Rocket and Missiles Market Forecasts to 2030 - Global Analysis By Product Type (Rockets and Other Missiles), Propulsion, Range, Launch Platform, Application, End User and By Geography

According to Stratistics MRC, the Global Rocket and Missiles Market is accounted for $62.5 billion in 2024 and is expected to reach $101.4 billion by 2030 growing at a CAGR of 8.4% during the forecast period. A rocket is a device or vehicle that generates thrust through controlled combustion, expelling gas at high speeds, and is used to propel itself into the air or space. It is often used for space exploration or launching payloads like satellites. A missile, on the other hand, is a guided weapon designed to carry and deliver a payload, typically explosive, to a specific target. Powered by rockets or jet engines, missiles are equipped with guidance systems that ensure precision and accuracy, making them a crucial tool in modern military operations.

According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure rose by 2.6% to approximately USD 1.82 trillion from 2017 to 2019.

Market Dynamics:

Driver:

Rising defense budgets

The increasing defense budgets worldwide are driving the growth of the market, as nations invest heavily in advanced technologies for national security. Enhanced military capabilities, modernization of defense systems, and the demand for precision-guided munitions are key factors behind this trend. Governments prioritize strategic defense spending to strengthen deterrence and counter emerging threats, fueling the development and procurement of advanced rockets and missiles across global defense sectors.

Restraint:

Strict export controls and regulations

Strict export controls and regulations in the market can hinder technological innovation and global collaboration. These restrictions limit the flow of advanced materials, components, and expertise, increasing costs and delays for manufacturers. Countries facing these controls may struggle to modernize their defense systems, while businesses may lose access to international markets. This can lead to a reduction in competition, slowing progress and limiting the growth potential of the industry.

Opportunity:

Space exploration and commercial space industry

The growth of space exploration and the commercial space industry is significantly impacting the market. Increased investments by private companies, alongside government space programs, are driving demand for innovative rocket technologies. Commercial ventures, such as satellite launches and space tourism, are expanding opportunities. This surge in space activities is accelerating advancements in rocket propulsion systems and missile technology, fostering a dynamic market for both military and commercial applications.

Threat:

Ethical considerations

Ethical considerations in the market can hinder the development and deployment of advanced technologies. Concerns about weapon proliferation, civilian casualties, and environmental damage may lead to increased scrutiny and regulations, slowing innovation. These considerations can result in delays in projects, higher compliance costs, and public opposition, limiting the market's potential. Striking a balance between military needs and ethical responsibility is a complex challenge for the industry.

Covid-19 Impact:

The COVID-19 pandemic disrupted the market by causing delays in production, testing, and supply chain operations. Lockdowns and restrictions hindered manufacturing processes, while budget reallocations in many countries focused on healthcare, leading to reduced defense spending. Additionally, international collaborations and trade were affected, slowing the development of new technologies. However, the pandemic also highlighted the importance of defense readiness, potentially increasing future investment in the sector.

The land-based segment is expected to be the largest during the forecast period

The segment is expected to account for the largest market share during the projection period. These systems include surface-to-air, surface-to-surface, and anti-tank missiles, designed for both tactical and strategic military operations. Key drivers of market growth include increasing defense spending, technological advancements in missile accuracy, range, and payload, as well as rising security concerns and geopolitical tensions. Major players are continually innovating to meet evolving military needs and ensure operational superiority.

The space tourism segment is expected to have the highest CAGR during the forecast period

The space tourism segment is expected to have the highest CAGR during the extrapolated period. Suborbital and orbital flights are becoming a reality, offering unique experiences of weightlessness and breathtaking views of Earth. As technology evolves, the cost of space tourism is expected to decrease, broadening the market to more consumers. This growing sector is creating new opportunities not only for tourism but also for commercial space exploration and research, driving innovation in aerospace technologies.

Region with largest share:

North America region is estimated to account for the largest market share during the forecast period driven. The U.S. dominates the market, with major defense contractors focusing on missile defense systems, hypersonic weapons, and space exploration technologies. Investment in modernization and research is intensifying, supporting both military and commercial aerospace sectors. This market expansion is further fueled by demand for advanced, precise, and cost-effective missile solutions.

Region with highest CAGR:

Asia Pacific is expected to register the highest growth rate over the forecast period due to increasing defense budgets and growing concerns over regional security. The adoption of cutting-edge technologies like artificial intelligence, machine learning, and autonomous systems is transforming the missile and rocket landscape. Advanced missile systems such as air defense systems, anti-ship missiles, and tactical and strategic rockets are being developed and deployed across the region.

Key players in the market

Some of the key players in Rocket and Missiles market include Lockheed Martin Corporation, Northrop Grumman, BAE Systems, Thales Group, General Dynamics, Airbus Defence and Space, Saab AB, India's Defence Research and Development Organisation (DRDO), SpaceX, United Launch Alliance (ULA), Raytheon Missiles & Defense, General Electric, L3Harris Technologies, Israel Aerospace Industries (IAI), Leonardo S.p.A. and Mitsubishi Heavy Industries.

Key Developments:

In December 2024, Lockheed Martin is set to finalize deliveries for the first contract of its Precision Strike Missile (PrSM) by December. The PrSM significantly enhances the capabilities of systems like HIMARS and MLRS, boasting a range of 499 km, which is a substantial improvement over previous munitions.

In January 2024, Lockheed Martin introduced a mobile rocket launcher concept at the US Army's Human-Machine Integration Summit. This launcher can carry up to 24 guided artillery rockets and is designed for integration with Marine Corps vehicles, supporting various munitions including ATACMS and PrSM missiles.

Product Types Covered:

• Rockets
• Missiles

Propulsions Covered:

• Solid
• Liquid
• Hybrid

Ranges Covered:

• Short-Range
• Medium-Range
• Long-Range

Launch Platforms Covered:

• Land-Based
• Air-Based
• Sea-Based
• Space-Based

Applications Covered:

• Space Tourism
• Space Exploration
• Ballistic Missile Defense (BMD)
• Countermeasure Systems
• Search & Rescue
• Other Applications

End Users Covered:

• Government
• Military & Defense
• Civilian & Commercial
• Research & Development
• Missile Defense Systems
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances