Newark, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global rocket and missile market is expected to grow from USD 61.83 billion in 2021 to USD 92.75 billion by 2030, at a CAGR of 4.61% during the forecast period 2022-2030.
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The rising conflicts between countries in territorial disputes, ideological differences, border issues, and social and geopolitical situations have brought the changing form of wars in the contemporary world. Enemy targets are destroyed from miles away with precision-guided missiles without any direct involvement of personnel. Incoming rockets and missiles are intercepted with the advanced anti-defense systems capable of changing paths and effectively destroying the targets. The 13-day Israel-Hamas war saw the effectiveness of the iron dome in protecting the Israeli population from hundreds of rockets fired by the Hamas from the Gaza strip. Israel has now developed a naval version of the same iron dome called the C dome to protect its nation. Similar developments worldwide depicting the effectiveness of missiles, rockets, surveillance, and defense systems have persuaded the national governments globally to increase their defense spending. The increase in defense expenditure to secure national security interests will drive the growth of the global rocket and missile market. Increased research and development to produce high-end defense equipment with better performance, range, effectiveness, and ability to invade surveillance with its stealth technologies will provide lucrative opportunities to the market players in 2022-2030. However, the development of such sophisticated and complex systems requires extensive capital expenditure, which could hamper the growth of the global rocket and missile market. Similarly, integrating new and advanced rockets and missiles with conventional defense systems is complex, potentially challenging the market's growth.
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| Parameters | The Brainy Insights |
| Base year | 2022 |
| Forecast period | 2023 to 2030 |
| Representation | Revenue (USD million) |
| Detailed Type Segmentation | ✔ |
| Detailed Application Segmentation | ✔ |
| Detailed End-User Segmentation | ✔ |
| Post Sale Queries | ✔ |
| Company profiles of key manufacturers | ✔(Additional 8-10 companies) |
| Customization | ✔(As per your requirement) |
Competitive Strategy
To enhance their market position in the global rocket and missile market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• The Naval Sea Systems Command of the United States Navy has signed a 146 million contract with the Raytheon Company. Raytheon is one of the most significant rockets and missile market players. Raytheon will provide guided missile round packs to the United States navy under this agreement.
Market Growth & Trends
The growing budgetary defense expenditure to modernize the army, navy, and air force will drive the rocket and missile market growth. The changing geopolitical dynamics, which highlight the critical nature of having a robust naval and air force defense structure, will contribute to developing new naval and air missile defense systems. Collaborative efforts between governments and private market players increased the thriving space for defense startups. The growing trend of defense indigenization will propel the growth of the rockets and missiles market. The rise of extremist groups and organizations leading to cross-border terrorism, targeted attacks, and killings have pressured the governments to improve their security measures to protect national interests, defense assets, civilian infrastructure, and the lives of their citizens. Integrating advanced weaponry to combat enemy actions has garnered the attention of the governments, who are now producing high-end missiles that are strategically placed to deter the aggressor. Advanced features will allow the military to intercept and target hostiles effectively without the active involvement of their personnel. For example, India and Russia collaborated to develop the Brahmos missiles. A naval variant was recently test-fired from the indigenously designed aircraft carrier INS Vishakhapatnam. Also, the Philippines has signed an agreement with the government of India to procure the Brahmos missiles from India. India has acquired the S-400 defense missile systems for Russia. India has also indigenously developed the PINAKA multiple launch rocket system (MLRS). Such indigenous rocket and missile manufacturing and collaborative efforts are being witnessed globally considering the dire state of national security. All these developments will positively and significantly aid in the growth of the global rocket and missile market.
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Key Findings
• In 2021, the missile segment dominated the market with the largest market share of 62% and market revenue of 38.33 billion.
The type segment is divided into missiles & rockets. In 2021, the missile vehicle segment dominated the market with the largest market share of 62% and market revenue of 38.33 billion.
• The solid propulsion segment is expected to grow at the fastest CAGR of 5.57% over the forecast period.
The propulsion type segment is divided into ramjet, turbojet, scramjet, liquid propulsion, solid propulsion, & hybrid propulsion. Over the forecast period, the solid propulsion segment is expected to grow at the fastest CAGR of 5.57%.
• In 2021, the ground segment accounted for the largest share of the market, with 45% and a market revenue of 27.82 billion.
The platform segment is divided into ground, airborne, & naval. In 2021, the ground segment accounted for the largest share of the market, with 45% and a market revenue of 27.82 billion.
• In 2021, the surface-to-surface segment accounted for the largest share of the market, with 42% and market revenue of 25.96 billion.
The launch mode segment is divided into surface-to-surface, air-to-air, surface-to-air, air-to-surface, and subsea-to-surface. In 2021, the surface-to-surface segment accounted for the largest share of the market, with 42% and market revenue of 25.96 billion.
Regional Segment Analysis of the Rocket and Missile Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global rocket and missile market, with a market share of around 39.81% and 24.61 billion of the market revenue in 2021. The rocket and missile market in North America has been expanding rapidly. The United States of America dominates the rocket and missile market in the North American region. The federal US government's increasing spending on defense to maintain its global strategic army, naval, and air force bases will significantly contribute to the North American rocket and missile market.
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Key players operating in the global rocket and missile market are:
• Rafael Advanced Defense Systems Ltd.
• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Thales Group
• Northrop Grumman Corporation
• BAE Systems
• General Dynamics Corporation
• MBDA Missiles Systems
• Denel Dynamics
• Saab AB
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global rocket and missile market based on the below-mentioned segments:
Global Rocket and Missile Market by Type:
• Rockets
• Missiles
Global Rocket and Missile Market by Propulsion Type:
• Ramjet
• Turbojet
• Scramjet
• Liquid Propulsion
• Solid Propulsion
• Hybrid Propulsion
Global Rocket and Missile Market by Platform:
• Ground
• Airborne
• Naval
Global Rocket and Missile Market by Launch Mode:
• Surface-to-Surface
• Air-to-Air
• Surface-to-Air
• Air-to-Surface
• Subsea-to-Surface
About the report:
The global rocket and missile market are analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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