Rockets and Missiles Market Size Worth USD 109.91 Billion by 2034 | CAGR: 5.7%

The global rockets and missiles market size is expected to reach USD 109.91 billion by 2034, according to a new study by Polaris Market Research. The report “Rockets and Missiles Market Size, Share, Trends, Industry Analysis Report: By Speed (Subsonic, Supersonic, and Hypersonic), By Product, By Propulsion Type, By Launch Mode, and By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rockets and missiles market encompasses a broad range of guided and unguided weapons systems designed for precision strike, deterrence, and strategic defense applications across land, air, sea, and space domains. This market is undergoing rapid transformation driven by technological innovation, evolving military doctrines, and rising geopolitical volatility.

Key drivers contributing to the rockets and missiles industry expansion include increased investments in advanced propulsion systems, miniaturized guidance technologies, and hypersonic weapons development. The growing emphasis on force modernization and layered defense strategies across the global defense sector is intensifying demand for rockets and missiles, particularly for long-range precision strike capabilities and integrated missile defense systems.

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The rising adoption of next-generation missile systems, such as loitering munitions and multi-role tactical missiles, underscores the shift toward agile, responsive combat systems. Emerging rockets and missiles market opportunities are linked to strategic defense collaborations, technology transfers, and increasing R&D activities focused on reusable launch vehicles, thermal shielding, and advanced warhead designs. Additionally, the privatization of space-access infrastructure and the convergence of commercial aerospace capabilities into defense supply chains are unlocking new frontiers for the rockets and missiles industry growth. Overall, the market is becoming more dynamic, innovation-led, and globally integrated, shaped by the dual imperatives of strategic deterrence and rapid capability deployment across both conventional and asymmetric warfare scenarios.

Rockets and Missiles Market Report Highlights

• In terms of speed, in 2024, the subsonic segment accounted for the largest share of the rockets and missiles market due to its established integration across multiple defense platforms.
• Based on launch mode, in 2024, the surface to surface segment accounted for more than 50% of the market share due to its central role in strategic deterrence and large-scale land-based operations.
• In 2024, North America held the largest market share due to sustained defense expenditure, continuous R&D investments, and active deployment of advanced missile systems across multiple domains.
• The Asia Pacific market is projected to experience the highest CAGR during the forecast period, driven by strategic rearrangement, rising defense budgets, and escalating cross-border tensions.
• A few of the global key market players are BAE Systems, Bharat Dynamics Limited, Boeing, Denel Dynamics, L3Harris Technologies, Lockheed Martin, MBDA, Northrop Grumman Corporation, RTX, and Thales Group.

Polaris Market Research has segmented the market report based on type, component, deployment type, organization size, end use, and region:

By Speed Outlook (Revenue – USD Billion, 2020–2034)

• Subsonic
• Supersonic
• Hypersonic

By Product Outlook (Revenue – USD Billion, 2020–2034)

• Cruise Missiles
• Ballistic
• Rockets
• Torpedoes

By Propulsion Type Outlook (Revenue – USD Billion, 2020–2034)

• Solid
• Hybrid
• Turbojet
• Others

By Launch Mode Outlook (Revenue – USD Billion, 2020–2034)

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

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America