Global Rocket and Missile Market Forecast to 2028: Growth Drivers and Key Segments

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The global rocket and missile market is projected to grow from $57.7 billion in 2023 to $77.4 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.1%. This market expansion is driven by increasing insurgency threats that highlight the necessity for precision attacks and stand-off surgical strikes. Consequently, the demand for advanced weaponry that minimizes collateral damage has significantly boosted the market for rockets and missiles.

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Key Market Segments and Growth Drivers

  1. Product Segmentation:
    • Missiles: Includes ballistic and cruise missiles, known for their long-range capabilities and precision.
    • Rockets: Typically unguided and used for shorter range attacks.
    • Torpedoes: Specialized for naval warfare.
  2. Speed Categories:
    • Subsonic Missiles: Represent the largest market share as of 2023. Examples include the US Tomahawk and the French Exocet. These missiles travel below the speed of sound (Mach 0.9), offering cost-effective production and strategic flexibility.
    • Supersonic Missiles: Faster than sound, they enable quicker response times.
    • Hypersonic Missiles: The fastest category, traveling at speeds greater than Mach 5.
  3. Propulsion Types:
    • Solid and Liquid Propulsion: Traditional methods used in a wide range of missiles.
    • Hybrid Propulsion: Combines elements of both solid and liquid systems.
    • Ramjet and Turbojet: Utilize air-breathing engines for sustained high-speed flight.
    • Scramjet (Supersonic Combustion Ramjet): Expected to grow at the highest CAGR, scramjets maintain supersonic combustion, providing higher speeds and efficiency.
  4. Launch Modes:
    • Surface-to-Surface: Includes anti-ship and anti-tank missiles, tactical ballistic missiles, and intercontinental ballistic missiles (ICBMs).
    • Surface-to-Air: Designed to target aircraft and other aerial threats.
    • Air-to-Air and Air-to-Surface: Deployed from aircraft for versatile offensive operations.
    • Subsea-to-Surface: Primarily used in naval warfare.
  5. Guidance Mechanisms: Various advanced technologies ensure precision targeting, reducing the risk of collateral damage.

Regional Insights

  • North America: Dominates the market with major players such as Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation, and General Dynamics Corporation leading the development of next-generation defense solutions. The region's robust defense budget and technological advancements contribute to its market leadership.
  • Europe and Asia Pacific: Also significant contributors to market growth, with countries like the UK, France, Russia, China, and India investing heavily in missile and rocket technologies.

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Key Market Players

The rocket and missile market includes prominent defense contractors:

  • Northrop Grumman Corporation (US)
  • Lockheed Martin Corporation (US)
  • BAE Systems (UK)
  • Thales Group (France)

These companies are focused on innovations and expanding their presence globally to cater to the growing defense needs of various nations.

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