Multiple Rocket Systems Market Size, Share, by Launch Vehicle Growth during the Forecast Period of 2022-2029

Multiple rocket system is a type of rocket artillery system with advance capabilities. In multiple rocket system, rockets are of larger size and can carry heavier payloads, compared to artillery systems. Although, rocket systems were highly inaccurate & slow when compared to artillery. Such issue has been resolved with the emergence of guided multiple rocket systems. Guided multiple rocket system uses GPS or internal guidance to improve its accuracy while hitting the targets. The multiple launch rocket system is a versatile weapon system which supplements traditional cannon artillery fires by delivery of large volume of firepower in a very short time against critical and time sensitive targets. Such targets include enemy artillery, air defense systems, mechanized units, and personnel. Moreover, multiple rocket systems are cost effective and also require less maintenance as compared to rocket artillery systems.

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COVID-19 Scenario analysis:

• Due to COVID-19 situation, the research & development in multiple rocket systems companies across the globe has been hampered due to the declared lockdowns and government restrictions on public gatherings.
• As governments spending shift towards economic recovery due to COVID-19 pandemic, industries may experience reduction in quantity of order for multiple rocket systems.
• Business development possibility of multiple rocket system companies has been adversely affected due to overall shortage in demand of defense equipment due to COVID-19 pandemic.
• Production rate of multiple rocket systems making companies have been affected adversely due to COVID-19 situation.
• Cancellation of several military exercises between nations and reduction in military activities worldwide due to COVID-19, has been impacting adversely to multiple rocket systems market as demand of relevant spare parts is also low.
• Post COVID-19, multiple rocket systems market can see a significant growth as several countries have either already ordered or planning to procure advance multiple rocket systems for their forces as a part of defence modernization plan.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Growth in territorial disputes, artillery modernization programs, acquisition of new multiple rocket launch systems, and increase in defence budgets of emerging economies are the factors which drive the growth of global multiple rocket launch system market. However, less accuracy in deliver of rockets to a target may hamper the growth of multiple rocket system market. Although technological advancements in the multiple rocket systems such as development of guided multiple launch rocket will be opportunistic for the growth of multiple rocket systems market.

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Growing territorial disputes

There are still several countries across the globe which are having territorial disputes with their neighboring countries such as Russia-Ukraine over Crimea, India-Pakistan over POK, India-China over Tibet and Arunachal, China with Brunei, Indonesia, and Vietnam over South China sea. Such conflicts encourage countries to increasing their arms inventory further. Therefore, with the increment of arm inventories, the demand of rocket systems will also increase and hence will drive the global rocket systems market.

Key benefits of the report:

• This study presents the analytical depiction of the global multiple rocket systems industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global multiple rocket systems market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global multiple rocket systems market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global multiple rocket systems market analysis based on competitive intensity and how the competition will take shape in coming years.

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