| Status : Published | Published On : May, 2024 | Report Code : VRAD12016 | Industry : Aerospace and Defense | Available Format :
|
Page : 189 |
Global Rocket and Missile Market - Analysis and Forecast (2025-2030)
Industry Insights By Speed (Subsonic, Supersonic, and Hypersonic), By Propulsion Type (Solid, Liquid, Hybrid, Scramjet, Turbojet, and Ramjet), By Launch Mode (Surface to Surface, Surface to Air, Air to Air, Air to Surface, and Subsea to Surface), By Product (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).
Industry Overview
The Global Rocket and Missile Market is expected to grow at a 6.8% CAGR during the forecast period to reach USD 80.5 billion by 2030 from USD 60 billion in 2023.
A rocket refers to a machine with a high-tech reaction motor. It transports its oxidant to propel a launch vehicle. A response motor is used in the propulsion mechanism to move the structure backward and create a forward thrust.
On the other hand, a missile refers to an unmanned vehicle which typically includes a guiding mechanism which is united with an explosive material. Usually a missile is guided by a stationary or an circumnavigating communication center.
The market is divided into subsonic, supersonic, and hypersonic segment according to their speed differences where hypersonic segment will grow at a faster rate. The market is also divided by the propulsion type into solid, liquid, hybrid, scramjet, turbojet, and ramjet segments where the solid propulsion segment will make the largest contribution to the market.
The market is further divided by the different launch modes into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface segments where the surface-to-surface segment will be dominating the others, while the ballistics segment among other segments of the market divided by product type such as cruise missiles, rockets, and torpedoes segments.
Also, based on platforms, the market is divided into airborne, naval, ground segments where the ground and naval segments are expected to grow more than the airborne segment and as per guidance, it is divided into guided and unguided where the former rules the market due to higher accuracy.
Market Segmentation
Insight by Speed
The global rocket and missile market is divided into subsonic, supersonic, and hypersonic segment according to their differences in speed. Out of these three segments, the hypersonic segment is expected to grow at a high rate during the forecast period. It is mainly attributed to its features and functionality due to the inclusion of an advanced propulsion system that allows it to travel at a much higher speed.
Insight by Propulsion Type
The global rocket and missile market is also divided into solid, liquid, hybrid, scramjet, turbojet, and ramjet segments based on their propulsion types. Out of all these segments, the solid propulsion segment will be the largest contributor to the market during the forecast period. This is due to the growing demand for cruise missiles, increase in space programs, higher use of solid fuel in ballistic systems, and higher defense budgets. Also, the fact that the aluminum powder used in making solid fuel generates higher thrust drives the market growth.
Insight by Launch Mode
According to different launch modes of the missiles and rockets, the global market is divided into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface segments. Out of these segments, the surface-to-surface segment is expected to contribute a larger share due to greater use of advanced technology, growing demand for unmanned missiles, and dynamic technical phylogenies.
Insight by Product Type
The global rocket and missile market is split into cruise missiles, ballistic missiles, rockets, and torpedoes segments. The ballistic missile segment is further divided into Short-Range Ballistic Missiles (SRBMs), Medium-Range Ballistic Missiles (MRBMs), Intermediate-Range Ballistic Missiles (IRBMs), and Intercontinental Ballistic Missiles (ICBMs).
This segment is expected to grow at a significant rate during the projected period due to their higher speed and efficiency. They use rocket power only during the boost phase or initial stage of the flight. For the rest of the flight these missiles work on the effects of gravitational pull, thereby having an arching trajectory.
Insight by platform
Based on the platforms, the global rocket and missile market is divided into airborne, naval, ground. Out of these segments, the ground segment will hold a larger share due to higher use of land-attack cruise missiles.
However, during the forecast period, the naval segment is also expected to grow at the higher rate primarily due to their improved offensive capabilities.
Insight by Guidance
The global rocket and missile market is divided into two particular segments based on guidance namely, guided missiles, and unguided missiles segments. Out of these two segments, the guided missile segment will account for the largest share and will grow at a faster rate during the forecast period. This is mainly due to their sophistication, wide range of application, and ability to actively adjust the flight path to ensure target accuracy during their course of flight.
Global Rocket and Missile Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 60 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 80.5 Billion |
|
Growth Rate |
6.8% |
|
Segments Covered in the Report |
By Speed, By Propulsion Type, By Launch Mode and By Product. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World |
Industry Dynamics
Industry Trends
There is a growing demand for sophisticated rockets and missiles noticed from developing countries like India and South Korea.
The budget allocated for the research and development activities especially in defense and aerospace sectors for better and more advanced missiles is also a notable trend.
Higher adoption of Artificial Intelligence and other sophisticated technologies in military sector and activities has also risen of late which drives the demand for sophisticated equipment and ammunition like rockets and missiles.
Growth Drivers
The increase in defense budget in advanced countries like the United States is the main growth driver of the global rocket and missiles market.
The rising tension among neighboring countries and growing interest in indulging in arms race with countries interested in procuring more missiles than their neighbors is also pushing the market forward.
The demand for more sophisticated missiles and rockets has resulted in higher investments in research and development work by the manufacturers, thereby influencing the growth of the market worldwide.
The growing concern over border security and within due to rise in terrorist activities and a continual possibility of such attacks are also fueling the market growth of the rocket and missiles on a global scale.
There is a rapid expansion of the space exploration and commercial ventures like space tourism and satellite deployment of late, which needs more space launch vehicles and other allied technologies, enhancing the growth opportunity of the market.
In addition, the growth of the market is also attributed to international collaboration for global security and space exploration.
Challenges
The complex design, expensive materials, high development costs, regular maintenance and testing requirements, and strict laws are some factors that hinder the growth of the global rocket and missile market.
Opportunities
The ongoing research to develop more effective missiles with latest technologies resulted in developing hybrid fuel-powered missiles. This and the growing demand for missiles and rockets in developing countries are creating new opportunities for the global rocket and missiles market to grow.
Geographic Overview
North America is the largest contributor to the market and is expected to grow within the forecast period. It is mainly due to the rise in launch vehicles and growing research and development activities to design products with better and more cost-effective propulsion technologies. The defense budget for such programs is also high in this region.
Asia-Pacific region is also expected to grow at a high CAGR during the projected period due to the growing investments in modernizing the military forces of Russia and developing countries like India and China. Increased research and development in these regions for precision-guided missiles by the manufacturers is also driving the market growth in this region.
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, fuses, 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 fusing, 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 Defense 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
Saab (Sweden-based defence company) has received clearance from India’s government to build a new missile facility in the country to produce the latest generation of the Carl-Gustaf M4 rockets system.
Lockheed Martin, the aerospace tech company has introduced its next-generation missile. reported successfully demonstrating its next-generation extended-Range GMLRS (ER GMLRS) during a flight test conducted at White Sands Missile Range, New Mexico.
The Rocket and Missile Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
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
.png)
Frequently Asked Questions
Place an order
Latest Report
Research Methodology
- Desk Research / Pilot Interviews
- Build Market Size Model
- Research and Analysis
- Final Deliverabvle
CONNECT WITH OUR SALES TEAM
- Toll-Free: 1 888 253 3960
- Phone: +91 9960 288 381
- Email: enquiry@vynzresearch.com
Rocket and Missile Market