PUBLISHER: The Business Research Company | PRODUCT CODE: 1425784
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425784
Rocket and Missile Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rocket and missile market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rocket and missile? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rocket and missile market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Rockets and Missiles represent a class of military weapons systems that utilize rocket propulsion to deliver explosive warheads to designated targets. While their primary function is as weaponry, rockets also serve to transport scientific instruments or humans to areas inaccessible by conventional means of transportation. Conversely, a missile is an unmanned rocket capable of autonomously delivering a payload to a specific location for the purpose of target destruction.
The primary types within this category are missiles and rockets. Missiles are propelled weapons equipped with engines enabling them to cover significant distances, flying through the air until they reach their intended target and explode upon impact. They encompass various guidance types, including guided and self-guided rockets and missiles, utilizing different propulsion methods such as ramjet, turbojet, scramjet, liquid propulsion, solid propulsion, and hybrid propulsion. Missiles are utilized across multiple applications including air-to-air, air-to-surface, surface-to-air, surface-to-surface, air-to-marine, and marine-to-air operations.
The rocket and missile market research report is one of a series of new reports from The Business Research Company that provides rocket and missile market statistics, including rocket and missile industry global market size, regional shares, competitors with a rocket and missile market share, detailed rocket and missile market segments, market trends and opportunities, and any further data you may need to thrive in the rocket and missile industry. This rocket and missile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rocket and missile market size has grown strongly in recent years. It will grow from $61.10 billion in 2023 to $65.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. During the historic period, growth in the field of rockets and missiles can be attributed to various factors including increased military and defense spending, escalating geopolitical tensions, dynamics within arms race competitions, initiatives in space exploration, shifts in warfare strategies, as well as programs focused on modernizing defense systems.
The rocket and missile market size is expected to see strong growth in the next few years. It will grow to $85.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. Anticipated growth in the forecast period is expected to be driven by several factors, including the development of space tourism and lunar missions, the emergence of new threats necessitating advancements in space technology, an increase in the deployment of commercial satellites, and the continuing trend of space commercialization. Key trends projected for the forecast period encompass the advancement of environmentally sustainable propulsion systems, the integration of artificial intelligence (AI) and autonomous systems in space technologies, ongoing technological miniaturization, and the implementation of AI-based technological solutions for space exploration and satellite operations.
The anticipated rise in terrorism and geopolitical instabilities is poised to drive growth in the rockets and missiles market. Terrorism, characterized by the use of threat or violence to instill fear and achieve specific political or social goals, has led to increased utilization of rockets and missiles for border safety. These measures aim to secure international land borders against unlawful activities associated with conflicts and political extremism. Notably, according to the US Customs and Border Protection Enforcement Statistics 2022, the total enforcement actions surged from 646,822 in 2020 to 2,493,721 in 2022. As a result, the heightened concerns about terrorism and geopolitical instabilities are significant drivers for the growth of the rocket and missile market.
The escalating defense budgets worldwide are expected to be a catalyst for the growth of the rocket and missile market. Defense budgets, representing financial allocations for military and defense-related activities, play a pivotal role in enabling robust research, development, procurement, and maintenance of advanced rocket and missile systems. In April 2023, the Stockholm International Peace Research Institute reported a 3.7% real-term increase in global military spending in 2022, reaching an unprecedented $2,240 billion. Notably, Europe witnessed a substantial 13% growth in military expenditure. The United States, contributing 39% of the world's military spending, and China, accounting for 13%, maintained their positions as the top two spenders. This surge in defense budgets globally is a key factor driving the growth of the rocket and missile market.
Major companies within the rocket and missile market are actively developing advanced technologies, including air missiles, to expand their customer bases, increase sales, and boost revenue. Air missiles, propelled projectiles designed for targeted navigation through the air, represent a significant area of innovation. For example, in February 2023, Bharat Dynamics Limited (BDL), an India-based manufacturer of ammunition and missile systems, unveiled the Vertical Launched VL SR SAM. This advanced, ship-based, all-weather air defense system is designed for rapid response against supersonic sea-skimming threats. The system, equipped with a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and Drone Delivered Missile, offers a comprehensive defense solution. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, with a 4000-meter range and 25-second flight time, provides versatility in deployment scenarios. Additionally, the Drone Delivered Missile, designed for lightweight and miniaturized efficiency, excels in addressing threats from drones with a range of 1.5 km and a swift 9-second flight time. Such technological advancements contribute to the competitiveness and growth of the rocket and missile market.
Major players in the rocket and missile market are adopting a strategic partnership approach to offer advanced guided rocket solutions. Strategic partnerships involve companies collaborating to leverage each other's strengths and resources for mutual benefits and success. A notable example is the partnership between Thales, a France-based technology company, and Bharat Dynamics Limited (BDL), an India-based manufacturer of ammunition and missile systems. Announced in February 2023, this collaboration entails BDL's integration into the global supply chain of FZ275 LGR, facilitating the export of components manufactured in India for 70mm laser-guided rockets to existing and potential customers. Additionally, the partnership positions BDL to present a Make in India solution specifically tailored for 70mm laser-guided rockets, addressing the needs of the Indian Government's helicopter fleet, including advanced light helicopters (WSI) and light combat helicopters.
In a significant move in September 2022, Astrobotic Technology, a US-based space robotics technology company, acquired Masten Space Systems for an undisclosed amount. This acquisition is expected to sustain suborbital flight operations at Masten's test sites in Mojave, providing a continued major testing site for hot-fire rocket experiments within the space industry. Masten Space Systems, a US-based company, is recognized for developing a line of vertical takeoff and vertical landing rockets. This strategic acquisition reinforces Astrobotic Technology's position in the space robotics and technology sector, showcasing the significance of strategic partnerships and acquisitions in shaping the landscape of the rocket and missile market.
Major companies operating in the rocket and missile market report are Denel Dynamics (Pty) Ltd., General Dynamics Corporation, Kongsberg Defence & Aerospace AS, Lockheed Martin Corporation, MBDA Incorporated, Roketsan Roket Sanayii ve Ticaret A.S., Mesko S.A., Nordic Ammunition Company, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Thomas Publishing Company LLC, Hindustan Aeronautics Limited, Larsen & Toubro Ltd., Rostec State Corporation, Tactical Missiles Corporation, Almaz-Antey Concern, Novator Design Bureau, JSC Makeyev Design Bureau, Yuzhnoye Design Office, YUZHMASH, Pakistan Ordnance Factories, Konstruktorskoye Byuro Radioelektronnykh Priborov, NPO Mashinostroyenia, The Boeing Company, Northrop Grumman, Defence Research and Development Organisation
North America was the largest region in the rocket and missile market analysis in 2023. The regions covered in the rocket and missile market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the rocket and missile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The rockets and missiles market consists of sales of control actuator systems, rocket motor, gas generators, turbine and pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.