Market Projections (2023-2032):

The Rockets and Missiles Market size was valued at around US$ 64.76 billion in 2023 and is expected to reach a value of USD 92.66 Billion by 2031, at a CAGR of 4.58% over the forecast period (2024–2031).

A rocket represents an advanced form of reaction propulsion, utilizing its own oxidant to propel a launch vehicle forward. Employed as a means of propulsion, a reaction motor generates thrust by expelling material in the opposite direction. A missile, an unmanned vehicle, integrates a guidance system with an explosive payload, with guidance typically facilitated by a ground-based communication center. The growth of the industry is foreseen to be driven by emerging economies like China and India, as they increase defense spending. Additionally, the industry stands to benefit from global shifts in military technology. Opportunities in the market include initiatives aimed at developing more advanced autonomous systems. Conversely, the high costs associated with the construction of rockets and missiles serve as a constraint to industry expansion. The military sector encountered various challenges in the aftermath of the COVID-19 pandemic, leading to economic difficulties, although it was not severely impacted.

The rockets and missiles market are poised for significant growth driven by escalating territorial conflicts, the need for advanced weaponry to address modern combat scenarios, and increased defense budgets in emerging economies. However, stringent regulations governing arms usage and transfer, along with the high costs associated with rocket and missile technology, may hinder market growth. Conversely, the adoption of hypersonic missile systems and the preference for automatic target recognition (ATR) missile systems are expected to bolster the market, presenting favorable growth prospects.

Market Dynamics - Market Drivers:

Technological Advancements in Warfare Techniques to Propel the Market’s Progress

• Advanced weaponry technology, particularly guided weapons, is a leading-edge strategy employed by various military organizations globally. These guided missiles encompass a range of advanced systems, including short-range anti-air missiles, medium to long-range air-to-land and air-to-air missiles, as well as ballistic and cruise missiles. Notably, countries such as the United States, China, and Russia are actively developing hypersonic missiles capable of achieving speeds up to Mach 5. The market is witnessing growth fueled by the increasing adoption of Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR) warfare techniques by nations like India, aiming to streamline strike operations on the battlefield.
• In April 2022, North Korea conducted a successful test of a novel tactical guided weapon, enhancing its nuclear capabilities.

Automatic Target Recognition (ATR) Missile Systems Became More Prominent Due to Rising Demand

• The primary objective of an automatic target recognition (ATR) system is to identify enemy targets such as armored vehicles, tanks, and artillery units. Utilizing data gathered from sources like laser radar sensors and multiple photographs of enemy locations, the system employs a combination of multi-layered artificial neural networks and Imaging Infrared (IR) technology to detect targets, with anti-ship missiles being a common application of this architecture. Remarkably, the ATR can identify up to 90% of targets within a rapid 43-millisecond timeframe.
• In 2022, the United States approved a defense budget totalling USD 782 billion, with military expenditure expected to surpass half of the total federal defense spending. This growth in the market is attributed to the increased utilization of ATR missile systems by both the U.S. and Russian military forces for target recognition purposes. BAE Systems Inc., headquartered in Burlington, Massachusetts, secured a significant cost-plus-fixed-fee contract valued at USD 7 billion for the research and development of cutting-edge machine learning algorithms and fusion technology. The aim is to enhance ATR capabilities, machine learning techniques, and multi-level multi-source fusion technology, ultimately improving algorithm performance.

Market Dynamics - Market Trends:

The Increasing Territorial Conflicts Is Driving the Market Growth

• The root cause of most territorial disputes lies in nations' claims to exclusive control or sovereignty over valuable natural resources, including fertile farmland, rivers, minerals, and oil reserves. One notable example is the ongoing contention between China and Japan over several islands in the East China Sea, known as the Senkaku Islands in Japan and the Diaoyu Islands in China, leading to escalating tensions between the two countries. Similarly, the conflict between Israelis and Palestinians in the Middle East revolves around competing territorial claims, particularly regarding land in Jordan and the Mediterranean region. Territorial disputes often serve as catalysts for wars and acts of terrorism, as states seek to assert control over contested territories, while non-state actors resort to terrorism to influence government policies. To address such threats, many countries have bolstered their border security and surveillance capabilities with advanced weaponry, missiles, and anti-missile systems, often employing such military assets in civil conflicts to seize territory. For instance, in April 2022, Russia expanded its missile strikes on Kyiv in response to Ukrainian actions on Russian soil, highlighting the role of missiles in territorial conflicts.
• The escalation of armed conflicts has prompted governments worldwide, including Russia, the United States, China, and India, to ramp up their defense spending to maintain battlefield dominance. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased by 2.6 percent in 2020, reaching $1981 billion. This trend underscores the growing demand for advanced weaponry, including self-guided missiles and rockets, to bolster military capabilities and address evolving security threats, thereby driving revenue growth in the Rockets and Missiles market.

Growing Use of 3D-Printed Missile Components to Drive Market Growth

• 3D printing represents an additive manufacturing method utilized to produce intricate geometrical objects like the structural components of rockets and missiles. Within the realm of missile and rocket construction, sophisticated elements such as warheads, outer casings, fuel reservoirs, and control surfaces are crafted using cutting-edge 3D printers. The utilization of 3D printing technology offers various advantages, including accelerated production timelines, streamlined manufacturing processes, cost-effectiveness, and enhanced environmental sustainability.
• In May 2022, AgniKul Cosmos, a space technology firm affiliated with the Indian Institute of Technology Madras, is slated to submit a patent application for its groundbreaking Agnilet engine, the world's premier single-piece 3D-printed engine for full-scale second-stage propulsion. This innovative achievement signifies a departure from the conventional approach, as the engine is crafted as a single unit, eliminating the need for the multitude of components required by traditional engines. The integration of 3D printing technology by key players in the defense manufacturing sector is poised to stimulate growth within the rocket and missile market.

Market Restraining Factors:

Stringent regulations

• The rocket and missile industry is heavily regulated, mainly due to fears related to international security, the proliferation of advanced missile technology, and the potential for misuse by rogue states. The Missile Technology Control Regime (MTCR) is one of the most prominent regulatory frameworks, which aims to restrict the proliferation of missiles capable of carrying weapons of mass destruction. Under the MTCR, member countries agree to limit the export of specific missile-related technologies and systems to non-member states. This may significantly impede manufacturers' ability to enter new markets or sell their products internationally, especially when dealing with countries that are not MTCR members.
• In addition, national export controls and licensing requirements further complicate international sales of rocket and missile technology. Governments often scrutinize and restrict the transfer of sensitive technologies, including those related to guidance systems, propulsion, and re-entry vehicles. These restrictions may lead to delays in procurement processes and limit market access. Furthermore, the enforcement of export control regulations may sometimes result in diplomatic tensions and trade disputes, affecting the overall flow of missile-related products and technologies. Exporting nations must navigate complex legal and political landscapes to ensure compliance with regulations while pursuing business opportunities. Therefore, stringent regulations, particularly those related to the MTCR and national export controls, present significant hurdles for the rockets and missiles market.

List of Companies Profiled:

• Denel Dynamics (South Africa)
• General Dynamics Corporation (U.S.)
• ROKETSAN A.S. (Turkey)
• KONGSBERG (Norway)
• Lockheed Martin Corporation (U.S.)
• MBDA (France)
• MESKO (Poland)
• Nammo AS (Norway)
• Rafael Advanced Defense Systems Ltd. (Israel)
• Raytheon Technologies Corporation (U.S.)
• Saab AB (Sweden)
• Thales Group (France)

Key Industry Developments:

• In May 2023, A contract modification for USD 244.0 million was granted to Northrop Grumman Systems Corp., located in Huntsville, Alabama. The original indefinite-delivery/indefinite-quality contract (HQ014718D0005) was awarded earlier. Under the terms of the contract update, complex modelling and simulation tools and methodologies that simulate the capabilities of the Ballistic Missile Defence System will continue to be developed, integrated, tested, and fielded.
• In January 2022 - The U.S. Air Force has awarded SpaceX a contract for over USD 102 million to use a rocket to transport military supplies and humanitarian relief worldwide. It's the largest contract for cargo.
• In February 2022, The U.S. Missile Defence Agency (MDA) has contracted Raytheon Co., Lockheed Martin Corp., and Northrop Grumman Corp. for roughly USD 20 million apiece to develop hypersonic projectile prototypes that are intended to intercept and destroy an enemy's hypersonic projectile during its unpowered glide phase of flight.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Rockets and Missiles Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Rockets and Missiles Market Segmentation:

By Type

• Missile
• Rocket

By Platform

• Missiles
• Naval
• Ground

By Propulsion

• Solid
• Liquid
• Hybrid
• Ramjet
• Turbojet
• Scramjet
• Cryogenic
• Pulsejet
• Others

By Launch Mode

• Surface-to-Surface
• Surface-to-Air
• Air-to-Air
• Air-to-Surface
• Subsea-to-Surface
• Sea-to-Sea

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Rockets and Missiles Market Segment Analysis:

The market scope is segmented because of by Type, by Platform, by Launch Mode, by Propulsion, By Region.

By Type

Based on the Type of the market is segmented into Missile, Rocket.

A ballistic trajectory is the path taken by a ballistic missile. Short-range ballistic missiles (SRBMs), medium-range ballistic missiles (MRBMs), intermediate-range ballistic missiles (IRBMs), and intercontinental ballistic missiles (ICBMs) are only a few of the several types of ballistic missiles. A self-propelled guided missile used to destroy pre-arranged targets is called a cruise missile.

By Platform

Based on the Platform of the market is segmented into Airborne, Naval, Ground.

Naval vessels are outfitted with weapon launch systems to increase their capacity for offensive warfare. Arsenal are launched from the aircraft carrier, corvette, and several attacking naval vessels from the naval platform during maritime operations. Numerous long-range missiles and rockets are fired from ground-based command centres, and military vehicles are engaged in combat from this vantage point. Sophisticated missiles launched from ground, naval, or aircraft platforms are known as land-attack cruise missiles. YJ-63, CJ-10, and CJ-20 (LACM) are China's land-attack cruisers.

By Launch Mode

Based on the Launch Mode of the market is segmented into Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface, Sea-to-Sea.

The armed forces regularly use surface-to-surface technology during military operations, and the market is dominated by this segment because of the strong demand. It can be fired from trailer-mounted, hand-held, vehicle-mounted, and stationary installation platforms using a rocket-powered guided projectile. This system uses a ground-based platform to destroy aerial targets like military aircraft and helicopters. An air-to-air missile fired by a military aircraft is meant to destroy the enemy's aerial vehicles. The missile, which uses GPS-based laser guiding technology and has a top speed of 4 Mach, is mostly used by military aircraft to attack pre-selected ground targets.

By Propulsion

Based on the Propulsion of the market is segmented into Solid, Liquid, Hybrid, Scramjet, Cryogenic, Ramjet, Turbojet, Pulsejet, Others.

Solid fuel can produce a large amount of thrust. Liquid fuel is made up of hydrocarbons. Liquid fuel loading into missiles is a difficult process. Whichever solid fuel is used, liquid fuel can generate a high impulse rate. The advantages of both liquid and solid propulsion are combined in hybrid propulsion, offering the best of both worlds.

Regional Snapshots:

The study segments the market by region, focusing on North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, the Rockets and Missiles Market in North America held the majority share at 45.80%. The region's demand for advanced rocket and missile propulsion systems is expected to rise due to increased investments in launch vehicles and research and development aimed at developing cost-effective propulsion technologies. Additionally, the market for propulsion systems is poised to benefit from increased defense funding for ballistic and missile programs in the United States.

Europe's Rockets and Missiles market also captured a substantial market share in 2022, driven by significant defense equipment budgets and high demand for defense solutions. The market in Germany held the largest share, while the UK market exhibited the fastest growth within the European region. Europe's market is anticipated to benefit from increased private sector funding for ballistic missiles, particularly in the UK market, where there is heightened demand for precision-guided and automatic target recognition technology. Additionally, contracts such as the one between the Russian Defense Ministry and Scientific and Production Association Mashinostroyenia for the supply of 3M22 Zircon hypersonic missiles contribute to market growth.

The Asia Pacific Rockets and Missiles market is forecasted to witness notable growth from 2023 to 2032, propelled by substantial military modernization investments in Russia, India, and China. This trend has led to a focus on developing precision-guided munitions by numerous manufacturers. Notably, China dominated the market share, while India emerged as the fastest-growing market in the region.

During the forecast period, Asia Pacific is projected to experience the highest Compound Annual Growth Rate (CAGR), driven by increased utilization of multiple independent re-entry vehicles by the People's Liberation Army Navy (China) and the Japan Maritime Self-Defense Force (Japan). Moreover, Australia announced a significant defense system upgrade investment in April 2022.

The Middle East is expected to witness substantial growth during the forecast period, driven by anticipated deployments of missile technology by Saudi Arabia and Turkey. Similarly, rising defense expenditures in Latin America and Africa are anticipated to drive significant expansion in the Rest of the World region.

Rockets And Missiles Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Rockets And Missiles Market valued?
• Which region has the largest share in 2024 for the global Rockets And Missiles Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Rockets And Missiles Market:

• Historic year: 2013- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million/Billion 

Rockets And Missiles Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: