Claim 30% Off Global Market Reports With Code ONLINE30 – Insights on Tariff Effects, Global Trade, and Industry Disruptors

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How Is The Rocket and Missile Market Expected To Grow In Terms Of Size?

There has been a robust growth in the rocket and missile market size over the past few years. The market is projected to increase from $64.14 billion in 2024 to $68.26 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The historical growth in this market can be ascribed to factors such as military and defense budgets, geopolitical conflicts, dynamics of the arms race, initiatives for space exploration, changes in warfare tactics, and programs for defense modernization.

In the coming years, a robust expansion is predicted for the rocket and missile market. It is anticipated to escalate to $87.51 billion by 2029, with a compound annual growth rate (CAGR) pegged at 6.4%. The surge during the projected period is due to elements such as the advent of space tourism and lunar expeditions, the emergence of new threats, an increase in commercial satellite implementation, and the commercialization of space. Prominent trends mapped out in the same phase encompass eco-friendly propulsion, the use of artificial intelligence and autonomous systems, a trend towards technological miniaturization, and AI-driven technological solutions.

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What Underlying Factors Are Supporting The Rocket and Missile Market Growth?

The escalating trends in terrorism and growing geopolitical turmoil are anticipated to propel the expansion of the rockets and missiles market. Terrorism, characterized by the usage of threat or violence to instigate fear, aims to manipulate governments and citizens into backing specific political or societal objectives. Such conflicts and radical political activities catalyze the extensive use of rockets and missiles to secure international land borders from illegal activities. For example, the US Customs and Border Protection Enforcement Statistics of 2022 showed a significant increase in total enforcement action from 646, 822 in 2020 to 2, 493, 721 in 2022. Consequently, the intensifying terrorism and geopolitical instabilities fuel the growth of the rocket and missile market.

What Segmentation Insights Are Provided In The Rocket and Missile Market Research?

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

Subsegments:

1) By Missile: Tactical Missiles, Strategic Missiles, Cruise Missiles, Ballistic Missiles, Air-To-Air Missiles, Surface-To-Air Missiles

2) By Rocket: Launch Vehicles, Space Rockets, Sounding Rockets, Military Rockets, Propellant Rockets

Which Notable Trends Are Transforming The Rocket and Missile Market Outlook?

Firms that dominate the rocket and missile industry are focusing on the development of cutting-edge technologies, such as air missiles, in order to expand their customer reach, boost sales, and grow their revenue. Air missiles, also often referred to as guided missiles, are projectiles which are purposefully launched to follow a set path through the air, aiming at a certain target. Take for example, Bharat Dynamics Limited (BDL), an India-based firm that manufactures ammunition and missile systems. In February 2023, they introduced Vertical Launched VL SR SAM, a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and a Drone Delivered Missile. This VL SR SAM distinguishes itself as an innovative ship-based air defense system suitable for all weathers, particularly designed for swift response to supersonic sea-skimming threats. It includes features such as a canisterized missile, a Weapon Control System (WCS), a Vertical Launcher Unit (VLU), a Multi-Function Radar (MFR), a Launcher Control System (LCS), a Data Link Transceiver (DLX), and an Inertial Navigation System (INS). This new-generation system provides a comprehensive defensive strategy. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, noted for its subsonic nature, has an impressive 4000-meter range and a 25-second flight duration. It is impressively versatile, with deployment options from either a tripod or a BMP, offering flexibility in several situations. Highlighting its lightweight and miniature design, the Drone Delivered Missile has been designed to address soft-skinned targets. It boasts a 1.5 km range and a quick 9-second flight time, demonstrating its excellent capability to counter drone-inflicted threats effectively and accurately.

Which Companies Are Contributing Significantly To The Rocket and Missile Market Growth?

Major companies operating in the rocket and missile market are Denel Dynamics (Pty) Ltd., General Dynamics Corporation, Kongsberg Defence & Aerospace AS, Lockheed Martin Corporation, MBDA Incorporated, Roketsan Roket Sanayii ve Ticaret A.S., Mesko S.A., Nordic Ammunition Company, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Hindustan Aeronautics Limited, Larsen & Toubro Ltd., Rostec State Corporation, Tactical Missiles Corporation, Almaz-Antey Concern, Novator Design Bureau, JSC Makeyev Design Bureau, Yuzhnoye Design Office, YUZHMASH, Pakistan Ordnance Factories, Konstruktorskoye Byuro Radioelektronnykh Priborov, NPO Mashinostroyenia, The Boeing Company, Northrop Grumman, Defence Research and Development Organisation

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Which Geographic Regions Are Creating Strong Demand In The Rocket and Missile Market?

North America was the largest region in the rocket and missile market analysis in 2024. The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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