Global Rocket and Missile Market Size, Share & Trends Analysis Report, Forecast Period, 2024-2030

The Rocket and Missile market is experiencing robust expansion, with market size projected to increase from XX billion in 2023 to xx billion by 2030, demonstrating a consistent year-over-year growth rate of 6.2%. Rocket and Missile Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Missile, Rocket), by applications (Airborne, Naval, Ground) And regions ({regionNms}) : Industry Forecast and Opportunity Analysis for 2023 - 2030

The worldwide market for rockets and missiles includes the research, manufacturing, and marketing of rocket and missile systems for use in military, space, and research operations. Propulsion technology is a core function in the design of such systems in order to launch objects in space or target a specific area with a payload. Within the market, there exists a variety of types of the missile system, and the missile ranges from short to medium to long and other payload capacities. This segment includes substantial growth correlating to the increases in demand for space, military, and studies activities, where the market for rocket and missile systems is set for expansion on many fronts, notably technological progress, government action, or a quest for better propulsion systems.

Rocket and Missile Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 6.2%
By Product Type	Missile, Rocket
Key Market Players	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)
By Region

Rocket and Missile Market Trends

Technological changes and political changes are among the major contributors to the key trends being observed in the rocket and missile market. One notable trend is the growing demand for the production of precision-guided weapons systems and missiles that are more accurate and effective yet reduce collateral damage. Considering that militaries are beginning to operate with an emphasis on more advanced armour, there has been an increased push towards engineering and designing smart missiles and hypersonic technologies. For example, the incorporation of artificial intelligence (AI) and machine learning in missile systems is on the rise, allowing for improved target recognition, trajectory adjustment, and complete mission execution without human intervention. An increasing need for protection against missile threats is one primary concern that is leading to consecutive growth marks in space missile defence system markets. It is indeed a trend, as several countries are prepared to invest in the development of satellite and land missile shields to protect threats of missile attacks.

Rocket and Missile Market Leading Players

The key players profiled in the report are 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)

Growth Accelerators

The growth of the market for rockets and missiles has been prompted primarily by the increasing geopolitical tensions coupled with the changing pattern of warfare, which calls for advanced means of defence. Countries are spending more on the defence systems as a way of improving internal security and preventing external aggressions. Their requirements include more precision strike weapons and advanced missiles because the aim is to enhance every military’s striking power and reduce the collateral damage. Moreover, the base expansion of the existing military assets and the missile systems focussing more on the products to combat the threats also adds impetus to the growth of the market. Another major market driving factor has been the missile technology advancements and the R&D spearheaded by defence manufacturers and different government arms. New materials, new types of guidance systems, new types of engines, and autonomous systems are all improving the performance of rockets and missiles. More so, areas that have advanced technology like hypersonic missiles and drones are changing the way the military operates and are calling for more spending on defence projects.

Rocket and Missile Market Segmentation analysis

The Global Rocket and Missile is segmented by Type, Application, and Region.
By Type, the market is divided into Distributed Missile, Rocket . The Application segment categorizes the market based on its usage such as Airborne, Naval, Ground. Geographically, the market is assessed across key Regions like {regionNms} and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The rocket and missile market are primarily dominated by several established defence contractors and aerospace manufacturers, as well as technology-based companies that produce missiles and launch vehicles. In this regard, prominent players within the industry include defence conglomerates such as Lockheed Martin, Boeing, Northrop Grumman, and Raytheon, which command most market share owing to their seasoned experience, sophisticated R&D facilities, and a wide range of rocket and missile products and services. Thereafter, these players are involved in bidding for tenders issued by government defence agencies and military entities and compete in such determinants as technological advancement, performance, reliability, and cost. Furthermore, there has been a noteworthy surge in the number of companies willing to form strategic alliances or partnerships with the aim of improving their products and/or services as well as accessing new markets. New and younger firms are also coming to this market looking for specific problems to solve with their business models, like hypersonic missiles and self-operating systems, which becomes a threat and an advantage to the reach players.

Challenges In Rocket and Missile Market

The market for rockets and missiles contains many barriers that limit its growth, more particularly legal compliance and regulation. The existing international legal instruments on the regulation of arms and control of their proliferation tend to restrain the enhancement and application of missile technology. In addition, countries must operate within a highly restrictive legal environment, seeking waivers for approvals of missile exports, which creates barriers to the growth of the markets and enhances international tensions. Furthermore, some of the factors influencing inflation and costs—such as politics and potential conflicts—result in aversion to increases in militarisation budgets, which in turn leads to lower demand for missile and rocket systems. The other complex issue is that technologies are improving at a very high speed; therefore, the manufacturers have to keep on inventing new products in order to remain relevant in the market. The rise of new technologies like hypersonic weapons and better navigation systems compels a lot of spending in R&D. Firms have to challenge themselves not only to catch up with these improvements but also to these factors of in-turn developments in the defence sector.

Risks & Prospects in Rocket and Missile Market

Technological transformations along with political shifts play a significant role in shaping the key patterns witnessed in the rocket and missile market. One of the trends that can be observed is the rising requirement for the production of more precision-guided weapon systems and missiles, which are more precise and effective with less collateral damage. Considering that advanced upgrades in armour are becoming more widely available to militaries, there has been more of a focus on the engineering and design of smart missiles as well as hypersonic technology. For instance, artificial intelligence (AI) and machine learning are increasingly being used in missile systems for target recognition, trajectory modification, and carrying out the entire mission without the intervention of a human being. Continuous growth trends in space missile defence system markets, for instance, are substantially due to the increased desire to protect systems against missile threats. This is indeed a pattern, as many nations are willing to make expenditures to build protective barriers against missile fire from both space and land.

Key Target Audience

The primary target audience for the rocket and missile market includes the defence ministries, military bodies, and other government organisations responsible for maintaining a country’s national security and defence structure. The main focus of these parties is to procure more sophisticated rocket and missile systems to support their strategic deterrence, defences, and offensive capabilities. One of the key factors that are propelling the advancement of missile technology is the ongoing geopolitical tensions and the incessant search for precision-guided munitions, which in turn makes militaries look for viable and working options to meet their operational needs.,, Another major part of the audience consists of defence contractors and companies that provide manufacturing services in the aerospace and defence sectors. These companies are synonymous with the design, development, and manufacturing of rocket and missile systems to the extent that they make every effort to conform to the military’s standards and specifications.

Merger and acquisition

The upward shift in demand for advanced defence systems coupled with the need for companies to grow their capabilities has resulted in several mergers and acquisitions in the rocket and missile market. For instance, in 2018, Northrop Grumman acquired Orbital ATK, which enhanced Northrop Grumman’s involvement in missile systems and space launch vehicles. The purpose of this merger was to better position the two companies within the aerospace and defence markets, thus seeing the need for more investment in the development of advanced rocket technologies. Similarly, in 2021, Boeing declared it would buy Aurora Flight Sciences, a defence contractor known for specialising in the development of UAVs and their modernised applications to autonomous systems. This helps Boeing in the context of developing such technologies as missile systems and improving the rocket itself in line with demand considering the emphasis on unmanned and autonomous warfighting capabilities. While tensions continue to rise along all fronts, both politically and militarily, the phenomenon of the consolidation of companies in the market of rockets and missiles will very likely lead to more progression in technology as well as improvements in efficiencies so that those companies can respond to the needs of armed forces around the world.