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Rockets and Missiles Market Size

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

Rockets and Missiles Market Size

Rockets and Missiles Market was valued at USD 57.8 billion in 2023 is expected to grow at a CAGR of over 6% between 2024 and 2032. The increasing regional efforts and alliances targeted at improving defense capabilities are driving market growth.


The demand for sophisticated missile and rocket systems has increased due to rising concerns about global security, which calls for effective development and deployment plans. Growing geopolitical tensions have prompted governments to improve their defense capabilities, which has led to continued advancements and investments in missile technology. For instance, in April 2024, Russia conducted the test for its intercontinental ballistic missile at Kapustin Yar rocket launch complex.


With initiatives, such as defense agreements and cooperative development projects, encouraging advancements in rocket and missile technologies, higher production is required to meet strategic military needs. International collaborations have further fueled this desire by bolstering interoperability and standardization in defense equipment and facilitating smooth communication amongst allies. In addition to stimulating the market for rockets and missiles, this regional cooperation improves defense capabilities and strategic effectiveness globally, thereby promoting security.


Technology is changing swiftly, altering the market for missiles and rockets. Cutting-edge technologies, such as autonomous driving systems, telematics, and connectivity, are improving the efficiency, safety, and production of rockets and missiles. Defense agencies are increasingly investing in missiles and rockets with advanced features to maximize deployment, enhance targeting precision, and save operational expenses. The defense sector is promoting an innovative and adaptable culture while increasing the demand for newer models integrated with cutting-edge equipment.


The rockets and missiles market faces several restraints that impact its growth. One of the major challenges is the high costs associated with research and regulatory compliance. Developing sophisticated missile and rocket systems incurs heavy research and testing expenses, straining even the largest defense contractors' budgets and putting smaller businesses at a competitive disadvantage. The market is highly regulated, with strict international rules and compliance standards for the creation, transfer, and application of these technologies. These laws, which are intended to maintain international security and stop expansion, may hinder market growth by restricting the freedom to develop and export goods internationally.


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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