Rocket and Missile Market Trends by Product (Missiles, Rockets & Torpedoes), Speed (Subsonic, Supersonic, Hypersonic), Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Launch Mode, Guidance Mechanism & Region - Forecast to 2028
The rocket and missile market trends size is projected to grow from USD 57.7 billion in 2023 to USD 77.4 billion by 2028, at a CAGR of 6.1% from 2023 to 2028. The demand for advanced weapons is majorly increased due to the increasing insurgency threats that have brought attention to the necessity for stand-off surgical strikes and precision attacks.
Therefore, to the need of minimising collateral damage and arming soldiers with cutting-edge weapons, the market for rockets and missiles has expanded.
The Rockets and Missiles market trends includes major players Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World.
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Rocket and missile market Dynamics:
Drivers: Growing defense programs to secure nations against various threats
According to DoD’s Program Acquisition Cost by Weapon System, the performance of United States (U.S.) weapon systems is unmatched, ensuring that U.S. military forces have a tactical combat advantage over any adversary in any environmental situation.
The Fiscal Year (FY) 2022 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the Department of Defense (DoD) totals USD 245.60 billion, which includes funding totaling USD 133.60 billion for Procurement and $112.0 billion for RDT&E. The funding in the budget request represents USD 20.30 billion for Missiles and Munitions.
Opportunities: Miniaturization of missiles and their components
The demand for increasingly portable and discreet weaponry, tailored to today's landscape where rockets and missiles are employed by non-state entities. The requirement for easily transportable and concealed armaments has prompted the development of miniaturized rockets and missiles, optimized for swift deployment and stealthy usage.
Another critical facet is the pursuit of heightened precision. Miniaturized variants can incorporate more intricate guidance systems, enhancing their accuracy in striking targets.
This precision holds immense value across both military operations and law enforcement scenarios, elevating their effectiveness in achieving mission objectives. Cost-effectiveness also underpins this trend , as miniaturized rockets and missiles often entail lower developmental and production expenses compared to their larger counterparts.
This affordability factor widens accessibility to a broader array of countries and organizations, democratizing the acquisition of advanced weaponry.
Challenges: Integration issues of larger rockets and missiles
Integration of a missile occurs at three levels: first on the missile itself, second with the platform from which it is being fired, and third with the existing command & control network. The integration of various electronic equipment, sensors, warheads, kill vehicles, propulsion systems, and other subsystems is very complex.
There are present significant challenges present within the domain of large rockets and missiles in the rocket and missile industry. These challenges emanate from a multitude of factors, including the inherent complexity of these expansive systems.
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The North America accounted for the largest share in rocket and missile market trends in 2023.
North America is accounted for the largest share of Rocket and missile market trends in 2023. Several leading players such as Lockheed Martin Corporation (US), Raytheon Technologies Corportaion (US) , Northrop Grumman Corporation (US), and General Dynamics Corporation (US) have their presence in the North America.
These players constantly focusing and investing on new product development to produce next edge defense solutions.
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