Moreover, the naval segment is anticipated to register the highest CAGR during the forecast timeframe. The segmental expansion can be subject to large-scale deployment of rockets and missiles on naval ships for boosting their offensive. Furthermore, at the time of naval operations, rockets and missiles are fired from ships & naval vessels during naval drills. This, in turn, will spur the expansion of the naval segment in the upcoming years.

The rockets and missiles market in North America is expected to garner a major chunk of the global market share over the assessment period. In addition to this, the regional market expansion in the ensuing years owing to a rise in the use of fiber optic guidance tools by the U.S. defense personnel. Apart from this, the rise in the allocation of funds for military modernization by the governments in Canada and the U.S. will proliferate the size of the market in North America. Moreover, the presence of industry giants such as Raytheon Technologies Corporation, Lockheed Martin Corporation, and General Dynamics Corporation in the U.S. will boost the regional market expansion.

Furthermore, the rockets and missiles industry in the Asia-Pacific zone will record the fastest CAGR over the assessment period. The growth of the industry in the sub-continent can be attributed to the large-scale use of many re-entry defense vehicles in countries such as India, Taiwan, South Korea, North Korea, Japan, and China. Apart from this, the rise in defense spending by the Middle East countries such as Saudi Arabia, UAE, Israel, and Iran will accelerate the expansion of the rockets and missiles industry in the Middle East and Africa.

This review is based on a report by Zion Market Research, titled “Rockets And Missiles Market By Type (Missile And Rocket), By Speed (Subsonic, Hypersonic, And Supersonic), By Propulsion Type (Solid, Scramjet, Ramjet, Hybrid Propulsion, Cryogenic, Liquid, And Turbojet), By Platform (Airborne, Naval, And Ground), By Guidance Mechanism (Guided And Unguided), By Launch Mode (Surface-To-Surface, Air-To-Air, Sea-To-Sea, Surface-To-Air, Subsea-To-Surface, And Air-To-Surface), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/rockets-missiles-market

Recent Developments:

• In February 2023, Bharat Dynamics Limited, a key Indian manufacturer of ammunitions & missile systems, signed a memorandum of understanding with Thales Group, a French player in the defense sector, for establishing manufacturing units for laser-guided rocket systems and its components in India. The move will increase the scope of growth of rockets and missiles industry in India and across the Asia-Pacific region.
• In the first half of 2023, the U.S. Airforce successfully carried out tests on concept missiles related to hypersonic airbreathing weapons. Moreover, Lockheed Martin Corporation and Raytheon Technologies are two of the giant players in the U.S. defense sector who successfully produced two of the hypersonic airbreathing missile models.

Key players in the global rockets and missiles market include:

• Lockheed Martin Corporation
• Almaz-Antey
• Airbus Group
• Thales Group
• General Dynamics Corporation
• Northrop Corporation
• BAE Systems plc
• Raytheon Technologies Corporation
• Leonardo S.p.A.
• The Boeing Company
• MBDA
• NPO Mashinostroyeniya
• MKB Raduga Company
• Tactical Missiles Corporation
• JSC Krasmash
• MESKO
• ROKETSAN A.S.
• Nammo AS
• Roscosmos
• Elbit Systems Ltd.
• NPO Mashinostroyeniya
• Rafael Advanced Defense Systems Ltd.
• Saab AB
• KONGSBERG
• Denel Dynamics.

The global Rockets and Missiles market is segmented as follows:

By Type

• Missile
• Rocket

By Speed

• Subsonic
• Hypersonic
• Supersonic

By Propulsion Type

• Solid
• Scramjet
• Ramjet
• Hybrid Propulsion
• Cryogenic
• Liquid
• Turbojet

By Platform

• Airborne
• Naval
• Ground

By Guidance Mechanism

• Guided
• Unguided

By Launch Mode

• Surface-to-Surface
• Air-to-Air
• Sea-to-Sea
• Surface-to-Air
• Subsea-to-Surface
• Air-to-Surface

 By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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