Rockets and Missiles Market Size
Rockets and Missiles Market worth USD 57.8 billion in 2023 is projected to grow at a CAGR of more than 6% from 2024 to 2032. Growing regional efforts and collaborations aimed at enhancing defense capabilities are boosting market growth.
The need for advanced missile and rocket systems has risen with heightened global tensions over security, necessitating sound development and deployment strategies. Increased geopolitical tensions have made governments further enhance their defense forces, which has culminated in the ongoing improvement and investment in missile technology. For example, Russia tested its intercontinental ballistic missile at Kapustin Yar rocket launch complex in April 2024.
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Through efforts, including defense pacts and collaborative development ventures, promoting advances in rocket and missile technologies, increased production is needed to support strategic military requirements. Global alliances have also kindled this interest by enhancing interoperability and standardization of defense hardware and providing effective communication between allies. Beyond stimulating the rockets and missiles market, this cooperation within the region enhances defense strength and strategic effectiveness worldwide, hence fostering security.
Technology is evolving rapidly, transforming the missile and rocket market. Advanced technologies, including autonomous driving systems, telematics, and connectivity, are enhancing the efficiency, safety, and manufacturing of rockets and missiles. Defense organizations are investing more in missiles and rockets with advanced capabilities to optimize deployment, improve targeting accuracy, and reduce operational costs. The defense industry is fostering an innovative and flexible culture while raising the demand for newer models equipped with advanced equipment.
Rockets and Missiles Market Trends
The missiles and rockets industry are experiencing dynamic trends due to the increasing changes and product releases. Top military companies are concentrating on product releases and updates, resulting in dynamic shifts in the missile and rocket market. Companies are stressing innovation and customization due to shifting strategic objectives and regulatory needs. More advanced features like enhanced propulsion technology, stealth systems, and guiding systems are provided as a standard.
Further, the market dynamics are transforming because of advances in reusable and hypersonic missile technology, evidencing a heightened focus on effectiveness and efficiency. Such advancements revolutionize modern-day combat while enhancing the efficiency and accuracy of missiles and rockets. The market will also see additional change and growth as leading players continue to expand technology and design limits. For example, North Korea in April 2024 tested a new hypersonic missile as part of its strategy of using solid fuel to propel missiles of all ranges.
Rockets and Missiles Market Analysis
Discover more about the most significant segments influencing this market
On the basis of speed type, the market is divided into subsonic, supersonic, and hypersonic. The supersonic missiles segment captured 55% market share in 2023. supersonic speed segment of the rocket and missile market is expected to witness huge growth. The growth is driven by rising demands for quicker delivery of payloads, enhanced military needs for quick response capabilities, and technology improvements in propulsion and aerodynamics. The trend indicates a move towards third-generation missile systems with the capability to reach supersonic speeds, increase combat capabilities, and tackle emerging threats in contemporary warfare contexts.
Rockets and Missiles Market Share
Lockheed Martin Corporation and Raytheon Technologies Corporation possessed substantial market share of more than 10% market share in 2023. These industry leaders continue to dominate the market through their innovations and strategic collaborations, strengthening their positions. They have managed to adapt to evolving geopolitical needs and defense needs by diversifying their product lines due to their aggressive investments.
By making huge investments in R&D, these companies have led the way in creating cutting-edge rocket and missile technology and adhered to stringent international security standards. With their focus on innovation and sustainability, they have enhanced performance capabilities and reduced environmental footprints, meeting the stringent demands of defense agencies and strengthening global security. The strategic integration of innovation, cooperation, and market adaptation by Lockheed Martin and Boeing has reinforced their leadership in the rapidly evolving rocket and missile sector.
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Rockets and Missiles Market Companies
Key players in the rockets and missiles sector are
BAE Systems plc
Boeing Company
Brahmos Aerospace
China Aerospace Science and Industry Corporation (CASIC)
Denel Dynamics
Irkut Corporation
Kongsberg Gruppen ASA
Lockheed Martin Corporation
Raytheon Technologies Corporation
Rheinmetall AG
Roketsan A.S.
Saab AB
Safran S.A.
Thales Group
Market, By Product
Rockets
Guided
Unguided
Missiles
Cruise missiles
Ballistic missiles
Anti-tank missiles
Others
Market, By Speed
Subsonic
Supersonic
Hypersonic
Market, By Propulsion
Solid
Liquid
Hybrid
Others
Market, By Launch Mode
Surface-to-surface
Surface-to-air
Air-to-air
Air-to-surface
Subsurface-to-surface
