Global Rocket and Missile Market Research Report 2023-2028: Opportunities in Miniaturization, Rising Adoption of Ai, New-Generation Air and Missile Defense Systems, and Hybrid Rockets and Missiles
Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.
DUBLIN, Jan. 4, 2024 /PRNewswire/ -- The "Global Rocket and Missile Market by Product (Missiles, Rockets & Torpedoes), Speed (Subsonic, Supersonic, Hypersonic), Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Launch Mode, Guidance Mechanism & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global rocket and missile market size is projected to grow from USD 57.7 billion in 2023 to USD 77.4 billion by 2028, at a CAGR of 6.1% from 2023 to 2028
The study covers the rocket and missile market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on speed, product, propulsion type, guidance mechanism, launch platform and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
The Rocket and missile market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced Rocket and Missile to counter the modern combat around the country's border. Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.
Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, many weapon manufacturers are shifting their focus towards developing precision-guided munitions. However, issues related to the integration of missiles pose a challenge for Rocket and missile market growth.
North America is projected to be the largest regional share of the rocket and missile market during the forecast period. Major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems plc (UK), and Thales Group (France) are some of the leading players operating in the rocket and missile market. These companies secure contracts from governments of different countries to carry out various Rockets and Missiles programs.
The missile segment is projected to grow at the highest CAGR during the forecast period
A missile plays an important role in rocket and Missile majorly for land, air, and marine platforms. The missile segment has been further sub-segmented further segmented into cruise missiles and ballistic missiles. The missile segment is projected to reach USD 60.43 billion by 2028.
The hypersonic segment is anticipated to grow at the highest CAGR during 2023-2028
Based on speed, the rocket and missile market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic rockets and missiles are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.
The scramjet propulsion segment is projected to grow at the highest CAGR during the forecast period
Based on propulsion type, the rocket and missile market has been segmented into Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet. Solid propulsion uses solid propellants to boost missiles and rockets. A ramjet operates by combustion of fuel in a stream of air compressed by the forward speed of the aircraft itself, as opposed to a normal jet engine, in which the compressor section (the fan blades) compresses the air. The air flow through a ramjet engine is subsonic, or less than the speed of sound. Ramjet-propelled vehicles operate from about Mach 3 to Mach 6.
By launch mode, the surface-to-surface segment is estimated to account for the largest share of the rocket and missile market in 2023
Based on launch mode, the rocket and missile market has been segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface rockets and missiles are fired from the ground or the sea. They can be launched from hand-held or vehicle-mounted devices or fixed installations. These missiles used in land warfare operations are designed to hit ground or sea targets. Hence, they are also known as ground-to-ground rockets and missiles.
Premium Insights
- Increasing Investments in Hypersonic Missiles to Drive Market
- Missiles Segment to Hold Largest Market Share in 2023
- Supersonic Segment to Dominate Market During Forecast Period
- Solid Propulsion Segment to Lead Market from 2023 to 2028
- Guided Segment to Acquire Highest Market Share During Forecast Period
- North America to Account for Largest Market Share in 2023
Market Dynamics
Drivers
- Rise in Defense Programs in Us for Security Against Various Threats
- Russia-Ukraine Conflict
- Increasing Global Defense Expenditure
- Development of Indigenous Missile Defense Systems
- Changing Nature of Warfare
Restraints
- Stringent Regulations for Arms Transfer
- High Operational Complexity and Need for Periodic Maintenance
- High Development Cost of Missile Systems
Opportunities
- Miniaturization of Missiles and Their Components
- Rising Adoption of Ai in Military Operations
- Development of New-Generation Air and Missile Defense Systems
- Development of Hybrid Rockets and Missiles
Challenges
- Issues Associated with Integration of Larger Rockets and Missiles
Value Chain Analysis
- Trends/Disruptions Impacting Customer Business
- Revenue Shift and New Revenue Pockets for Rocket and Missile Manufacturers
- Ecosystem Mapping
- Prominent Companies
- Private and Small Enterprises
- End-users
Industry Trends
Technology Trends
- Next-Generation Interceptor (Ngi) Program
- Hypersonic Defense Systems
- Directed Energy Weapons and Active Defense Systems
- Anti-Satellite Missiles and Weapons
- Advanced Tactical Data Links
- Precision-Strike Missiles
- 3D Printing in Rocket Manufacturing
Technology Analysis
- Propulsion Technology Analysis
Impact of Megatrends
- Russia-Ukraine Conflict
- Heightened Demand for Rocket and Missile Systems
- Increasing R&D Investments
- Export Restrictions
- Emerging Economies
- Next-Generation Missile Seekers
- Innovations and Patent Registrations, 2020-2022
Company Profiles
Key Players
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- The Boeing Company
- General Dynamics Corporation
- Solutions Offered
- Bae Systems plc
- Israel Aerospace Industries
- Thales Group
- Lig Nex1 Co., Ltd.
- Bharat Dynamics Limited
- Mbda
- Kongsberg Gruppen Asa
- Saab Ab
- Diehl Stiftung & Co. Kg
- Hanwha Defense
- Leonardo Spa
- Denel Dynamics
Other Players
- L3Harris Technologies, Inc.
- Frontier Electronic Systems Corp.
- Arianegroup
- Teledyne Technologies Incorporated
- Elbit Systems Ltd.
- Rafael Advanced Defense Systems Ltd.
- General Atomics
- Almaz-Antey
- Roketsan As
- Brahmos Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/epojf4
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