DELRAY BEACH, Fla., Oct. 23, 2024 /PRNewswire/ -- The global rocket and missile market is projected to reach USD 85.22 billion by 2029, from USD 62.50 billion in 2024, at a CAGR of 6.4% according to a new report by MarketsandMarkets. The growth of the rockets and missiles market is driven by several factors, including increasing defense programs with the objective of strengthening country security against threats. Due to ongoing conflicts and rising defense expenditures worldwide, there is an increase in demand for missiles and rockets. In addition to changing the nature of warfare and the advancement of missile defense systems, governments efforts to strengthen their military preparedness and capabilities also contribute to this market expansion. Businesses are spending on R&D and advancing in rocket and missile technologies to strengthen their position in the market. Key players have spread their business across various countries including North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.
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Browse in-depth TOC on "Rocket and Missile Market"
336 - Tables
79 - Figures
349 - Pages
Rocket and Missile Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 62.50 billion |
Estimated Value by 2029 | $ 85.22 billion |
Growth Rate | Poised to grow at a CAGR of 6.4% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Speed, By Product, By Propulsion Type, By Guidance Mechanism, By Launch Platform and By Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complex integration of large rockets and missiles |
Key Market Opportunities | New-generation air and missile defense systems |
Key Market Drivers | Rising global defense expenditure |
Based on product, the missiles segment is estimated to capture largest share in the market during the forecast period.
The missile segment is estimated to capture largest share during the forecast period due to the precision and versatility of missiles in modern defense make them significant to the rocket and missile industry. There is an increasing demand for precision, speed, and adaptability due to increasing concerns regarding global safety and evolving tactics in warfare. Missiles, particularly those with precise guidance systems, offer militaries the capacity to strike crucial targets with precision and effectiveness. They are crucial for both active conflict and deterrence because of their capacity to minimize collateral damage while delivering powerful, targeted responses. This capacity also encourages ongoing investment and innovation in the market.
Based on Launch Mode, the Surface-to-Surface segment is forecasted to grow at highest CAGR during forecast period.
The Surface-to-Surface segment is forecasted to grow at the highest CAGR during the forecast period. This segment is expanding due to their versatility and cost-efficiency. These systems, designed to launch rockets or missiles from the ground to strike land or sea targets, offer nations a lower-cost alternative to aircraft and complex launch systems. Their ability to deliver targeted strikes, along with advancements that reduce production and maintenance costs, makes them accessible to countries with limited defense budgets. This affordability supports mass deployment and regular upgrades, maintaining military capabilities and driving demand in the global defense market.
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North America is expected to capture the largest share during the forecast period in 2024.
The rocket and missile industry in North America is expected to lead in 2024. The US is the largest market for rockets and missiles in North America. With increased military expenditure, defense contracts, and advanced rocket and missile programs, the region is leading the market. Many key players are present in this region, working on advanced rocket and missile technologies.
Key Players
The major players in rockets and missiles companies include Lockheed Martin Corporation (US), RTX (US), BAE Systems (UK), Northrop Grumman (US), Boeing (US) Israel Aerospace Industries (Israel), Thales (France), LIG Nex1 (South Korea), Saab AB (Norway), MBDA (France), KONGSBERG (Norway), Hanwha Aerospace (South Korea), Elbit Systems Ltd. (Israel), RAFAEL Advanced Defense Systems Ltd. (Israel), General Atomics (US) and Denel Dynamics (South Africa).
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