Jun 21, 2023   SOURCE: BusinessWire

Global Rockets and Missiles Market Report 2023: Rising Defense Budgets of Countries Around the World Drive Growth - ResearchAndMarkets.com

The "Global Rockets And Missiles Market Size, Share, Growth Analysis, By Launch Mode, By Propulsion, By Platform, By Product, By Speed, By Guidance Mechanism - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The rockets and missiles market size was valued at USD 54.8 billion in 2021 and is poised to grow from USD 77.816 billion in 2022 to USD 82 billion by 2030, growing at a CAGR of 42% in the forecast period (2023-2030).

The global rockets and missiles market refers to the industry involved in the production, development, and procurement of various types of rockets and missiles. Rockets and missiles are projectile weapons that use propulsion systems to deliver warheads or payloads to specific targets.

They are used by military forces for defense, deterrence, and offensive operations. Rockets and missiles can be categorized into various types, including ballistic missiles, cruise missiles, anti-ship missiles, surface-to-air missiles, and air-to-surface missiles.

Segments covered in this report

Global Rockets and Missiles Market is segmented based on the lunch mode, propulsion, platforms, product, speed, and guidance mechanism, and region. Based on launch mode, the market is segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface.

Based on propulsion, the market is segmented into solid, liquid, hybrid, ramjet, turbojet, and scramjet. Based on products, the market is categorized into cruise missiles, ballistic missiles, rockets, and torpedoes. Based on platforms, the market is segmented into airborne, naval, and ground.

By speed, the market is segmented into subsonic, supersonic, and hypersonic. Based on guidance mechanism the market is segmented into guided, and unguided. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).

Driver

Rising defense budgets of countries around the world are a key driver of the rockets and missiles market. Governments allocate funds for the acquisition, modernization, and research and development of rockets and missiles to strengthen their defense capabilities and maintain a strategic edge.

Heightened geopolitical tensions and ongoing regional conflicts drive the demand for rockets and missiles. Military forces invest in advanced missile systems to deter potential adversaries, ensure national security, and protect critical infrastructure.

Restraint

Developing and maintaining rockets and missiles involve significant costs, including research and development, testing, production, and ongoing maintenance. These costs can pose challenges, especially for countries with limited defense budgets, and impact the affordability and procurement of missile systems.

Market Trends

The rockets and missiles market is witnessing the integration of advanced technologies to enhance performance and effectiveness. This includes the use of precision guidance systems, improved propulsion technologies, advanced warhead designs, and increased autonomy to improve accuracy, range, and target engagement capabilities.

Hypersonic missiles, which travel at speeds greater than Mach 5, are gaining attention in the rockets and missiles market. These missiles offer increased speed and maneuverability, making them more difficult to intercept. The development and deployment of hypersonic missile systems are a significant trend in military modernization efforts.

Companies Mentioned

  • 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.

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