Rockets and Missiles Market Overview
Rockets and Missiles Market reached a valuation of USD 58.9 Billion in 2022 and is poised for continued growth. Projections suggest an increase from USD 62.0 Billion in 2023 to USD 93.0 Billion by 2032, demonstrating a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). Key drivers propelling this growth include escalating territorial disputes, the need for sophisticated rockets and missiles in contemporary border conflicts, and increased defense spending in emerging nations.
The Rockets and Missiles Market is witnessing significant growth, driven by escalating territorial disputes and increased defense spending in emerging nations. These factors, among others, are fueling market expansion and driving revenue growth within the industry.
Market Trends
Increasing Territorial Conflicts: The majority of territorial disputes stem from nations vying for control over natural resources like farmland, rivers, minerals, and oil reserves. These disputes, such as those over the Senkaku/Diaoyu Islands and the Israeli-Palestinian conflict, have intensified, leading to increased hostilities and the use of advanced weaponry like missiles and rockets.
Rising Defense Spending: Governments worldwide, including Russia, the U.S., China, and India, are boosting defense spending to establish dominance on the battlefield. This increase in spending is driving demand for advanced rockets and missiles, particularly self-guided variants, to enhance military capabilities and counter emerging threats.
Market Segment Insights
Rockets and Missiles Speed: Segmentation based on speed includes subsonic, supersonic, and hypersonic. Subsonic rockets and missiles dominated the market in 2022, while hypersonic systems, capable of traveling at Mach 5 or greater, are anticipated to become operational soon, offering enhanced precision and lethality.
Rockets and Missiles Product: Segmentation based on product includes cruise missiles, ballistic missiles, rockets, and torpedoes. Cruise missiles, favored for their versatility in striking both land and sea targets, dominated the market in 2022, reflecting their widespread application in modern warfare scenarios.
Rockets and Missiles Propulsion Type: Segmentation based on propulsion type includes solid, liquid, hybrid, ramjet, turbojet, and scramjet. Solid propulsion systems dominated the market in 2022, owing to their advantages in terms of storage and thrust generation.
Rockets and Missiles Guidance Mechanism: Segmentation based on guidance mechanism includes guided and unguided systems. Guided rockets and missiles, offering superior accuracy and effectiveness, dominated the market in 2022, reflecting the growing demand for precision-strike capabilities.
Rockets and Missiles Launch Mode: Segmentation based on launch mode includes surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface missiles, launched from land or water platforms, dominated the market in 2022, catering to land combat operations and maritime defense needs.
Regional Insights
North America: Dominating the market in 2022, North America benefits from increased defense funding and research and development activities, particularly in the U.S. and Canada. The U.S. holds the largest market share, with Canada experiencing the fastest growth in the region.
Europe: Europe accounted for a significant market share in 2022, driven by high defense budgets and demand for defense solutions. Germany held the largest market share, with the U.K. witnessing the fastest growth in the region.
Asia Pacific: Anticipated to register significant growth from 2023 to 2032, the Asia Pacific region is characterized by increased military modernization efforts in countries like Russia, India, and China. China held the largest market share, with India exhibiting the fastest growth in the region.
Key Market Players & Competitive Insights
Leading market players are heavily investing in research and development to expand their product portfolios and global footprint. Strategic activities such as new product launches, mergers, acquisitions, and collaborations are driving market expansion. Major players include BAE Systems plc, Saab AB, Elbit Systems Ltd, Raytheon Technologies Corporation, and Lockheed Martin Corporation, among others.
Industry Developments
- In February 2022, Northrop Grumman Corp., Lockheed Martin Corp., and Raytheon Co. received awards from the US Missile Defence Agency (MDA).
- In November 2021, the U.S. Army Contract Command entered into a contract with Lockheed Martin Missile and Fire Control Division for the purchase of a long-range Precision Strike (PrSM) system.
The Rockets and Missiles Market is segmented based on speed, product, propulsion type, guidance mechanism, launch mode, and region, offering comprehensive insights into market dynamics and growth opportunities.
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