The global rocket and missile market size was US$ 54.8 billion in 2021. The global rocket and missile market size is estimated to reach US$ 79.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.2% during the forecast period from 2022 to 2030.
Rockets and missiles are planned to supply explosives to a precise target. The primary difference is that missiles have a direction system to help them achieve their planned target. On the other hand, rockets come with lack of a suggestion system and are merely launched in the prevalent direction of the immediate target. Occasionally in military service, a missile might also be called a guided rocket. Even though rockets and missiles appear similar on the surface and are developed with the same purpose of deploying explosives on opponent targets, they are not the same in terms of engineering and there are several versions. Furthermore, the course of the objective is highly determined for both the rocket and the missile, with missiles having a better chance of reaching their targets than rockets due to their in-built navigation systems.
Factors Affecting Market Growth
The rising territorial disputes, the increasing demand for advanced rockets and missiles to counter modern battles around the countrys border, and the rising defense budget of emerging economies are anticipated to drive the global market.
Strict restrictions related to arms use and supply, and high-cost associated with rocket and missile technology are the elements that are anticipated to hinder the global market.
The increase in the adoption of hypersonic missile systems and the rising preference for automatic target recognition (ATR) missile systems are the key factors that are anticipated to drive the global market.
Impact Analysis of COVID-19
The COVID-19 outbreak had a negative impact on the global market and is anticipated to remain in force for a few years. The pandemic forced governments across the world to impose strict lockdowns and ban the import-export of raw materials for most of 2020 and a few months into 2021, which led to a sudden drop in the availability of essential raw materials for manufacturing missiles, rockets, and other components. In addition, the nationwide lockdown caused rocket and missile manufacturing industries to partially or shut down their functions which resulted in a hold in activities concerning the development of advanced rocket and missile elements globally.
North America is likely to grow at a prominent CAGR during the forecast period. Growth in defense use, the existence of numerous market players, and increased mindfulness about trend-setting inventions in the region are driving the global market. Interest in rockets and missiles in the region is likely going to stay committed in the U.S., attributable to the expanding demand from defense powers to strengthen public safety, a faithful growth in the expansion of rockets and missiles, and necessary interests in R&D practices in the region.
The prominent players in the global rocket and missile market are
The Boeing Company
Raytheon Technologies Corporation
Northrop Grumman Corporation
Lockheed Martin Corporation
Israel Aerospace Industries Ltd
Elbit Systems Ltd
BAE Systems plc
The global rocket and missile market focus on Speed, Product, Guidance, Platform, and Region.
Segmentation on the basis of Speed
Segmentation on the basis of Product
Segmentation on the basis of Guidance
Segmentation on the basis of Platform
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America