Changing nature of warfare technologies and growing defense expenditure is expected to drive the demand for global rockets and missiles market in the forecast period, 2023-2027.
According to TechSci Research report, “Rockets and Missiles Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global rockets and missiles market is anticipated to witness impressive growth in the forecast period, 2023-2027. The surge in terrorist activities and territorial conflicts with neighboring countries is driving the need to invest in purchasing rockets & missiles. With the advancements in technology, the detection and tracking of rockets & missiles are becoming easier, making the market players focus on new technological innovations. The advent of new technologies and the use of rockets & missiles for training and practice purposes further influence market demand. Market players focus on new manufacturing technologies such as 3D printing technology to capture the highest market share. By using 3D printing technology, complex structure and components of rockets & missiles, such as control vanes of missiles, fuel tanks, and outer skin of missiles, can be developed cost-effectively.
However, stringent government regulations relating to the purchase of arms from different countries and problems faced in integrating larger and heavy rockets and missiles may restrain the growth of the global rockets and missiles market in the forecast period.
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The global rockets and missiles market is segmented into product, speed, guidance mechanism, platform, launch mode, regional distribution, and competitive landscape.
Based on product, the market is divided into cruise missiles, ballistic missiles, rockets, and torpedoes. Cruise missiles are expected to hold the highest market share in the forecast period as they are designed to deliver a large warhead over long distances with high precision.
Based on speed, the market is divided into subsonic, supersonic, and hypersonic. The hypersonic segment is expected to witness the fastest incremental growth in the forecast period. These are equipped with a propulsion system that can reach a speed five times faster than the sound. Hypersonic weapons are gaining high popularity as they are difficult to counter owing to their high speed.
Based on the guidance mechanism, the market is bifurcated into guided and unguided. The guided mechanism segment is expected to account for significant market share in the forecast period as it is an advanced warfare technique used across the globe. It can be classified into ballistic and cruise missiles, short-range, medium-range, and long-range missiles. They are highly accurate and prove to be an effective tool during war conditions.
Based on the platform, the market is divided into airborne, naval, ground. The ground platform rockets & missiles are expected to dominate the market for the next five years. The rise in the use of land-attack cruise and ballistic missiles worldwide is supporting the high market demand. Land-attack cruise missiles can be launched either from air, naval, or ground platforms, making them highly popular among different defense forces.
Based on launch mode, the market is divided into the surface to surface, surface to air, air to air, air to surface, subsea to surface. The surface to surface segment is expected to hold the largest market share in the forecast period. Surface to surface rockets or missiles is also known as a ground to ground rockets or missiles fired from the ground or sea. They can be launched from hand-held or have fixed installations and are majorly used in land warfare operations designed to hit the ground or sea targets.
Major market players operating in the global rockets and missiles market are:
· Northrop Grumman Corporation
· Lockheed Martin Corporation
· BAE Systems
· Thales Group
· Raytheon Company
· General Dynamics Corporation
· Rafael Advanced Defense Systems
· MBDA Missiles Systems
· The Boeing Company
· Leonardo UK Ltd
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“The North American region is expected to capture the highest share of the global rockets & missiles market in the forecast period. The presence of major companies such as Lockheed Martin, General Dynamics Corporation, Northrop Grumman Corporation, and Raytheon Technologies in the region further support the high market demand. Also, the government of the United States and Canada are spending on the military modernization and increasing the use of fiber optic guidance systems which is expected to propel the global rockets & missiles market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Rockets and Missiles Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Product (Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes), By Speed (Subsonic, Supersonic, Hypersonic) , By Guidance Mechanism (Guided, Unguided), By Platform (Airborne, Naval, Ground), By Launch Mode (Surface to Surface, Surface to Air, Air to Air, Air to Surface, Subsea to Surface), and By Region”, has evaluated the future growth potential of global rockets and missiles market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global rockets and missiles market.
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