|Market Size in 2022
|Market Forecast in 2030
|CAGR (in %)
|USD 60 Billion
|USD 93 Billion
Rockets And Missiles Market
The global rockets and missiles market size was evaluated at $60 Billion in 2022 and is slated to hit $93 Billion by the end of 2030 with a CAGR of nearly 6.01% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.
Rockets and missiles are weapons that are utilized for destroying helicopters, armored vehicles aircraft, tanks, incoming missiles &rockets, ships, submarines, and artilleries of rival countries. Rockets are self-propelled, unguided weapons, and powered by rocket motors or jet engines. On the other hand, missiles are unmanned self-propelled guided weaponry that is used for air-to-surface combat, surface-to-air combat, and air-to-air combat. The increase in year-on-year budget allocation for the defense sector in emerging economies has played a key role in influencing the demand for rockets and missiles.
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Increase in defense budget by various developed and developing countries to boost the global market trends
Surge in the defense budget and growing demand for advanced rockets & missiles for protecting borders have resulted in a humungous expansion of the global rockets and missiles market. Citing an instance, Russia & Ukraine war, Armenia & Azerbaijan dispute, Iran dispute, and China & Taiwan dispute have enhanced the sale of rockets and missiles which has contributed sizably towards profits of the defense industry. With a large number of arms manufacturers shifting focus on manufacturing rockets & missiles, the market for rockets and missiles is likely to expand by leaps & bounds in the years ahead.
Furthermore, a rise in allocation of country’s budget funds for defense & security will further expand the scope of demand for rockets and missiles across the globe. In April 2022, Stockholm International Peace Research Institute (SIPRI) published data on defense spending of various countries. According to the survey of SIPRI, in 2021, the five largest spenders on the defense sector were India, the U.S., Russia, the UK, and China. Reportedly, these countries accounted for 62% of the overall defense spending. As per SIPRI, the global defense spending has increased by nearly 0.7% in 2021 and can increase manifold in the coming years due to territorial disputes and wars between various countries.
Strict laws pertaining to arms transfer can impede the global industry surge
State-owned defense firms are required to comply with federal laws related to the export and import of defense goods. Moreover, stringent regulations associated with the foreign corrupt practices act, the export administration act, and exchange controls can hinder the expansion of the rockets and missiles industry across the globe.
Production of next-gen air & missile defense systems to open new growth opportunities for the market across the globe
Breakthroughs in the production of nuclear-capable ballistic missiles, Javelin missiles, and other high-speed cruise missiles such as Kalibr cruise missiles, Zircon missiles, and KH-22 missiles as well as hypersonic & supersonic cruise missiles will open new growth opportunities for the global market. A large number of countries such as India and Russia are developing BrahMos missile, a medium-range supersonic missile that is one of the fastest supersonic cruise missiles globally, that can defeat advanced air defense systems such as Patriot-3, S-400, and MEADS. This has provided new opportunities for growth for the global rockets and missiles market.
Issues related to integration of larger rockets & missiles to prove a major key challenge to the industry growth globally
Integration of small precision-guided munitions is simpler to operate in comparison to larger munitions. However, larger rockets & missiles are integrated & fitted with various electronic devices, warheads, sensors, propulsion systems, and various other complex subsystems. This makes it difficult for the defense forces to operate them. This has proved to be a major challenge for the expansion of the rockets and missiles sector globally.
The global Rockets and Missiles market is sectored into type, speed, propulsion type, platform, guidance mechanism, launch mode, and region.
In terms of type, the global rockets and missiles market is divided into rocket and missile segments. Apparently, the missile segment is predicted to record the highest CAGR during the forecast timeline as a large number of countries such as China, India, and Russia have developed supersonic as well as hypersonic missiles. Moreover, the U.S.-based defense firm Lockheed Martin is predicted to develop hypersonic missiles for the U.S. Navy.
Based on the speed, the global Rockets and Missiles industry is bifurcated into Subsonic, Hypersonic, and Supersonic segments. Furthermore, the hypersonic segment is projected to register the highest CAGR of 7% in the coming years. The growth of the segment over the anticipated timeframe is due to the high speed of hypersonic missiles which makes it difficult for the air-defense system to counter them.
In terms of propulsion type, the Rockets and Missiles market across the globe is divided into Solid, Scramjet, Ramjet, Hybrid Propulsion, Cryogenic, Liquid, and Turbojet segments. Additionally, the solid propulsion type segment is set to contribute the major share of the global market in the years to come. The segmental expansion can be credited to the massive use of solid propellant by solid propulsion in increasing the speed & thrust of missiles and rockets in the air.
On basis of launch mode, the Rockets and Missiles market across the globe is sectored into Surface-to-Surface, Air-to-Air, Sea-to-Sea, Surface-to-Air, Subsea-to-Surface, and Air-to-Surface segments. Furthermore, the surface-to-surface launch mode segment is slated to dominate the segmental growth over the forecast timeline. The growth of the segment over 2023-2030 can be attributed to its ability to launch missiles from hand or vehicles as well as from fixed locations.
|Rockets and Missiles Market Research Report
|Market Size in 2022
|USD 60 Billion
|Market Forecast in 2030
|USD 93 Billion
|Compound Annual Growth Rate
|CAGR of 6.1%
|Number of Pages
|Value (USD Billion), and Volume (Units)
|Key Companies Covered
|Lockheed Martin Corporation, Almaz-Antey, Airbus Group, Thales Group, General Dynamics Corporation, Northrop Corporation, BAE Systems plc, Raytheon Technologies Corporation, Leonardo S.p.A., The Boeing Company, MBDA, NPO Mashinostroyeniya, MKB Raduga Company, Tactical Missiles Corporation, JSC Krasmash, MESKO, ROKETSAN A.S., Nammo AS, Roscosmos, Elbit Systems Ltd., NPO Mashinostroyeniya, Rafael Advanced Defense Systems Ltd., Saab AB, KONGSBERG, and Denel Dynamics.
|By Type, By Speed, By Propulsion Type, By Platform, By Guidance Mechanism, By Launch Mode , And By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2017 to 2021
|2023 - 2030
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Rockets and Missiles Market in North America To Witness Mammoth Growth During 2023-2030
North America is expected to dominate the global Rockets and Missiles market growth over the forecast period. The growth of the regional market in the ensuing years can be owing to the presence of key defense equipment manufacturing firms such as Lockheed Martin, General Dynamics Corporation, Raytheon Technologies, Northrop Grumman Corporation, and Boeing Company. A prominent increase in the defense budget and rise in funding of research activities pertaining to the launching of new defense equipment & technologies in the countries such as the U.S. will proliferate the regional market size.
Furthermore, the European Rockets and Missiles industry is predicted to experience a notable surge in the years ahead. The market growth in the continent can be credited to the rise in funding of research activities pertaining to the development of advanced defense systems For instance, in June 2022, the UK government declared that it will allocate nearly $2.5 million for developing hypersonic weapons.
Moreover, the Asia-Pacific rockets and missiles market is set to record the highest CAGR over the forecast period with countries such as China and India possessing hypersonic and supersonic missiles such as DF-17 & YJ-21 and BrahMos. For the record, India and Russia have jointly developed BrahMos, a medium-range ramjet supersonic cruise missile, that can be launched from airplanes, land, ships, and submarines. Moreover, in 2022, India signed an agreement with the Philippines for exporting these missiles worth $375 million. In addition to this, India is aiming to sell its BrahMos missiles to countries in the Middle East and Southeast Asia owing to its growing demand and popularity. All these trends will boost the expansion of the rockets and missiles market in the Asia-Pacific zone.
The Rockets and Missiles industry profiles key participants such as:
By Propulsion Type
By Guidance Mechanism
By Launch Mode
Rockets and missiles are weapons that are utilized for destroying helicopters, armored vehicles aircraft, tanks, incoming missiles &rockets, ships, submarines, and artilleries of rival countries. Rockets are self-propelled, unguided weapons, and powered by rocket motors or jet engines.
The global Rockets and Missiles market is projected to expand over 2023-2030 owing to a surge in the defense budget and growing demand for advanced rockets & missiles for protecting borders.
According to study, the global Rockets and Missiles market size was $60 billion in 2022 and is projected to reach $93 billion by the end of 2030.
The global Rockets and Missiles market is anticipated to record a CAGR of nearly 6.01% from 2023 to 2030.
The North American Rockets and Missiles industry is set to account for a major market share in the upcoming years owing to the presence of key defense equipment manufacturing firms such as Lockheed Martin, General Dynamics Corporation, Raytheon Technologies, Northrop Grumman Corporation, and The Boeing Company. A prominent increase in the defense budget and rise in funding of research activities pertaining to the launching of new defense equipment & technologies in the countries such as the U.S. will proliferate the regional market size.
The global Rockets and Missiles market is led by players like Lockheed Martin Corporation, Almaz-Antey, Airbus Group, Thales Group, General Dynamics Corporation, Northrop Corporation, BAE Systems plc, Raytheon Technologies Corporation, Leonardo S.p.A., The Boeing Company, MBDA, NPO Mashinostroyeniya, MKB Raduga Company, Tactical Missiles Corporation, JSC Krasmash, MESKO, ROKETSAN A.S., Nammo AS, Roscosmos, Elbit Systems Ltd., NPO Mashinostroyeniya, Rafael Advanced Defense Systems Ltd., Saab AB, KONGSBERG, and Denel Dynamics.