What Is The Current and Historic Market Size Analysis Of The Rocket and Missile Market?
The rocket and missile market has seen considerable growth due to a variety of factors.
• The size of the rocket and missile market has experienced substantial growth in the past few years. The growth is projected to continue, with the market size ballooning from $64.14 billion in 2024 to $68.6 billion in 2025, resulting in a compound annual growth rate (CAGR) of 6.9%. Reasons behind the growth in the historic period include factors such as military and defense spending, geopolitical unrest, the dynamics of the arms race, programs related to space exploration, changes in warfare approaches, and initiatives towards defense modernization.
What Are The Predictions for The Rocket and Missile Market?
The Rocket and Missile market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for rockets and missiles is anticipated to experience robust growth. The market is projected to expand to $87.97 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%.
This growth in the projection period can be credited to factors such as space tourism and lunar expeditions, the advent of new threats, an increase in the deployment of commercial satellites, and space commercialization. The major trends anticipated during the forecast period encompass environmentally friendly propulsion, AI and autonomous systems, technology miniaturization, and AI-driven technology solutions.
Which Drivers Are Accelerating Growth In The Rocket and Missile Market?
The increase in terrorist activities and geopolitical uncertainties is anticipated to propel the expansion of the rockets and missiles market. Terrorism, characterized by employing threat or violent acts to instill fear, aims to manipulate or compel a government and its citizens to advocate specific political or societal objectives. Such conflict and extreme political activities stimulate the widespread use of rockets and missiles to ensure border safety, protecting international land borders from any illegal activities. For example, the US Customs and Border Protection Enforcement Statistics 2022 reported a significant escalation in total enforcement action, up from 646, 822 in 2020 to 2, 493, 721 in 2022. Consequently, the upswing in terrorism and geopolitical instabilities fuels the growth of the rocket and missile market.
What Are The Core Segments Of The Global Rocket and Missile Market?
The 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
Subsegments:
1) By Missile: Tactical Missiles, Strategic Missiles, Cruise Missiles, Ballistic Missiles, Air-To-Air Missiles, Surface-To-Air Missiles
2) By Rocket: Launch Vehicles, Space Rockets, Sounding Rockets, Military Rockets, Propellant Rockets
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Which Emerging Trends Are Reshaping The Rocket and Missile Market Size?
Major enterprises in the missile and rocket market are innovating with cutting-edge technologies like air missiles to extend their customer reach, multiply their sales, and enhance their revenue stream. An air missile, otherwise known as a guided missile or simply 'missile' is a precision-engineered projectile designed to navigate through the air to a particular target. A concrete example is Bharat Dynamics Limited (BDL), an Indian company specializing in missile and ammunition manufacturing. In February 2023, BDL unveiled the Vertical Launched VL SR SAM, a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and Drone Delivered Missile. This VL SR SAM distinguishes itself as an advanced, all-weather air defense system to be employed on ships, swiftly responding and defending against supersonic sea-skimming threats. This next-gen system houses a canisterized missile, Weapon Control System (WCS), Vertical Launcher Unit (VLU), Multi-Function Radar (MFR), Launcher Control System (LCS), Data Link Transceiver (DLX), and Inertial Navigation System (INS), providing an all-encompassing defense mechanism. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, characterized as subsonic, covers a range of 4000 meters and takes 25 seconds to reach its destination. Its versatility allows for deployment from a tripod or a BMP, providing adaptability in various situations. The Drone Delivered Missile, appealing for its lightweight and miniaturized design, is specifically built to engage soft-skinned targets. With a range of 1.5 km and an efficient flight time of 9 seconds, it can efficiently and accurately counter threats posed by drones.
Who Are the Key Players In The Rocket and Missile Market?
Major companies operating in the rocket and missile market include:
• 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.
• 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
What Are The Regional Insights Into The Rocket and Missile Market?
North America was the largest region in the rocket and missile market analysis in 2024. The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
