The global rockets and missiles market size is expected to reach USD 87.05 billion by 2030, 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 (Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes); By Propulsion Type; By Launch Mode; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing demand for the industry from the defense sector boosts market growth during the forecast period. Defense forces worldwide are constantly upgrading and modernizing their individual troops’ rockets and missiles to strengthen their air force, armed forces, and naval forces. In November 2021, NASA launched a DART spacecraft initiated from Vandenberg Base atop a SpaceX Falcon 9 rocket in a USD 330 million project. As a result, there is a massive market for improving defense forces worldwide, driving the global industry growth.
Furthermore, the demand for advanced weapons in terms of technology is increasing in the defense sector worldwide. Rockets and missiles play a significant role in any war, owing to their accessibility in long-, mid-, and short ranges. As a result, defense forces in both developed and developing economies are in elevated demand for advanced products in terms of innovation to protect the country during times of war.
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Based on the speed, the hypersonic segment accounted for the leading share in the market. Hypersonic has a propulsion system that allows them to reach Mach 5 or higher speeds, which is five times faster than the speed of sound. Due to one’s high speed, hypersonic precision-guided weapons are difficult to combat. These weapons are currently being developed and are expected to be operational shortly.
The government in the developed region is also focusing on the launches of hypersonic rockets and missiles, which assisted the segment in growing. For instance, in October 2021, a trio of clandestine rocket launches from a NASA space center in Virginia tested advanced hypersonic military technology for the United States military. Three small-sounding rocket releases from NASA’s Wallops Flight Facility on Wallops Island, Virginia, were used for the weapons tests.
Market players such as Bharat Dynamics, BAE Systems, Boeing, Denel Dynamics, Frontier Electronic Systems, Israel Aerospace, General Dynamics, Leonardo, Lig Nex1., Lockheed Martin, Northrop Grumman Corporation, MBDA Missiles Systems, Rafael Advanced Defense Systems, Thales Group, Raytheon Technologies, and The Boeing Company are some key players operating in the global market.
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 Billion, 2018 – 2030)
Rockets and Missiles, Product Outlook (Revenue – USD Billion, 2018 – 2030)
Rockets and Missiles, Propulsion Type Outlook (Revenue – USD Billion, 2018 – 2030)
Rockets and Missiles, Launch Mode Outlook (Revenue – USD Billion, 2018 – 2030)
- Surface to Surface
- Surface to Air
- Air to Air
- Air to Surface
- Subsea to Surface
Rockets and Missiles, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa