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Rockets and Missiles Market Analysis

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

Rockets and Missiles Market Analysis

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

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 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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

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.

Rockets and Missiles Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 330
  • Countries covered: 28
  • Pages: 280
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