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Rockets and Missiles Market Size
Rockets and Missiles Market was valued at USD 57.8 billion in 2023 is expected to grow at a CAGR of over 6% between 2024 and 2032. The increasing regional efforts and alliances targeted at improving defense capabilities are driving market growth.
The demand for sophisticated missile and rocket systems has increased due to rising concerns about global security, which calls for effective development and deployment plans. Growing geopolitical tensions have prompted governments to improve their defense capabilities, which has led to continued advancements and investments in missile technology. For instance, in April 2024, Russia conducted the test for its intercontinental ballistic missile at Kapustin Yar rocket launch complex.
With initiatives, such as defense agreements and cooperative development projects, encouraging advancements in rocket and missile technologies, higher production is required to meet strategic military needs. International collaborations have further fueled this desire by bolstering interoperability and standardization in defense equipment and facilitating smooth communication amongst allies. In addition to stimulating the market for rockets and missiles, this regional cooperation improves defense capabilities and strategic effectiveness globally, thereby promoting security.
Technology is changing swiftly, altering the market for missiles and rockets. Cutting-edge technologies, such as autonomous driving systems, telematics, and connectivity, are improving the efficiency, safety, and production of rockets and missiles. Defense agencies are increasingly investing in missiles and rockets with advanced features to maximize deployment, enhance targeting precision, and save operational expenses. The defense sector is promoting an innovative and adaptable culture while increasing the demand for newer models integrated with cutting-edge equipment.
Report Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 57.8 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 6% |
2032 Value Projection: | USD 99.6 Billion |
Historical Data for: | 2021 - 2023 |
No. of Pages: | 280 |
Tables, Charts & Figures: | 330 |
Segments covered: | Product, Speed, Propulsion, Launch Mode |
Growth Drivers: |
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Pitfalls & Challenges: |
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The rockets and missiles market faces several restraints that impact its growth. One of the major challenges is the high costs associated with research and regulatory compliance. Developing sophisticated missile and rocket systems incurs heavy research and testing expenses, straining even the largest defense contractors' budgets and putting smaller businesses at a competitive disadvantage. The market is highly regulated, with strict international rules and compliance standards for the creation, transfer, and application of these technologies. These laws, which are intended to maintain international security and stop expansion, may hinder market growth by restricting the freedom to develop and export goods internationally.
Rockets and Missiles Market Trends
The rockets and missiles industry are witnessing dynamic trends driven by the rising modifications and product launches. Leading military businesses are focused on product launches and updates, leading to dynamic changes in the rocket and missile market. Manufacturers are emphasizing innovation and customization in response to changing strategic goals and regulatory requirements. More sophisticated features, such as improved propulsion technology, stealth capabilities, and guiding systems, are offered as standard.
In addition, the industry landscape is changing due to the development of reusable and hypersonic missile technologies, reflecting an increased emphasis on efficacy and efficiency. These developments revolutionize contemporary combat while improving the efficiency and precision of missiles and rockets. The market is expected to undergo further transformation and expansion as major companies continue to push the limits of technology and design. For instance, in April 2024, North Korea tested a new hypersonic missile as part of its plan to use solid fuel to power missiles of all ranges.
Rockets and Missiles Market Analysis
![Rockets and Missiles Market Size, By Speed, 2022 – 2032, (USD Billion) Rockets and Missiles Market Size, By Speed, 2022 – 2032, (USD Billion)](https://cdn.gminsights.com/image/rd/aerospace-and-defense/rockets-and-missiles-market-size-by-speed-2024-2032.webp)
Based on speed type, the market is categorized into subsonic, supersonic, and hypersonic. The supersonic missiles segment held 55% market share in 2023. supersonic speed segment in the rocket and missile market is anticipated to experience significant growth. This surge is propelled by increasing demands for faster delivery of payloads, heightened military requirements for rapid response capabilities, and advancements in propulsion and aerodynamics technologies. The trend reflects a shift towards next-generation missile systems capable of achieving supersonic velocities, enhancing combat effectiveness, and addressing emerging threats in modern warfare scenarios.
![Rockets and Missiles Market Share, By Product, 2023 Rockets and Missiles Market Share, By Product, 2023](https://cdn.gminsights.com/image/rd/aerospace-and-defense/rockets-and-missiles-market-share-by-product-2024-2032.webp)
Based on product, the market is divided into rockets and missiles. In 2023, the missiles segment is expected to exceed USD 72 billion by 2032. Missiles remain the backbone of the defense sector, offering unmatched precision, range, and versatility. They are essential for deterrent, strategic military operations, and other defense applications requiring extreme precision and dependability due to their strong performance.
Moreover, their sustained market dominance is facilitated by the vast infrastructure that supports missile development and deployment. The continued necessity for missiles emphasizes their relevance and significance in meeting the various defense requirements of countries all over the world. The strategic benefits of missiles, such their ability to target precisely and sophisticated guidance systems, ensure that they will remain an essential part of contemporary military weapons.
![North America Rockets and Missiles Market Size, 2022 -2032, (USD Billion) North America Rockets and Missiles Market Size, 2022 -2032, (USD Billion)](https://cdn.gminsights.com/image/rd/aerospace-and-defense/north-america-rockets-and-missiles-market-size-2024-2032.webp)
North America dominated the global rockets and missiles market with a major share of 35% in 2023. North America dominates the market due to several key factors. One such factor is the strong defense industrial base. Industry leaders are developing innovative rocket and missile technologies. These businesses are highly skilled in developing and producing cutting-edge missile systems, which are in high demand both locally and abroad. North America also benefits from massive defense funds provided by the U.S. government, the biggest defense spender in the world. This financial aid enables continuous updates to rocket and missile research, development, and acquisition.
As security concerns and geopolitical tensions increase, European countries are increasingly investing in defense modernization initiatives. The development of innovative rocket technologies, string missile defense systems, and advanced strategic capabilities are the main goals of these investments. Additionally, cooperative initiatives between NATO allies and members of the EU are encouraging cooperative development projects and technology exchange, leading to the growth of the market in Europe.
The Asia Pacific region's market for missiles and rockets is expanding significantly due to the rising defense spending and political instability. With the active military anticipation of countries including China, India, Japan, South Korea, and Australia, there is an increasing market for sophisticated missile and rocket systems. Particularly, China and India are making significant investments in the development of homegrown missile technologies, such as hypersonic and Intercontinental Ballistic Missiles (ICBMs). Australia is focused on strengthening its maritime and aerial defense capabilities, while South Korea and Japan are improving their missile defense systems. Collaborations and partnerships between local and international defense contractors also contribute to this progress, advancing technology and expanding the market in Asia Pacific.
Rockets and Missiles Market Share
Lockheed Martin Corporation and Raytheon Technologies Corporation held significant market share of over 10% market share in 2023. These industry giants continue to lead the market through their technological advancements and strategic partnerships, bolstering their positions. They have been able to adjust to changing geopolitical demands and defense requirements by expanding their product portfolios owing to their proactive investments.
Through significant investments in R&D, these organizations have pioneered the development of innovative rocket and missile technology and complied with strict international security regulations. With their dedication to innovation and sustainability, they have improved performance capabilities and minimized environmental impacts, fulfilling the strict requirements of defense agencies and reinforcing global security. The strategic fusion of innovation, cooperation, and market adaptation that Lockheed Martin and Boeing have implemented has strengthened their leadership positions in the quickly changing rocket and missile industry.
Rockets and Missiles Market Companies
Major players operating in the rockets and missiles industry 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
Rockets and Missiles Industry News
- In April 2024, Lockheed Martin introduced the Mako, an air-launched, multi-mission hypersonic missile aimed at the US Navy and Air Force. This advanced missile, designed for rapid deployment and versatile missions, represents Lockheed's ongoing innovation in hypersonic technology and defense capabilities.
- In June 2023, BAE Systems announced plan to design the next-generation missile launch system for the US Navy. This advanced system aims to enhance the Navy's missile deployment capabilities, ensuring greater efficiency, versatility, and readiness in future naval operations.
The rockets and missiles market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) and shipment (Units) from 2021 to 2032, for the following segments:
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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
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Belgium
- Sweden
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Vietnam
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
- Iran
- Turkey
- Rest of MEA
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