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Rocket and Missile Market Growth Forecast 2024-2033: What’s the Expected Rate?

In recent times, the rocket and missile market has experienced significant growth. The market value is predicted to rise from $61.1 billion in 2023 to $65.49 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. The historic growth of this market has been influenced by factors such as military and defense spending, geopolitical conflicts, dynamics of the arms race, space exploration ventures, changes in warfare tactics, and defense modernization initiatives.

The market size of rockets and missiles is set to experience robust expansion in the coming years. It is predicted to amplify to $85.09 billion in 2028, with an annual compound growth rate (CAGR) of 6.8%. The surge during the forecast period can be ascribed to factors such as space tourism and lunar expeditions, the surfacing of new threats, an increase in the deployment of commercial satellites, and space commercialization. During the forecast period, major trends like eco-friendly propulsion, autonomous systems with artificial intelligence, technological down-sizing, and AI-based technological solutions are expected to prevail.

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What Factors Are Impacting the Growth of the rocket and missile Market?

The escalation of terrorism coupled with geopolitical instabilities are anticipated to propel the rockets and missiles market in the future. Terrorism, through acts or threats of violence, instills fear to coerce a government and its citizens towards specific political or social outcomes. Such acts of conflict and political extremism encourage the widespread usage of rockets and missiles to protect international border security from illegal activities. For instance, data from the US Customs and Border Protection Enforcement Statistics 2022, show that enforcement activities rose from 646, 822 in 2020 to 2, 493, 721 in 2022. Consequently, the amplified levels of terrorism and geopolitical instability are fueling the growth of the rocket and missile market.

Which Segments Play a Vital Role in the Rocket and Missile Market?

The rocket and missile market covered in this report is segmented –

1) By Type: Missile, Rocket

2) By Guidance Type: Guided, Self-Guided

3) By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion

4) By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air

What Trends Are Shaping the New Direction of the Rocket and Missile Market?

Key players in the rocket and missile market are focusing on innovating advanced technologies like air missiles to reach a wider customer base and increase their sales and revenue. Often termed a guided missile, an air missile is a propelled apparatus engineered to identify and follow a specified target through the air. For example, Bharat Dynamics Limited (BDL), an Indian firm that produces ammunition and missile systems, unveiled its Vertical Launched VL SR SAM missile, a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and Drone Delivered Missile, in February 2023. The VL SR SAM is an innovative, ship-based air defense system that responds quickly to supersonic sea-skimming threats, irrespective of weather conditions. Equipped with a canisterized missile, Weapon Control System (WCS), Vertical Launcher Unit (VLU), Multi-Function Radar (MFR), Launcher Control System (LCS), Data Link Transceiver (DLX), and Inertial Navigation System (INS), this advanced system provides a comprehensive defense solution. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, known for its subsonic speed, has a flight time of twenty-five seconds and an impressive 4000-meter range. It is incredibly versatile and can be launched from a tripod or a BMP, making it adaptable in different situations. Moreover, the Drone Delivered Missile is specially designed to engage soft-skinned targets, with its compact, lightweight build. It has a swift flight time of 9 seconds and a range of 1.5 kilometers, making it highly effective in countering drone threats with accuracy and efficiency.

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Which Regions Are Making a Mark in the Rocket and Missile Market Growth?

North America was the largest region in the rocket and missile market analysis in 2023. The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Rocket and Missile Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the rocket and missile market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Rocket and Missile Market Include

1. Rocket and Missile Market Executive Summary

2. Rocket and Missile Market Segments

3. Rocket and Missile Market Size And Template Market Growth Rate

4. Key Rocket and Missile Market Trends

5. Major Rocket and Missile Market Drivers

……

25. Key Mergers And Acquisitions In The Rocket and Missile Market

26. Top Rocket and Missile Companies

27. Rocket and Missile Market Opportunities And Strategies

28. Rocket and Missile Market, Conclusions And Recommendations

29. Appendix

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