Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global rockets and missiles market is expected to reach a size of USD 84.77 billion by 2029, with a projected annual growth rate of 4.58%. This growth is attributed to the increasing use of 3D printing technology in manufacturing weapons systems worldwide. The report by Fortune Business Insights™ highlights that the market is influenced by factors such as the type of missiles and rockets, platforms like airborne, naval, and ground, launch modes including surface-to-surface and air-to-air, and propulsion methods such as solid, liquid, hybrid, scramjet, cryogenic, and ramjet. The forecast spans the years 2022 to 2029.”.
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Key Companies Covered in the Rocket and Missile Market Report:
- Denel Dynamics (South Africa)
- General Dynamics Corporation (U.S.)
- ROKETSAN A.S. (Turkey)
- KONGSBERG (Norway)
- Lockheed Martin Corporation (U.S.)
- MBDA (France)
- MESKO (Poland)
- Nammo AS (Norway)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Raytheon Technologies Corporation (U.S.)
- Saab AB (Sweden)
- Thales Group (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.58% |
| 2029 Value Projection | USD 84.77 Billion |
| Market Size in 2022 | USD 61.96 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 248 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Rocket and Missile Market Growth Drivers | Technological Advancements in Warfare Techniques to Propel the Market’s Progress |
| Automatic Target Recognition (ATR) Missile Systems Became More Prominent Due to Rising Demand |
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Segments:
The missile industry is experiencing significant growth, mainly driven by the increasing use of self-propelled guided missiles. Among the different types of missiles, the one gaining dominance is the ground segment, especially due to the rising adoption of land-attack cruise missiles. In terms of launch modes, surface-to-surface missiles are expected to take the lead, propelled by the growing use of laser-guided missiles. Solid propulsion is anticipated to lead the market, driven by the widespread use of solid fuel in ballistic missiles.
Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and the rest of the world. Additionally, there's a growing interest in using 3D printing techniques for manufacturing rockets and missiles. This trend is gaining traction among both government and private defense manufacturers, with Lockheed Martin planning to use 3D printing for the next generation of intercontinental ballistic missiles (ICBMs). NASA and SpaceX are also exploring 3D printing for rocket engine production, indicating promising prospects for the rockets and missiles market in the aerospace and defense industry.
Market Restraint:
Supply Chain Disruptions Caused by the COVID-19 Outbreak to Stall Market Growth
The rocket and missile market growth is likely to get hampered throughout 2020 by the outbreak of the COVID-19 contagion. The pandemic has led to unforeseen shocks to supply chains worldwide, crippling defense manufacturing activities around the globe. For instance, the Italian shipbuilding company, Fincantieri, was forced to halt its operations in March 2020 as the coronavirus spread like wildfire around the world. Accentuating these disruptions is the suspension of business development activities in the defense sector. For example, planned expos such as the EUROSATORY 2020, where procurement contracts are finalized, now face an uncertain future, further affecting this industry. Moreover, major players in rockets and missiles domain are also witnessing a sharp fall in their stock prices. For instance, between February and March, stock value of the Thales Group fell by 33%, while Leonardo’s declined by 55%. The cascading effect of the coronavirus pandemic is, therefore, expected to negative on this growth in the immediate future.
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According to the report, the market value was at USD 59.21 billion in 2021. Its other highlights include:
- In-depth analysis of the key factors driving and restraining the market growth;
- A comprehensive study of all segments of the market;
- Identification of upcoming market opportunities; and
- Detailed evaluation of the impact of the changes in the regional and competitive dynamics on the market.
Many government and private defense manufacturers are exploring the potential of additive manufacturing techniques in the designing and engineering of rockets and missiles for space exploration and military purposes. This rising interest is owing to the ability of 3D printers to produce virtually any kind of three-dimensional metallic and plastic objects. For example, US-based Lockheed Martin announced its plans in 2017 to develop the country’s next generation of intercontinental ballistic missiles (ICBMs) using 3D printing. In the space domain, NASA and Space X are aggressively experimenting with 3D printing to produce rocket engines for spacecraft. Thus, widening application of additive manufacturing techniques in the aerospace and defense industry will augur well for this market in the near future.
Regional Insights:
High Military Expenditure to Favor Market Growth in North America
One of the prominent factors supporting the growth of this market in North America is the consistently high levels of military spending in the US. This coupled with rapid adoption of advanced military technologies in the US and Canada will aid the region command the rocket and missile market share in the foreseeable future. In 2022, the region’s market size was at USD 61.96 billion.
Asia Pacific is expected to exhibit notable growth in the market owing to rising uptake of multiple independent re-entry vehicles (MIRV) by the Chinese army. On the other hand, in Europe, the market is set to experience promising growth on account of increasing investment by private defense companies in ballistic missiles to cater to the military needs of European countries.
Competitive Landscape:
Close Collaborations between Governments and the Private Sector to Characterize the Market
The competitive landscape of this market is highly charged up as a result of the increasing number of collaborations between private defense contractors and government defense agencies. This is represented through frequent awarding of contracts and other deals to top market players by the US Armed Forces.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Rocket and Missile Market
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- Impact of COVID-19 Pandemic on Global Rocket and Missile Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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- Global Rocket and Missile Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Missile
- Rocket
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Naval
- Ground
- Market Analysis, Insights and Forecast – By Launch Mode
- Surface-to-Surface
- Surface-to-Air
- Air-to-Air
- Air-to-Surface
- Subsea-to-Surface
- Sea-to-Sea
- Market Analysis, Insights and Forecast – By Propulsion
- Solid
- Liquid
- Hybrid
- Scramjet
- Cryogenic
- Others (Ramjet, Turbojet & Pulsejet)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- The Middle East
- Rest of the world
- North America Rocket and Missile Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Missile
- Rocket
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Naval
- Ground
TOC Continued...!
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Industry Developments:
- March 2020: Raytheon Company secured a USD 1 billion agreement to buy propulsion systems for their standard missile products from Aerojet Rocketdyne. The agreement will span five years and is focused on optimizing supply chain dynamics between the two companies.
- April 2020: The US Army awarded a contract of estimated value of $6.07 billion to Lockheed Martin to produce and deliver Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement interceptors over three years till 2023. This will bolster the US’s position as a major supplier of missile interceptors among other leading world economies.
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