New York, USA, July 22, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The rockets and missiles market was estimated at USD 59,862.24 million in 2023. The market valuation is expected to be USD 98,253.49 million by 2032, registering a staggering CAGR of 5.7% during the forecast period of 2024-2032.
What are Rockets and Missiles?
Rockets and missile systems are any kind of ammunition that convey flammable explosives to their quarry by means of rocket impetus. Rocket is a widespread terminology utilized predominantly to recount an assortment of jet-thrust missiles in which forward movement develops out of response to the posterior ejection of matter at elevated velocity. The compelling jet of gases normally comprises ignition commodities of solid or liquid fuels. Rocket impetus is a distinct projection of the family of the jet impetus engine that involves turbojet, pulse jet, and ramjet systems. The rocket engine is contradicted by these in that the constituents of its propulsive jet are independent within the vehicle.
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Key Market Stats:
- Rockets and missiles market size was valued at USD 59,862.24 million in 2023.
- The market is anticipated to grow from USD 63,202.56 million in 2024 to USD 98,253.49 million by 2032.
- The market is expected to exhibit a CAGR of 5.7% during the forecast period.
Major Findings from the Report:
- The market for rockets and missiles is anticipated to surge significantly due to the advancement of rising generation air missile and defense systems, which are being accompanied by both the military and defense industries globally.
- The rockets and missiles market segmentation are mainly based on speed, product, propulsion type, launch mode, and region.
- North America registered as the largest market share.
Rockets and Missiles Market Drivers and Trends:
- Rising Defense Budgets: The global demand for rockets and missiles is rising significantly due to the growing defense budgets of surfacing nations. As these nations organize bracing their military potential, there is a correlating surge in demand for progressive missiles and rocket systems.
- Growing Investments in the Military: Concurrently, the growing funding of the military by entrenched powers to initiate superiority on the battlefield is pushing market growth. For instance, in October 2021 KONGSBERG endorsed settlements worth MNOK 1426 with the Norwegian Navy for conveying contemporary Naval Strike Missiles and expanding the functional longevity of prevailing checklist.
- Growing Terrorist Activities: The growing cases of terrorist ventures and bounded disputes have elevated worries about national security covering the globe. This has caused an escalating significance on military readiness and defense disbursement, especially in advancing nations, which has propelled the rockets and missiles market forward.
- Advancements of Rockets and Missiles: Nations including Russia, the U.S., China, and India are reinforcing their military robustness through progression in weapon potential, which involves the advancement and deployment of contemporary rockets and missile systems. For instance, in March 2019, Lockheed Martin attached a $1.13 billion undertaking from the U.S. Army for Lot 14 production of Guided Multiple Launch Rocket System (GMLRS) rockets and connected instruments.
Market Challenges:
The demand for rockets and missiles market growth is anticipated to be constrained by encountering strict directives connected to worldwide reliability, the possible squandering of progressive missile technology, and the spread of arms of mass destruction. Furthermore, national transport regulation and licensing needs additionally mess up worldwide sales of rocket and missile technology. Governments inspect and prohibit the conveyance of susceptible technologies involving counseling systems and propulsion.
Industry’s Prominent Players:
- BAE Systems
- Bharat Dynamics Limited
- Boeing
- Denel Dynamics
- L3Harris Technologies
- Lockheed Martin
- MBDA
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Geographical Landscape:
The North American region accounted for the most rockets and missiles market share. This is a result of several enterprises and partnerships between the U.S. and Canada. The North American Aerospace Defense Command (NORAD) plays an important part in aerospace caution, aerospace regulation, and maritime caution for North America.
Moreover, because of missile advancement and positioning due to its complex geopolitical variability and security worries, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Speed Outlook:
- Subsonic
- Supersonic
- Hypersonic
By Product Outlook:
- Cruise Missiles
- Ballistic
- Rockets
- Torpedoes
By Propulsion Type Outlook:
- Solid
- Hybrid
- Turbojet
- Others
By Launch Mode Outlook:
- Surface to Surface
- Surface to Air
- Air to Air
- Air to Surface
- Subsea to Surface
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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