Global Rocket And Missile Market Size, Drivers, Trends, Opportunities And Strategies – Includes Rocket And Missile Market Forecast
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The rise in terrorism and geopolitical instabilities are expected to drive innovation in rocket and missile manufacturing, thus driving the market during the forecast period.
The global rocket and missile market is expected to grow from $56.84 billion in 2022 to $60.39 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The rocket and missile market size is expected to reach $73.91 billion in 2027 at a CAGR of 5.1%.
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- By Type: Missile, Rocket
- By Guidance Type: Guided, Self-Guided
- By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
- By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global rocket and missile market in 2021.
Major Market Players in the rocket and missile market include Denel Dynamics, General Dynamics Corporation, Kongsberg Defence and Aerospace, Lockheed Martin Corporation, MBDA Missile Systems Inc.
Technological advancements are a key trend in gaining popularity in the rockets and missiles market. Major companies operating in the rockets and missiles market are focused on radar seeker technologies solutions to strengthen their position in the market. For instance, in April 2020, Raytheon Missiles & Defense, a US-based aerospace and defense company, launched an SM-2™ missile. The SM-2TM missile tracks threats near the water’s surface, guarding against anti-ship missiles and aircraft for up to 90 nautical miles. It includes radar seeker technology in continuous wave and interrupted continuous waveguiding modes, tail controls, solid rocket motor propulsion to engage high-speed maneuvering threats, and upgraded radar targeting and directed warheads.
The Rocket And Missile Global Market Report 2023 provides a rocket and missile market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The rocket and missile market forecast analyzes rocket and missile market size, rocket and missile market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Rockets and Missiles refer to a category of military weapons system that uses rocket propulsion to deliver explosive warheads to their targets. The primary purpose of rockets is not only used in weapons but to deliver scientific apparatus or humans to regions inaccessible by conventional modes of transportation. Additionally, a missile is an autonomous uncrewed rocket capable of delivering a payload to a specific location to destroy the object/target.
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