Chicago, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The Rockets and Missiles Market Size by Product (Missiles, Rockets & Torpedoes), Speed (Subsonic, Supersonic, Hypersonic), Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Launch Mode, Guidance Mechanism & Region - Forecast to 2028
Rocket and Missile Market Size Market Players
The Rocket and missile companies is dominated by a few globally established players such as Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems plc (UK), and Thales Group (France).
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Rocket and missile market Size Dynamics:
Drivers: Growing defense programs to secure nations against various threats
According to DoD’s Program Acquisition Cost by Weapon System, the performance of United States (U.S.) weapon systems is unmatched, ensuring that U.S. military forces have a tactical combat advantage over any adversary in any environmental situation. The Fiscal Year (FY) 2022 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the Department of Defense (DoD) totals USD 245.60 billion, which includes funding totaling USD 133.60 billion for Procurement and $112.0 billion for RDT&E. The funding in the budget request represents USD 20.30 billion for Missiles and Munitions.
Restraints: Stringent regulations for arms transfer
State-owned defense organizations must comply with federal and legislative rules and regulations, such as import-export control regimes, exchange controls, the Foreign Corrupt Practices Act, and the Export Administration Act. In many countries, munition manufacturers are prohibited from exporting their products, thereby decreasing their chances of serving international customers. This hinders them from accessing international markets.
Opportunities: Miniaturization of missiles and their components
The demand for increasingly portable and discreet weaponry, tailored to today's landscape where rockets and missiles are employed by non-state entities. The requirement for easily transportable and concealed armaments has prompted the development of miniaturized rockets and missiles, optimized for swift deployment and stealthy usage.
Challenges: Integration issues of larger rockets and missiles
Integration of a missile occurs at three levels: first on the missile itself, second with the platform from which it is being fired, and third with the existing command & control network. The integration of various electronic equipment, sensors, warheads, kill vehicles, propulsion systems, and other subsystems is very complex. There are present significant challenges present within the domain of large rockets and missiles in the rocket and missile industry. These challenges emanate from a multitude of factors, including the inherent complexity of these expansive systems.
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Rocket and Missile Companies - Northrop Grumman Corporation (US) and Lockheed Martin Corporation (US) are the Key Players
Northrop Grumman Corporation
Northrop Grumman Corporation has earned its profitability through its strong customer base and geographical presence. The company has invested in the development and procurement of new military platforms and defense systems, along with Integrated Air and Missile Defense system, to enhance the capabilities of its existing individual systems and provide real-time integration of multi-function defense systems. Northrop Grumman also strives to increase its market share through contracts worldwide in the defense systems market. At December 31, 2022, a total backlog of USD 78.7 Billion was found out which represents the future sales that is expected to recognize to firm orders received by the company.
Lockheed Martin Corporation
Lockheed Martin Corporation is a leading manufacturer of rockets and missiles. The company offer wide range of product portfolio for various application and has a strong global distribution network across the globe. In 2022, Lockheed martin’s USD 66.0 billion in net sales were generated from the U.S. Government that in total 73% of total net sale. The company focusing on strengthening and expanding its core businesses with constant product developments and targeted acquisitions. Lockheed Martin Corporation develops products majorly for the defense forces of the US.
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