Rockets and Missiles Market Size Worth USD 98,253.49 Million by 2032 | CAGR: 5.7%

The global rockets and missiles market size is expected to reach USD 98,253.49 Million by 2032, according to a new study by Polaris Market Research. The report “Rockets and Missiles Market Share, Size, Trends, Industry Analysis Report, By Speed (Subsonic, Supersonic, Hypersonic); By Product; By Propulsion Type; By Launch Mode; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global rocket and missile market is witnessing robust growth driven by the development of advanced defense systems, rising security concerns, and increased military expenditure. Despite challenges such as high production costs, the market continues to expand, fueled by the need for enhanced defense capabilities in response to evolving security threats, including geopolitical conflicts like the ongoing war between Russia and Ukraine.

The escalation of cross-border disputes and territorial conflicts around the world is directly contributing to the growing demand for rockets and missiles in the global market. As nations grapple with unresolved border issues and contest strategic territories, the need for advanced military capabilities becomes imperative. These conflicts, such as the Iran and Pakistan engaged in cross-border attacks in the Balochistan region, highlight the ongoing challenges in delineating and securing borders. In such volatile environments, countries prioritize enhancing their defense capabilities, including the development and acquisition of rockets and missiles, to deter aggression and safeguard their territorial integrity.

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The intensification of territorial conflicts fuels the demand for rocket and missile systems as nations seek to assert their sovereignty and protect their interests. The Armenia-Azerbaijan conflict over Nagorno-Karabakh underscores the strategic significance of territorial control and the potential for armed confrontations. In response, countries involved in such disputes invest heavily in military modernization programs aimed at bolstering their firepower and defense capabilities. This includes the procurement of advanced rocket and missile systems to ensure deterrence and readiness in the face of escalating tensions.

Rockets and Missiles Market Report Highlights

• In 2023, the subsonic segment has emerged as the leading segment. Subsonic aircraft and missiles are recognized by their speeds that are lower than the speed of sound, which is roughly 760 miles per hour at sea level. Many commercial aircraft operate at subsonic speeds.
• The cruise missile segment is expected to experience substantial growth in the coming years due to its advanced design, which enables it to deliver a large warhead with remarkable accuracy over long ranges. The latest versions of cruise missiles can travel at different speeds, ranging from high subsonic and supersonic to hypersonic velocities.
• The North American market has generated the highest revenue in the global rocket and missile defense industry. The region's defense system is based on a number of initiatives and collaborations between the United States and Canada. The North American Aerospace Defense Command (NORAD) is a critical component of the region's aerospace warning, aerospace control, and maritime warning systems.
• The global key market players include BAE Systems, Bharat Dynamics Limited, Boeing, Denel Dynamics, L3Harris Technologies, Lockheed Martin, MBDA, Northrop Grumman Corporation, RTX, Thales Group, etc.

Polaris Market Research has segmented the rockets and missiles market report based on speed, product, propulsion type, launch mode, and region:

Rockets and Missiles, Speed Outlook (Revenue - USD Million, 2019 - 2032)

• Subsonic
• Supersonic
• Hypersonic

Rockets and Missiles, Product Outlook (Revenue - USD Million, 2019 - 2032)

• Cruise Missiles
• Ballistic
• Rockets
• Torpedoes

Rockets and Missiles, Propulsion Type Outlook (Revenue - USD Million, 2019 - 2032)

• Solid
• Hybrid
• Turbojet
• Others

Rockets and Missiles, Launch Mode Outlook (Revenue - USD Million, 2019 - 2032)

• Surface to Surface
• Surface to Air
• Air to Air
• Air to Surface
• Subsea to Surface

Rockets and Missiles, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Austria
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA