Rocket and Missile Market

Industry Overview

The Global Rocket and Missile Market growth are expected to register a 6% CAGR during the forecast period. It is anticipated to reach a market size of USD 80.5 billion by 2030 from USD 60 billion in 2021. The increased adoption of rockets and missiles globally due to uncertain geopolitical conditions and the modern nature of warfare will accelerate the market development of the rocket and missile industry. Rockets and missiles are used to destroy enemy helicopters, planes, tanks, incoming missiles or rockets, ships, armored vehicles, submarines, and artillery.  The market is additionally influenced by the continuous developments in the Surface-to-Surface (SSM), Surface-to-Air (SAM), Air-to-Surface (ASM), Air-to-Air (AAM), and Subsea-to-Surface (SSM) missiles as a result of breakthroughs in warfare technologies for reducing battlefield time. 

Market Segmentation
Insight by Speed

Based on speed, the global rocket and missile market is segmented into Subsonic, Supersonic, and Hypersonic. The hypersonic segment is anticipated to have a high CAGR during the forecast period. A propulsion system is included in hypersonic rockets and missiles so they can travel at speeds of Mach 5 or greater, which is five times the speed of sound and is aerodynamic. Thus, hypersonic precision-guided weapons are challenging to block owing to their high speed. Many countries are developing and adopting hypersonic missile systems, thus creating market opportunities for industry players to develop hypersonic missile systems.

Insight by Propulsion Type

Based on Propulsion Type, the global rocket and missile market is segregated into Solid, Liquid, Hybrid, Scramjet, Turbojet, and Ramjet. Solid propulsion will be noticed to hold the largest market share in the global market during the forecast period owing to rising demand for cruise missiles, mounting use of solid fuel in ballistic systems, the surge in space programs, and increased defense budgets, which will drive the market growth. The aluminum powder used in making solid fuel is deployed in solid propulsion. This solid fuel can generate a substantial amount of thrust, thereby driving market growth.

Insight by Launch Mode

Based on Launch mode, the global rocket and missile market is classified into Surface to Surface, Surface to Air, Air to Air, Air to Surface, and Subsea to Surface. Surface to Surface is expected to hold the highest share in the global rocket and defense industry. The integration of modern digital technology in defense and military, rising demand for unmanned vehicles, and active technological phylogenies are some of the factors that drive market growth.

Insight by Product

Based on Product, the global rocket and missile market is categorized into Cruise Missiles, Ballistic Missiles, Rockets, and Torpedoes. Short-range ballistic missiles (SRBMs), medium-range ballistic missiles (MRBMs), intermediate-range ballistic missiles (IRBMs), and intercontinental ballistic missiles (ICBMs) are the four main categories of ballistic missiles. Ballistic missiles are expected to have significant growth during the forecast period. Only during their initial (boost) flight phase, do ballistic missiles use rocket power; thereafter, they follow an arcing trajectory to their target. Ballistic warheads travel at speeds several times faster than sound as they are pulled by gravity.

Rocket and Missile Market Report Coverage

Industry Dynamics
Growth Drivers

The increased expenditure on the defense budget to modernize the navy, army, and air force along with increasing monetary allocation to miniaturize missiles and related components, thereby fueling the market demand for rockets and the missile industry. To strengthen their air force, armed forces, and naval force, defense forces all over the world are constantly equipped with their individual troops along with the most advanced and cutting-edge rockets and missiles. Moreover, the concern related to security owing to the rising incidences of terrorist activities and surging cross-border disputes will have an influential impact on the global rocket and missile market.

The innovation built into regular missiles and rockets may now be tracked easily owing to cutting-edge locating techniques.  State-run administrations of various developing nations, including India, are increasing their tactical spending to buy technologically advanced rockets and missiles. These elements raise interest in the creation of rockets and missiles on a global scale.

Challenges

The high development costs for missile systems, high complexity, and the need for regular maintenance of rockets and missiles are anticipated to restrain market expansion. In the forecast period of 2022–2030, strict laws governing the use of missiles and problems with missile integration are expected to present challenges to the rocket and missile market.

Opportunities

Due to the reasons listed below, the global rockets and missiles market offers market participants a wide range of opportunities:
•    The development of hybrid fuel-powered missiles will provide potential prospects to the players operating in the global rocket and missile market.
•    Rising demand for rockets and missiles in emerging countries like India, South Korea, etc.
•    Rising Research and Development Activities in aerospace and defense post-COVID-19 crisis.
•    Increased adoption of AI in military activities

Geographic Overview

North America is expected to grow at the highest rate in the global rocket and missile market during the forecast period owing to the rising implementation of rockets and missiles to perform military missions and the rising adoption of advanced weapon systems by defense organizations.

Competitive Insight

The industry players are adopting strategies like novel product development and agreements, M&A, joint ventures, partnerships, and collaborations to enhance their worldwide presence in the rocket and missile market.
Northrop Grumman develops and manufactures missile products and includes advanced high-speed propulsion systems, fuzes, warheads, and controls for air, sea, and land-based systems. They are constantly reimagining products to meet or exceed today's program requirements and battlefield challenges while remaining cost-effective. They offer a one-of-a-kind offering to their customers because they are one of the few companies with market leadership in fuzing, warheads, proximity sensors, and tactical rocket motors.

Denel Dynamics is a part of Denel SOC Ltd, a pioneer in cutting-edge systems technology. Tactical missiles, precisely guided weapons, systems for unmanned aerial vehicles, and space solutions make up the bulk of their business. South Africa is where Denel Dynamics create, design, and produce products. Denel Dynamics is a South African National Defence Force strategic partner. In addition, the company encourages collaboration and partnerships with other developing countries such as Brazil and the United Arab Emirates. Umkhonto (Spear) Missile is Surface to Air Missile system that is designed, developed, and manufactured in South Africa. The system features include multiple target engagement, countermeasure resistance, 360-degree coverage, high kill probability, ease of integration, absence of line-of-sight limitations, and ease of maintenance.

Some of the prominent industry players in the global rocket and missile market include Kongsberg Gruppen ASA, Lockheed Martin Corporation, Saab, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales, MBDA, Leonardo S.p.A., BAE Systems, and Denel Dynamics.

Recent Development by Key Players

On August 30, 2022, Saab announced that it had recently conducted the first test firing of the advanced Meteor Beyond Visual Range Air-to-Air Missile (BVRAAM) on its all-new Gripen E, with "a successful end-to-end target result."

In April 2022, Raytheon Missiles & Defense, a subsidiary of Raytheon Technologies, completed a Series A investment in Firehawk Aerospace, a company specializing in high-performance propulsion technology. The two companies will now work together on research and development projects to investigate the integration of Firehawk technology into future missile systems, as well as hybrid rocket propulsion technologies.

The Rocket and Missile Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2022–2030.

Segments Covered in the Report

• By Speed
  • Subsonic
  • Supersonic
  • Hypersonic
• By Propulsion Type
  • Solid
  • Liquid
  • Hybrid
  • Scramjet
  • Turbojet
  • Ramjet
• By Launch Mode
  • Surface to Surface
  • Surface to Air
  • Air to Air
  • Air to Surface
  • Subsea to Surface
• By Product
  • Cruise Missiles
  • Ballistic Missiles
  • Rockets
  • Torpedoes

Region Covered in the Report

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia-Pacific (APAC)

• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific

Rest of the World (RoW)

• Brazil
• Saudi Arabia
• South Africa
• U.A.E.
• Other Countries

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Speed
                1.2.2.    By Propulsion Type
                1.2.3.    By Launch Mode
                1.2.4.    By Product               
                1.2.5.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Speed
                5.1.1.    Subsonic
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030  
                5.1.2.    Supersonic
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
                5.1.3.    Hypersonic
                        5.1.3.1. Market Definition
                        5.1.3.2. Market Estimation and Forecast to 2030          
        5.2.    By Propulsion Type
                5.2.1.    Solid
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Liquid
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.2.3.    Hybrid
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030
                5.2.4.    Scramjet
                        5.2.4.1. Market Definition
                        5.2.4.2. Market Estimation and Forecast to 2030
                5.2.5.    Turbojet
                        5.2.5.1. Market Definition
                        5.2.5.2. Market Estimation and Forecast to 2030
                5.2.6.    Ramjet
                        5.2.6.1. Market Definition
                        5.2.6.2. Market Estimation and Forecast to 2030        
        5.3.    By Launch Mode   
                5.3.1.    Surface to Surface
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.    Surface to Air
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.    Air to Air
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.4.    Air to Surface
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.5.    Subsea to Surface
                        5.3.5.1. Market Definition
                        5.3.5.2. Market Estimation and Forecast to 2030       
        5.4.    By Product
                5.4.1.    Cruise Missiles
                        5.4.1.1. Market Definition
                        5.4.1.2. Market Estimation and Forecast to 2030
                5.4.2.    Ballistic Missiles
                        5.4.2.1. Market Definition
                        5.4.2.2. Market Estimation and Forecast to 2030
                5.4.3.    Rockets
                        5.4.3.1. Market Definition
                        5.4.3.2. Market Estimation and Forecast to 2030
                5.4.4.    Torpedoes
                        5.4.4.1. Market Definition
                        5.4.4.2. Market Estimation and Forecast to 2030        
        
6.    North America Market Estimate and Forecast

        6.1.    By Speed
        6.2.    By Propulsion Type 
        6.3.    By Launch Mode
        6.4.    By Product         
        6.5.    By Country
                6.5.1.    U.S. Market Estimate and Forecast
                6.5.2.    Canada Market Estimate and Forecast
                6.5.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Speed
        7.2.    By Propulsion Type 
        7.3.    By Launch Mode
        7.4.    By Product       
        7.5.    By Country
                7.5.1.    Germany Market Estimate and Forecast
                7.5.2.    France Market Estimate and Forecast
                7.5.3.    U.K. Market Estimate and Forecast
                7.5.4.    Italy Market Estimate and Forecast
                7.5.5.    Spain Market Estimate and Forecast
                7.5.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Speed
        8.2.    By Propulsion Type 
        8.3.    By Launch Mode
        8.4.    By Product        
        8.5.    By Country
                8.5.1.    China Market Estimate and Forecast
                8.5.2.    Japan Market Estimate and Forecast
                8.5.3.    India Market Estimate and Forecast
                8.5.4.    South Korea Market Estimate and Forecast
                8.5.5.    Singapore Market Estimate and Forecast
                8.5.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Speed
        9.2.    By Propulsion Type 
        9.3.    By Launch Mode
        9.4.    By Product         
        9.5.     By Country
                9.5.1.    Brazil Market Estimate and Forecast
                9.5.2.    Saudi Arabia Market Estimate and Forecast
                9.5.3.    South Africa Market Estimate and Forecast
                9.5.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    Kongsberg Gruppen ASA
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Lockheed Martin Corporation
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Saab
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Northrop Grumman Corporation
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Raytheon Technologies Corporation
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Thales
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    MBDA
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Leonardo S.p.A.
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    BAE Systems
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.   Denel Dynamics
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments        

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Rocket and Missile Market, By Speed, 2018-2021 (USD Billion)
Table 5 Global Rocket and Missile Market, By Speed, 2022-2030 (USD Billion)
Table 6 Global Rocket and Missile Market, By Propulsion Type, 2018-2021 (USD Billion)
Table 7 Global Rocket and Missile Market, By Propulsion Type, 2022-2030 (USD Billion)
Table 8 Global Rocket and Missile Market, By Launch Mode, 2018-2021 (USD Billion)
Table 9 Global Rocket and Missile Market, By Launch Mode, 2022-2030 (USD Billion)
Table 10 Global Rocket and Missile Market, By Product, 2018-2021 (USD Billion)
Table 11 Global Rocket and Missile Market, By Product, 2022-2030 (USD Billion)
Table 12 Global Rocket and Missile Market, By Region, 2018-2021 (USD Billion)
Table 13 Global Rocket and Missile Market, By Region, 2022-2030 (USD Billion)
Table 14 North America Rocket and Missile Market, By Speed, 2018-2021 (USD Billion)
Table 15 North America Rocket and Missile Market, By Speed, 2022-2030 (USD Billion)
Table 16 North America Rocket and Missile Market, By Propulsion Type, 2018-2021 (USD Billion)
Table 17 North America Rocket and Missile Market, By Propulsion Type, 2022-2030 (USD Billion)
Table 18 North America Rocket and Missile Market, By Launch Mode, 2018-2021 (USD Billion)
Table 19 North America Rocket and Missile Market, By Launch Mode, 2022-2030 (USD Billion)
Table 20 North America Rocket and Missile Market, By Product, 2018-2021 (USD Billion)
Table 21 North America Rocket and Missile Market, By Product, 2022-2030 (USD Billion)
Table 22 North America Rocket and Missile Market, By Region, 2018-2021 (USD Billion)
Table 23 North America Rocket and Missile Market, By Region, 2022-2030 (USD Billion)
Table 24 Europe Rocket and Missile Market, By Speed, 2018-2021 (USD Billion)
Table 25 Europe Rocket and Missile Market, By Speed, 2022-2030 (USD Billion)
Table 26 Europe Rocket and Missile Market, By Propulsion Type, 2018-2021 (USD Billion)
Table 27 Europe Rocket and Missile Market, By Propulsion Type, 2022-2030 (USD Billion)
Table 28 Europe Rocket and Missile Market, By Launch Mode, 2018-2021 (USD Billion)
Table 29 Europe Rocket and Missile Market, By Launch Mode, 2022-2030 (USD Billion)
Table 30 Europe Rocket and Missile Market, By Product, 2018-2021 (USD Billion)
Table 31 Europe Rocket and Missile Market, By Product, 2022-2030 (USD Billion)
Table 32 Europe Rocket and Missile Market, By Region, 2018-2021 (USD Billion)
Table 33 Europe Rocket and Missile Market, By Region, 2022-2030 (USD Billion)
Table 34 Asia-Pacific Rocket and Missile Market, By Speed, 2018-2021 (USD Billion)
Table 35 Asia-Pacific Rocket and Missile Market, By Speed, 2022-2030 (USD Billion)
Table 36 Asia-Pacific Rocket and Missile Market, By Propulsion Type, 2018-2021 (USD Billion)
Table 37 Asia-Pacific Rocket and Missile Market, By Propulsion Type, 2022-2030 (USD Billion)
Table 38 Asia-Pacific Rocket and Missile Market, By Launch Mode, 2018-2021 (USD Billion)
Table 39 Asia-Pacific Rocket and Missile Market, By Launch Mode, 2022-2030 (USD Billion)
Table 40 Asia-Pacific Rocket and Missile Market, By Product, 2018-2021 (USD Billion)
Table 41 Asia-Pacific Rocket and Missile Market, By Product, 2022-2030 (USD Billion)
Table 42 Asia-Pacific Rocket and Missile Market, By Region, 2018-2021 (USD Billion)
Table 43 Asia-Pacific Rocket and Missile Market, By Region, 2022-2030 (USD Billion)
Table 44  RoW Rocket and Missile Market, By Speed, 2018-2021 (USD Billion)
Table 45  RoW Rocket and Missile Market, By Speed, 2022-2030 (USD Billion)
Table 46  RoW Rocket and Missile Market, By Propulsion Type, 2018-2021 (USD Billion)
Table 47  RoW Rocket and Missile Market, By Propulsion Type, 2022-2030 (USD Billion)
Table 48  RoW Rocket and Missile Market, By Launch Mode, 2018-2021 (USD Billion)
Table 49  RoW Rocket and Missile Market, By Launch Mode, 2022-2030 (USD Billion)
Table 50  RoW Rocket and Missile Market, By Product, 2018-2021 (USD Billion)
Table 51  RoW Rocket and Missile Market, By Product, 2022-2030 (USD Billion)
Table 52  RoW Rocket and Missile Market, By Region, 2018-2021 (USD Billion)
Table 53  RoW Rocket and Missile Market, By Region, 2022-2030 (USD Billion)
Table 54 Snapshot – Kongsberg Gruppen ASA
Table 55 Snapshot – Lockheed Martin Corporation
Table 56 Snapshot – Saab
Table 57 Snapshot – Northrop Grumman Corporation
Table 58 Snapshot – Raytheon Technologies Corporation
Table 59 Snapshot – Thales
Table 60 Snapshot – MBDA
Table 61 Snapshot – Leonardo S.p.A.
Table 62 Snapshot – BAE Systems
Table 63 Snapshot – Denel Dynamics.

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Rocket and Missile Market- Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Rocket and Missile Market Highlight
Figure 12 Global Rocket and Missile Market, By Speed, 2018-2030 (USD Billion)
Figure 13 Global Rocket and Missile Market, By Propulsion Type, 2018-2030 (USD Billion)
Figure 14 Global Rocket and Missile Market, By Launch Mode, 2018-2030 (USD Billion)
Figure 15 Global Rocket and Missile Market, By Product, 2018-2030 (USD Billion)
Figure 16 Global Rocket and Missile Market, By Region, 2018-2030 (USD Billion)
Figure 17 North America Rocket and Missile Market Highlight
Figure 18 North America Rocket and Missile Market, By Speed, 2018-2030 (USD Billion)
Figure 19 North America Rocket and Missile Market, By Propulsion Type, 2018-2030 (USD Billion)
Figure 20 North America Rocket and Missile Market, By Launch Mode, 2018-2030 (USD Billion)
Figure 21 North America Rocket and Missile Market, By Product, 2018-2030 (USD Billion)
Figure 22 North America Rocket and Missile Market, By Region, 2018-2030 (USD Billion)
Figure 23 Europe Rocket and Missile Market Highlight
Figure 24 Europe Rocket and Missile Market, By Speed, 2018-2030 (USD Billion)
Figure 25 Europe Rocket and Missile Market, By Propulsion Type, 2018-2030 (USD Billion)
Figure 26 Europe Rocket and Missile Market, By Launch Mode, 2018-2030 (USD Billion)
Figure 27 Europe Rocket and Missile Market, By Product, 2018-2030 (USD Billion)
Figure 28 Europe Rocket and Missile Market, By Region, 2018-2030 (USD Billion)
Figure 29 Asia-Pacific Rocket and Missile Market Highlight
Figure 30 Asia-Pacific Rocket and Missile Market, By Speed, 2018-2030 (USD Billion)
Figure 31 Asia-Pacific Rocket and Missile Market, By Propulsion Type, 2018-2030 (USD Billion)
Figure 32 Asia-Pacific Rocket and Missile Market, By Launch Mode, 2018-2030 (USD Billion)
Figure 33 Asia-Pacific Rocket and Missile Market, By Product, 2018-2030 (USD Billion)
Figure 34 Asia-Pacific Rocket and Missile Market, By Region, 2018-2030 (USD Billion)
Figure 35 RoW Rocket and Missile Market Highlight
Figure 36 RoW Rocket and Missile Market, By Speed, 2018-2030 (USD Billion)
Figure 37 RoW Rocket and Missile Market, By Propulsion Type, 2018-2030 (USD Billion)
Figure 38 RoW Rocket and Missile Market, By Launch Mode, 2018-2030 (USD Billion)
Figure 39 RoW Rocket and Missile Market, By Product, 2018-2030 (USD Billion)
Figure 40 RoW Rocket and Missile Market, By Region, 2018-2030 (USD Billion)