Rocket and Missile Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The rocket and missile market size has grown strongly in recent years. It will grow from $61.1 billion in 2023 to $65.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to military and defense expenditure, geopolitical tensions, arms race dynamics, space exploration initiatives, shift in warfare strategies, defense modernization programs.

The rocket and missile market size is expected to see strong growth in the next few years. It will grow to $85.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to space tourism and lunar missions, emergence of new threats, rise in commercial satellite deployment, space commercialization. Major trends in the forecast period include environmentally sustainable propulsion, artificial intelligence and autonomous systems, technological miniaturization, ai-based technological solutions .

Market Overview -
Rockets and Missiles refer to a category of military weapons system that uses rocket propulsion to deliver explosive warheads to their targets. The primary purpose of rockets is not only used in weapons but to deliver scientific apparatus or humans to regions inaccessible by conventional modes of transportation. Additionally, a missile is an autonomous uncrewed rocket capable of delivering a payload to a specific location to destroy the object/target.

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Impact Of Rising Terrorism And Geopolitical Instabilities On The Rockets And Missiles Market
The rise in terrorism and geopolitical instabilities is expected to boost the growth of the rockets and missiles market going forward. Terrorism uses threat or violence to instill fear in people to intimidate or force a government and citizens into supporting specific political or social goals. These conflict and political extremism activities promote the mass use of rockets and missiles for border safety by ensuring the security of international land borders from unlawful activities. For instance, according to the US Customs and Border Protection Enforcement Statistics 2022, the total enforcement action increased from 646, 822 in 2020 to 2, 493, 721 in 2022. Therefore, the rise in terrorism and geopolitical instabilities drives the rocket and missile market growth.

Competitive Landscape -
Major companies operating in the rocket and missile market report are Denel Dynamics (Pty) Ltd., General Dynamics Corporation, Kongsberg Defence & Aerospace AS, Lockheed Martin Corporation, MBDA Incorporated, Roketsan Roket Sanayii ve Ticaret A.S., Mesko S.A., Nordic Ammunition Company, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Thomas Publishing Company LLC, Hindustan Aeronautics Limited, Larsen & Toubro Ltd., Rostec State Corporation, Tactical Missiles Corporation, Almaz-Antey Concern, Novator Design Bureau, JSC Makeyev Design Bureau, Yuzhnoye Design Office, YUZHMASH, Pakistan Ordnance Factories, Konstruktorskoye Byuro Radioelektronnykh Priborov, NPO Mashinostroyenia, The Boeing Company, Northrop Grumman, Defence Research and Development Organisation

Strategic Innovations In The Rocket And Missile Market
Major companies operating in the rocket and missile market are developing advanced technologies such as air missiles to meet larger customer bases, more sales, and increase revenue. An air missile, commonly referred to as a guided missile or simply a missile, is a propelled projectile that is designed to navigate through the air towards a specific target. For instance, in February 2023, Bharat Dynamics Limited (BDL), an India-based manufacturer of ammunition and missile systems, launched Vertical Launched VL SR SAM, a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and Drone Delivered Missile. The VL SR SAM stands out as an advanced, ship-based, all-weather air defense system, designed for rapid response in safeguarding against supersonic sea-skimming threats. Comprising a canisterized missile, Weapon Control System (WCS), Vertical Launcher Unit (VLU), Multi-Function Radar (MFR), Launcher Control System (LCS), Data Link Transceiver (DLX), and Inertial Navigation System (INS), this next-generation system offers a comprehensive defense solution. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, characterized by its subsonic nature, boasts a 4000-meter range and a 25-second flight time. Notably versatile, it can be deployed from either a tripod or a BMP, providing flexibility in various scenarios. The Drone Delivered Missile stands out for its lightweight and miniaturized design, specifically tailored for engaging soft-skinned targets. With a range of 1.5 km and a swift flight time of 9 seconds, it excels in addressing threats delivered by drones with efficiency and precision.

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Key Segments -

The rocket and missile market covered in this report is segmented -

1) By Type: Missile, Rocket
2) By Guidance Type: Guided, Self-Guided
3) By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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