The Global Rocket and Missile Market size was valued at USD 60.48 Billion in 2022 and is expected to surpass USD 89.88 Billion by 2031, expanding at a CAGR of 4.5% during the forecast period, 2023–2031. The growth of the market is attributed to the uncertain geo-political issues and war dynamics.
A rocket is defined as a technologically advanced jet engines that can transport its oxidant to propel the launcher. Reaction motors are used as propellers to generate forward thrust by injecting the rocket frame in the backward direction. The four major parts of a rocket are structural system, payload system, guidance system, and propulsion system.
A missile is a rocket vehicle that combines sighting system and explosives. Missiles are launched from the ground communication center.
The first rocket was launched in Germany in 1942, named V2 missile. Dr. Robert Hutchings Goddard is the father of modern rocket propulsion. In terms of technology, Russia has more advance missiles than any other country in the world. BrahMos is the fastest missile in the world, having a speed around 2,300 mph.
Rocket and Missile Market Trends, Dynamics, Restraints, and Opportunities
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The proliferation of rockets and missiles worldwide is increasing due to uncertain geo-political issues and war dynamics. Armies around the world are increasingly using modern rockets and missiles to counter these threats.
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Technological advancements in warfare techniques are expected to drive the market during the forecast period.
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Increasing demand for automatic target recognition (ATR) missile systems is driving the market.
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Rising investments for the miniaturization of missile systems and other related components and growing military budget are fueling the market.
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High development costs associated with rockets and missiles is expected to hamper the market during the forecast period.
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The development of hybrid fuel powered missiles is providing growth opportunities for key players in the market.
Scope of the Rocket and Missile Market Report
The report on the global rocket and missile market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Rocket and Missile Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Missile [Ballistic Missile and Cruise Missile], and Rocket [Artillery Rocket and Air-launched Rocket]), Platforms (Airborne, Naval, and Ground), Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, and Subsea-to-Surface), Propulsion (Solid, Liquid, Hybrid, Scramjet, Cryogenic, and Ramjet)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Denel Dynamics, General Dynamics Corporation, KONGSBERG, Lockheed Martin Corporation, MBDA, MESKO, Nammo AS, SAAB, Rafael Advanced Defense Systems Ltd., and Raytheon Technologies Corporation
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Rocket and Missile Market Segments Insights
Based on types, the rocket and missile market is bifurcated into missile and rocket. The missile segment is sub-segmented into ballistic missiles and cruise missiles. The rocket segment is further divided into artillery rocket and air-launched rocket. The missile segment is expected to dominate the market during the forecast period.
The ballistic missile is a self-guided strategic weapon system used to deliver the payload from the launch site to the pre-determined target it follows the ballistic trajectory. Ballistic missiles can carry powerful conventional explosives, chemical, biological, or nuclear weapons. A cruise missile is a self-guided missile with a radar system that can track terrain and fly at medium speed and low altitudes.
On the basis of platforms, the market is segregated into airborne, naval, and ground. The ground segment is projected to hold a significant share of the market during the forecast period, owing to the increasing use of land-attack cruise missile and ballistic missile globally.
In terms of launch mode, the rocket and missile market is segregated into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface. The surface-to-surface missile segment is estimated to constitute a significant share of the market during the forecast period, as it is used by military in battlefield operations. The missile is launched from the ground to strike air targets such as military aircrafts and military helicopters.
Based on propulsion, the market is fragmented into solid, liquid, hybrid, scramjet, cryogenic, and ramjet. The solid segment accounts for a significant share of the market owing to the increasing use of solid fuel in ballistic missiles. Solid fuel is used in solid gas engines, as it is made from aluminum powder.
On the basis of regions, the global rocket and missile market is segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market during the forecast period, as the US army is increasing the use of fiber optic guidance systems in various countries, and increased spending by the US and Canada on military modernization programs.
Segments
By Types
- Missile
- Cruise Missile
- Ballistic Missile
- Rocket
- Artillery Rocket
- Air-launched Rocket
By Platforms
By Launch Mode
- Surface-to-Surface
- Surface-to-Air
- Air-to-Air
- Air-to-Surface
- Subsea-to-Surface
By Propulsion
- Solid
- Liquid
- Hybrid
- Scramjet
- Cryogenic
- Ramjet
By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
By Key Players
Competitive Landscape
Key players focus on strategies such as product launches, technological advancements, mergers and acquisitions, partnerships, collaborations, joint ventures, and research and developments (R&D). Some of the key players are Denel Dynamics, General Dynamics Corporation, KONGSBERG, Lockheed Martin Corporation, MBDA, MESKO, Nammo AS, SAAB, Rafael Advanced Defense Systems Ltd., and Raytheon Technologies Corporation.
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