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Rocket and Missile Market By Type (Missile, Rocket), Platform (Airborne, Naval, Ground), Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface, Sea-to-Sea), Propulsion Type and Geography - Forecast (2024 – 2031)

Category : Aerospace & Defense | Report Code : 1927 | Pages : 144 | Oct 2024

Report Overview

The Global Rocket and Missile Market in terms of revenue was estimated to be worth USD XX billion in 2023 and is poised to grow at a CAGR of 6% from 2024 to 2031.

A rocket is an advanced type of reaction motor designed to propel a launch vehicle by carrying its own oxidizer. This motor generates forward thrust by expelling mass in the opposite direction, following Newton’s third law of motion. A missile, an unmanned vehicle, integrates a guidance system with an explosive payload and is typically directed by a ground-based communication center to deliver a warhead.

Industry growth is being driven by rising defense expenditures in emerging economies like China and India. Additionally, advancements in military technology worldwide are expected to fuel the market, with a focus on developing superior autonomous systems. However, the high costs associated with building rockets and missiles pose significant challenges to industry expansion. The COVID-19 pandemic also brought operational hurdles to the defense sector. Although the industry was not severely impacted, it faced economic disruptions in the aftermath of the outbreak.

Rocket and Missile Market Dynamics

Drivers: Advancements in Warfare Technology to Drive Market Growth.

Guided weapons technology is a state-of-the-art warfare method employed by defense forces worldwide. Advanced guided missiles include short-range anti-air missiles, medium- and long-range air-to-land and air-to-air missiles, as well as ballistic and cruise missiles. The U.S., China, and Russia are actively developing hypersonic missiles capable of reaching speeds beyond Mach 5. Market growth is being fueled by the increasing adoption of advanced warfare systems, such as India’s use of Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR) technologies, aimed at minimizing strike time during battlefield operations.

Restraints: High Development Costs and COVID-19 Impact Hamper Industry Growth.

Key challenges for manufacturing businesses include efficient distribution and ensuring seamless connectivity. Technological advancements and the development of new products are expected to drive demand for wireless infrastructure. However, several factors, such as the design and deployment of wireless systems, connectivity issues, and delays in standardization, are limiting market growth. The rapid expansion of wireless networks globally has heightened concerns over network security and data privacy, further hindering commercial progress. Physical barriers like walls, gates, and even human presence can disrupt wireless signal transmission, leading to poor communication or, in some cases, complete signal loss. The strength of wireless transmissions depends on both the range and the positioning of the receiver.

Opportunities: Increasing Demand for Missiles and Rockets in Emerging Markets.

The rising adoption of precision-guided weapons, known for their accuracy in targeting specific areas, is driving market expansion. Additionally, advancements in technologies such as artificial intelligence, additive manufacturing, and propulsion systems are enhancing the performance of rockets and missiles. In the context of global urbanization, increasing terrorism threats, and the growing need for force protection, the rocket and missile market presents significant growth opportunities.

Challenges: Complex Integration of Large-Scale Rockets and Missiles.

The rocket and missile market faces significant challenges due to the complexity involved in developing large-scale systems. Integrating these solutions requires multiple components, including guidance systems, control mechanisms, propulsion systems, and warheads, all of which must work seamlessly to ensure optimal performance. This intricate process increases both costs and operational constraints. A major challenge lies in integrating advanced guidance systems, which demand precise coordination between propulsion systems and warheads. Any misstep in this process can result in system failure.

Additionally, the rapid pace of technological advancement necessitates frequent updates, making it difficult to maintain compatibility across components. Designing modules requires advanced simulation, standardized components, and strict testing protocols, further adding to development costs and complexity. These efforts place significant strain on budgets and require specialized expertise and resources. As global threats evolve, the demand for cutting-edge defense systems intensifies, putting additional pressure on the industry. Overcoming these challenges is essential to maintaining the effectiveness of modern warfare systems.

Rocket and Missile Market: Dynamics

The rocket and missile market is experiencing significant growth, driven by a convergence of key factors. One major catalyst is the rise in territorial conflicts around the globe, prompting nations to enhance their defense capabilities with advanced rockets and missiles. As the complexity of modern warfare increases, there is a pressing need for sophisticated weaponry that can address emerging threats, particularly with the rise of hypersonic missile technology garnering considerable attention.

Furthermore, the substantial defense budgets of emerging economies like China, India, and Brazil are contributing to the market's expansion. The ongoing pursuit of innovation is reshaping the industry, with new technologies such as precision guidance systems, stealth capabilities, and hypersonic propulsion systems transforming the effectiveness and performance of these powerful weapons. Additionally, the rapid pace of urbanization, the ongoing threat of terrorism, and a strong commitment to protecting lives and assets are influencing the direction of this dynamic market.

Extensive research indicates that the rocket and missile market offers considerable opportunities for growth and innovation. The development of hypersonic missiles, which can achieve unprecedented speeds and enhanced strike capabilities, is likely to create new avenues for market expansion. Moreover, the increasing demand for air defense systems, driven by concerns about missile threats, presents favorable prospects for the integration of rocket and missile systems.

Global Rocket and Missile Market Ecosystem

Prominent companies in this market include well-established manufacturers and service providers of Rocket and Missile Market. These companies have been operating in the market for several years and possess a diversified product portfolio, organic & inorganic strategies, strong global sales and marketing networks. Prominent companies include Lockheed Martin Corporation, RTX, BAE Systems, Northrop Grumman, Boeing, Israel Aerospace Industries, Thales, LIG Nex1, Saab AB, MBDA, KONGSBERG, Hanwha Aerospace, Elbit Systems Ltd., RAFAEL Advanced Defense Systems Ltd., General Atomics, and Denel Dynamics.

Rocket and Missile Market Report Scope:

Report Metric

Details

Market size available for years

2020–2031

Base year considered

2023

Forecast period

2024–2031

Forecast units

Million/Billion (USD)

Segments covered

By Type, Platform, Launch Mode, Propulsion Type and region.

Geographies covered

North America, Europe, Asia Pacific, And Rest of the World

Companies covered

Lockheed Martin Corporation, RTX, BAE Systems, Northrop Grumman, Boeing, Israel Aerospace Industries, Thales, LIG Nex1, Saab AB, MBDA, KONGSBERG, Hanwha Aerospace, Elbit Systems Ltd., RAFAEL Advanced Defense Systems Ltd., General Atomics, and Denel Dynamics.

This report categorizes the market based on Type of Drone, Service Type and Application.

By Type

Missile

Rocket

By Platform

Airborne

Naval

Ground

By Launch Mode

Surface-to-Surface

Surface-to-Air

Air-to-Air

Air-to-Surface

Subsea-to-Surface

Sea-to-Sea

By Propulsion Type

Solid

Liquid

Hybrid

Scramjet

Cryogenic

Others (Ramjet, Turbojet, and Pulsejet)

Frequently Asked Questions?

Ans - The purpose of a Rocket and Missile market research report is to provide data-driven insights and analysis on a Rocket and Missile market. It helps businesses understand industry trends, competition, consumer behavior, market size, growth potential, and risks, supporting strategic decision-making.

Ans - Market research reports typically include both quantitative (market size, revenue, growth rates) and qualitative (trends, consumer preferences, competitive analysis) data. It often includes industry statistics, surveys, expert opinions, historical data, and future forecasts.

Ans - The forecast period typically for Rocket and Missile market report spans the next 5 to 10 years. It includes projected market trends, growth opportunities, and potential challenges.

Ans - Yes, Analytic Insights Hub customization services, allowing businesses to focus on specific geographies, sectors, or market segments that are relevant to them.

Ans - The report highlights major trends such as technological innovations, consumer behavior shifts, regulatory changes, or emerging markets that may impact the industry’s growth.