CHICAGO, Sept. 14, 2023 /PRNewswire/ -- The rocket and missile market size is projected to grow from USD 57.7 billion in 2023 to USD 77.4 billion by 2028, at a CAGR of 6.1% from 2023 to 2028 according to a new report by MarketsandMarkets. The demand for advanced weapons is majorly increased due to the increasing insurgency threats that have brought attention to the necessity for stand-off surgical strikes and precision attacks. Therefore, to the need of minimising collateral damage and arming soldiers with cutting-edge weapons, the market for rockets and missiles has expanded.
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270 - Tables
57 - Figures
258 - Pages
Rocket and Missile Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 57.7 billion |
Estimated Value by 2028 | $ 77.4 billion |
Growth Rate | Poised to grow at a CAGR of 6.1% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million) and Volume (Thousand Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Speed, Propulsion Type, Launch Mode, Guidance Mechanism & Region |
Geographies Covered | Asia Pacific, Europe, North America and Rest of World |
Key Market Challenge | Integration issues of larger rockets and missiles |
Key Market Opportunities | Miniaturization of missiles and their components |
Key Market Drivers | Growing defense programs to secure nations against various threats |
The ballistic missile segment is projected to grow at the highest CAGR during the forecast period.
Ballistic missiles can deliver warheads at very long ranges with the capability to carry various warheads. They follow a ballistic trajectory, and the deliverable warhead can be guided to a location or target that needs to be destroyed. They are used for strategic gains to help achieve a long-term military advantage. Based on range, ballistic missiles are segmented into short range ballistic missiles (SRBM), medium range ballistic missiles (MRBM), intermediate-range ballistic missiles (IRBM), and intercontinental ballistic missiles (ICBM).
The subsonic segment registered the largest share in 2023.
Based on speed, the Rocket and missile market has been segmented into subsonic, supersonic, and hypersonic. Subsonic speed munitions are slower than the speed of sound. Most well-known subsonic missiles, such as the US Tomahawk cruise missile, the AGM-114 Hellfire, the French Exocet, and the Nirbhay of India, fall into this category. Subsonic missiles travel at around Mach 0.9 (approx. 1134.59 kmph). They are slow and easier to intercept but play a huge role in modern battlefields. They are substantially cheaper to produce as the technological challenges have been overcome. They provide an additional layer of strategic value due to their low speed and small size. Once a subsonic missile is launched, it can loiter in proximity to its intended target due to its fuel efficiency. This, along with its comparatively low speed, gives senior military decision-makers ample time to decide if a strike should continue or abandon. Comparatively, hypersonic or supersonic missiles enable a faster decision-making process. They are used to target armored vehicles, including tanks, bunkers, radar systems and antennas, communications installments, and soft targets.
The scramjet propulsion segment is projected to grow at the highest CAGR during 2023-2028.
Based on propulsion type, the Rocket and missile industry has been segmented into solid, liquid, hybrid propulsion, ramjet, turbojet, and scramjet. Scramjet, also called Supersonic Combusting Ramjet, is a higher version of the Ramjet engine. It is an air-breathing engine with combustion at supersonic speed. The engine relies on the speed of the missile to compress the incoming air before combustion and maintains its supersonic speed throughout the cycle. As of 2022, the US, Russia, China, and India have successfully achieved scramjet-powered hypersonic flights in a few minutes.
By launch mode, the surface-to-surface segment is estimated to account for the largest share of the Rocket and missile market in 2023.
Based on launch mode, the rocket and missile market has been segmented into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface. Surface to surface rockets and missiles are fired from the ground or the sea. They can be launched from hand-held or vehicle-mounted devices or fixed installations. Surface-to-surface missiles can be cruise or ballistic, which are launched using either stationary or slow-moving platforms. The various categories of surface-to-surface rockets and missiles include anti-ship, anti-tank, tactical ballistic, theater ballistic, intermediate range ballistic missile (IRBM), intercontinental ballistic missile (ICBM), and submarine launched ballistic missile (SLBM).
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The North America accounted for the largest share in rocket and missile market in 2023.
North America is accounted for the largest share of Rocket and missile market in 2023. Several leading players such as Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), and General Dynamics Corporation (US) have their presence in the North America. These players constantly focusing and investing on new product development to produce next edge defense solutions.
The Rockets and Missiles companies includes major players Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World.
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