Rocket And Missiles Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)

The market report offers a detailed analysis segmented by Product (Missiles, Rockets, Torpedoes); by Speed (Subsonic, Supersonic, Hypersonic); by Propulsion Type (Solid Propulsion, Liquid Propulsion, Hybrid Propulsion, Ramjet, Turbojet, Scramjet); by Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook

• The rocket and missiles market is estimated to be at USD 67,004.17 Mn in 2024 and is anticipated to reach USD 83,636.51 Mn in 2029. 

• The rocket and missiles market is registering a CAGR of 4.53% during the forecast period of 2024-2029. 

• The growth of the global rockets and missiles market is driven by the increasing geopolitical tensions, defense modernization programs, and advancements in missile technology. 

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Ecosystem

• The participants in the global rocket and missiles industry lead the market with advanced research and development capabilities, extensive defense contracts, and global reach. 

• These companies are heavily investing in research and development to stay ahead in the competitive market. 

• Several important entities in the rocket and missiles market include Lockheed Martin Corp.; Thales Group; BAE Systems Plc.; The Boeing Co.; Kongsberg Gruppen ASA; and others. 

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Findings

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 67,004.17 Mn
Market Size (2029)	USD 83,636.51 Mn
Growth Rate	4.53% CAGR from 2024 to 2029
Key Segments	Product (Missiles, Rockets, Torpedoes); Speed (Subsonic, Supersonic, Hypersonic); Propulsion Type (Solid Propulsion, Liquid Propulsion, Hybrid Propulsion, Ramjet, Turbojet, Scramjet); Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	Lockheed Martin Corp.; Thales Group; BAE Systems Plc.; The Boeing Co.; Kongsberg Gruppen ASA
Key Countries	The US; Canada; Brazil; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain
Largest Market	North America

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Trends

• Focus on Hypersonic Technology: The defense sector is focusing on hypersonic missiles capable of traveling at speeds greater than Mach 5. These systems offer significant advantages in terms of speed and evasiveness. In 2023, the U.S. Department of Defense announced successful tests of a new hypersonic missile system, enhancing its strategic capabilities. 

• Enhancement in Missile Defense Systems: As missile threats evolve, there is expanding investment in missile defense systems. These systems are designed to detect, intercept, and destroy incoming missiles, providing crucial protection against ballistic and cruise missile threats. In 2023, NATO countries began upgrading their missile defense systems in response to emerging threats from state and non-state actors. 

• International Collaborations: International collaboration and joint ventures are common in the rocket and missile market, enabling countries to share technology, reduce costs, and enhance capabilities. In 2023, India and Russia expanded their BrahMos joint venture to develop new missile systems, highlighting the trend towards international cooperation in defense technology. 

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Catalysts

• Rising Defense Expenditures: Increasing defense budgets, particularly in emerging economies and regions facing security challenges, are driving demand for advanced missile systems. This trend is supported by growing geopolitical tensions and the need to modernize military arsenals. In 2023, the U.S. increased its defense budget to 750 billion USD, with a significant portion allocated to missile development. 

• Modernization of Armed Forces: Nations are modernizing their armed forces by upgrading their missile arsenals with next-generation systems. In 2023, the U.K. announced a major defense modernization program, including the acquisition of new cruise and ballistic missiles, as part of its broader defense strategy. 

• Focus on Space Exploration: The growing interest in space exploration and satellite deployment, both for commercial and military purposes, is driving demand for rockets and launch vehicles. This includes launching satellites for communication, Earth observation, and navigation. In 2023, the European Space Agency (ESA) launched multiple missions aimed at enhancing Europe’s space capabilities. 

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Restraints

• Export Control Restrictions: Rockets and missiles are heavily regulated, with strict export control laws to prevent the proliferation of missile technology. These regulations can limit market opportunities and complicate international sales and collaborations. In 2023, new export control regulations in the European Union affected the sale of missile technologies to non-EU countries. 

• Integration Issues: The integration of advanced missile systems into existing military infrastructure presents significant technical challenges. These integration issues often require substantial upgrades to existing systems, and modifications to ensure compatibility, all of which can lead to operational disruptions and increased project costs. 

• Cybersecurity Threats: As missile systems become more reliant on digital and networked technologies, they are increasingly vulnerable to cyberattacks. These threats can compromise system integrity, disrupt operations, and lead to unauthorized access. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Rocket and Missiles Market (2018 – 2022)         2.2.    Global Rocket and Missiles Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Rocket and Missiles Market by Product                3.1.1.    Missiles                3.1.2.    Rockets                3.1.3.    Torpedoes         3.2.    Global Rocket and Missiles Market by Speed                3.2.1.    Subsonic                3.2.2.    Supersonic                3.2.3.    Hypersonic         3.3.    Global Rocket and Missiles Market by Propulsion Type                3.3.1.    Solid Propulsion                3.3.2.    Liquid Propulsion                3.3.3.    Hybrid Propulsion                3.3.4.    Ramjet                3.3.5.    Turbojet                3.3.6.    Scramjet         3.4.    Global Rocket and Missiles Market by Launch Mode                3.4.1.    Surface-to-Surface                3.4.2.    Surface-to-Air                3.4.3.    Air-to-Air                3.4.4.    Air-to-Surface                3.4.5.    Subsea-to-Surface  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Rocket and Missiles Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Lockheed Martin Corp.         9.2.    Thales Group         9.3.    BAE Systems Plc.         9.4.    The Boeing Co.         9.5.    Kongsberg Gruppen ASA         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Rocket and Missiles Market – FAQs 

1.  What is the current size of the rocket and missiles market? 

Ans. In 2024, the rocket and missiles market size is $67,004.17 Mn. 

2.  Who are the major vendors in the rocket and missiles market?  

Ans. The major vendors in the rocket and missiles market are Lockheed Martin Corp.; Thales Group; BAE Systems Plc.; The Boeing Co.; Kongsberg Gruppen ASA. 

3.  Which segments are covered under the rocket and missiles market segments analysis?  

Ans. The rocket and missiles market report offers in-depth insights into Product, Speed, Propulsion Type, Launch Mode, and Geography.