The global rocket and missile market size was valued at USD 59.21 billion in 2021. The market is expected to grow from USD 61.96 billion in 2022 to USD 84.77 billion by 2029, exhibiting a CAGR of 4.58% during the forecast period. Rapidly changing military technology and increasing adoption of 3D printed missile components are expected to foster the industry’s growth. Fortune Business Insights™ provides this information in its report titled “Rocket and Missile Market, 2022-2029.”
Russia-Ukraine War Impact
Changing Procurement Priorities to Reshape the Defense Sector Positively
The Russia-Ukraine war is expected to affect several sectors due to changing procurement priorities. Further, the deployment of novel Russian electronic warfare equipment in Ukraine in 2014 and later in Syria is expected to enhance the demand for rockets and missiles. Furthermore, the expansion of UCAV fleets in the region elevated the industry’s growth.
Missile Segment to Grow Exponentially Backed by Rising Self-propelled Guided Missiles
By type, the market is segmented into missile and rocket. The missile segment is expected to dominate, owing to rising self-propelled guided missiles.
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List of Key Players Profiled in the Report
- Denel Dynamics (South Africa)
- General Dynamics Corporation (U.S.)
- ROKETSAN A.S. (Turkey)
- KONGSBERG (Norway)
- Lockheed Martin Corporation (U.S.)
- MBDA (France)
- MESKO (Poland)
- Nammo AS (Norway)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Raytheon Technologies Corporation (U.S.)
- Saab AB (Sweden)
- Thales Group (France)
Ground Segment to Dominate Attributable to Rising Adoption of Land-Attack Cruise Missiles
As per platform, the market is classified into airborne, naval, and ground. The ground segment is expected to dominate the market due to the rising adoption of land-attack cruise missiles.
Surface to Surface Segment to Dominate Owing to Rising Laser Guided Missile Adoption
By launch mode, the market is segmented into surface-to-surface, surface-to-air, air-to-air, air-to-surface, subsea-to-surface, and sea-to-sea. The surface-to-surface segment is expected to dominate due to rising laser-guided missile adoption.
Solid Segment to Lead Attributable to Growing Solid Fuel Use in Ballistic Missiles
As per propulsion, the market is classified into solid, liquid, hybrid, scramjet, cryogenic, and others (ramjet, turbojet, and pulsejet). The solid segment is expected to lead attributable to rising solid fuel use in ballistic missiles.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, the Middle East & Africa, and the rest of the world.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints
Technological Advancements in Warfare Techniques to Foster Industry Growth
A missile is an unmanned vehicle, and a rocket is an advanced reaction motor responsible for carrying oxidants. Technological advancements in warfare techniques are expected to bolster the demand for advanced rocket and missile solutions. The increasing demand for the product from the defense sector is expected to bolster the product adoption. Further, the rising demand for advanced arms is expected to drive the industry’s growth. Moreover, a rising focus on the development of hypersonic missiles capable of reaching Mach speeds is expected to foster the industry’s progress. Additionally, the rising demand for Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR) warfare techniques for reducing strike times is expected to drive the rocket and missile market growth.
However, the interruption of wireless signals, walls, gates, and people is expected to hinder this industry’s growth.
Rising Fiber Optic Guidance Systems to Foster Market Growth in North America
North America is expected to dominate the rocket and missile market share due to rising fiber optic guidance systems. The market in North America was valued at USD 19.29 billion in 2021 and is expected to gain a huge portion of the global market in the coming years. Furthermore, rising investments in the modernization of military programs are expected to foster rocket and missile adoption. In addition, several major players, such as Raytheon Technologies Corporation, General Dynamics Corporation, and Lockheed Martin Corporation, are expected to foster the industry’s growth.
In Asia Pacific, the People’s Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) adopt multiple re-entry vehicles, thereby facilitating rocket and missile demand. These factors may propel the industry’s growth.
Major Players Sign Contracts to Enhance Business Prospects
The prominent companies operating in the market announce novel products to elevate their business prospects. For example, Raytheon Technologies and General Dynamics Corporation undertook an agreement in May 2021 worth USD 43 million. Under this contract, the companies shall focus on developing two novel variants of the Standard Missile-3 system. This strategy may allow the companies to enhance their sales, improve resources, and boost their brand image. Further, major players devise acquisitions, mergers, expansions, research & development, and other strategies to enhance their market position globally.
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Key Industry Development
- February 2022: The U.S. Missile Defense Agency (MDA) offered Northrop Grumman Corp., Raytheon Co., and Lockheed Martin Corp. contracts worth USD 20 million to develop hypersonic missile prototypes.
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