Home > Aerospace & Defense > Defense and Safety > Weapons and Ammunition > Rockets and Missiles Market

Rockets and Missiles Market Trends

Report ID: GMI9683
Published Date: May 2024
Report Format: PDF

Download Free Sample

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.

Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

Industry size for rockets and missiles was worth USD 57.8 billion in 2023 and is projected to expand at over 6% CAGR from 2024 to 2032, owing to the rising concerns about the global security.

The supersonic speed type segment in the rockets and missiles industry recorded 55% market share in 2023 and is estimated to depict substantial growth between 2024 and 2032, owing to the increasing demands for faster delivery of payloads, heightened military requirements for rapid response capabilities, and advancements in propulsion and aerodynamics technologies.

The missiles segment in the rockets and missiles industry is projected to account for more than USD 72 billion by 2032, as they are essential for deterrent, strategic military operations, and other defense applications.

North America market recorded 35% market share in 2023 and is anticipated to grow at significant rate between 2024 and 2032, due to the presence of strong industrial base.