Global Rocket and Missile market demand 2024, Forecast To 2033
4 Mar, 2024
The rocket and missile market size has shown robust growth, escalating from$61.1 billion in 2023 to$65.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The historic expansion is attributed to military and defense expenditure, geopolitical tensions, arms race dynamics, space exploration initiatives, and the shift in warfare strategies, alongside defense modernization programs. The market is expected to witness strong growth in the coming years, reaching$85.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. Projected growth is attributed to space tourism and lunar missions, emergence of new threats, rise in commercial satellite deployment, and space commercialization. Major trends in the forecast period include environmentally sustainable propulsion, artificial intelligence and autonomous systems, technological miniaturization, and AI-based technological solutions.
Global Rocket and Missile Market Key Driver
The rockets and missiles market is anticipated to witness growth driven by the rise in terrorism and geopolitical instabilities globally. Heightened threats from terrorism and geopolitical conflicts necessitate the use of rockets and missiles for border safety and security. With the total enforcement actions by the US Customs and Border Protection increasing significantly from 646,822 in 2020 to 2,493,721 in 2022, the demand for rockets and missiles for border defense and security purposes is escalating. Therefore, the rise in terrorism and geopolitical instabilities serves as a key driver propelling the growth of the rockets and missiles market.
Get A Free Sample Of The Global Rocket and Missile Market ReportGlobal Rocket and Missile Market Segments
The global rocket and missile market covered in this report is segmented –
1) By Type: Missile, Rocket
2) By Guidance Type: Guided, Self-Guided
3) By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air
By Geography: The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the rocket and missile market analysis in 2023. The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Rocket and Missile Industry Players
Denel Dynamics (Pty) Ltd., General Dynamics Corporation, Kongsberg Defence & Aerospace AS, Lockheed Martin Corporation, MBDA Incorporated, Roketsan Roket Sanayii ve Ticaret A.S., Mesko S.A., Nordic Ammunition Company, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Thomas Publishing Company LLC, Hindustan Aeronautics Limited, Larsen & Toubro Ltd., Rostec State Corporation, Tactical Missiles Corporation, Almaz-Antey Concern, Novator Design Bureau, JSC Makeyev Design Bureau, Yuzhnoye Design Office, YUZHMASH, Pakistan Ordnance Factories, Konstruktorskoye Byuro Radioelektronnykh Priborov, NPO Mashinostroyenia, The Boeing Company, Northrop Grumman, Defence Research and Development Organisation
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Rocket and Missile Market Overview
Rockets and Missiles refer to a category of military weapons system that uses rocket propulsion to deliver explosive warheads to their targets. The primary purpose of rockets is not only used in weapons but to deliver scientific apparatus or humans to regions inaccessible by conventional modes of transportation. Additionally, a missile is an autonomous uncrewed rocket capable of delivering a payload to a specific location to destroy the object/target.
Rocket and Missile Global Market Report 2023 provides data on the global rocket and missile market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The rocket and missile market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.