The Rocket and Missile Market is poised for substantial growth, with a projected increase from USD 57.7 billion in 2023 to USD 77.4 billion by 2028, reflecting a robust CAGR of 6.1% during this period. This growth is fueled by the escalating demand for advanced weaponry, primarily driven by the rising threats of insurgency. These threats have underscored the critical need for precision attacks and stand-off surgical strikes to minimize collateral damage and equip military forces with cutting-edge weapons.
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Key Market Insights:
Ballistic Missiles Lead Growth: The ballistic missile segment is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. Ballistic missiles are renowned for their long-range capabilities and ability to carry diverse warheads. They follow a ballistic trajectory and can be guided to precise locations, making them strategically invaluable. This segment encompasses short-range ballistic missiles (SRBM), medium-range ballistic missiles (MRBM), intermediate-range ballistic missiles (IRBM), and intercontinental ballistic missiles (ICBM).
Subsonic Speed Dominance: Subsonic missiles, characterized by speeds slower than the sound barrier, constitute the largest market share in 2023. Examples include the US Tomahawk cruise missile and the AGM-114 Hellfire. Subsonic missiles, with a speed of approximately Mach 0.9 (around 1134.59 kmph), are cost-effective and offer strategic advantages due to their loitering capability and slower speed, providing decision-makers with ample time to assess strike feasibility.
Scramjet Propulsion’s Rapid Growth: The scramjet propulsion segment is expected to register the highest CAGR between 2023 and 2028. Scramjets, or Supersonic Combusting Ramjets, represent an advanced version of the Ramjet engine. These air-breathing engines achieve supersonic combustion and maintain high-speed capabilities throughout their cycle. Notably, the US, Russia, China, and India have successfully conducted scramjet-powered hypersonic flights.
Surface-to-Surface Dominance: In terms of launch mode, the surface-to-surface segment is projected to hold the largest market share in 2023. Surface-to-surface rockets and missiles are launched from ground or sea platforms, including hand-held, vehicle-mounted, or fixed installations. This category encompasses diverse missile types, such as anti-ship, anti-tank, tactical ballistic, theater ballistic, intermediate range ballistic missile (IRBM), intercontinental ballistic missile (ICBM), and submarine-launched ballistic missile (SLBM).
North America’s Market Supremacy: North America is the dominant region in the rocket and missile market in 2023. Leading players such as Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation, and General Dynamics Corporation have a significant presence in North America. These companies continually invest in research and development to deliver cutting-edge defense solutions.
The prominent players in the Rockets and Missiles market include Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France). These companies have expanded their global footprint, serving markets in North America, Europe, Asia Pacific, and the Rest of the World.
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