Press release
Rocket and Missile Global Market Report 2024 - By Size, Share, Trends, Demand, Forecast To 2033
The Business Research Company presents an extensive market research report on the Rocket and Missile Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The rocket and missile market size has grown strongly in recent years. It will grow from $61.1 billion in 2023 to $65.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to military and defense expenditure, geopolitical tensions, arms race dynamics, space exploration initiatives, shift in warfare strategies, defense modernization programs..
The rocket and missile market size is expected to see strong growth in the next few years. It will grow to $85.09 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to space tourism and lunar missions, emergence of new threats, rise in commercial satellite deployment, space commercialization.. Major trends in the forecast period include environmentally sustainable propulsion, artificial intelligence and autonomous systems, technological miniaturization, ai-based technological solutions .
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Key Market Players:
Major companies operating in the rocket and missile market report are Denel Dynamics (Pty) Ltd., General Dynamics Corporation, Kongsberg Defence & Aerospace AS, Lockheed Martin Corporation, MBDA Incorporated, Roketsan Roket Sanayii ve Ticaret A.S., Mesko S.A., Nordic Ammunition Company, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Thomas Publishing Company LLC, Hindustan Aeronautics Limited, Larsen & Toubro Ltd., Rostec State Corporation, Tactical Missiles Corporation, Almaz-Antey Concern, Novator Design Bureau, JSC Makeyev Design Bureau, Yuzhnoye Design Office, YUZHMASH, Pakistan Ordnance Factories, Konstruktorskoye Byuro Radioelektronnykh Priborov, NPO Mashinostroyenia, The Boeing Company, Northrop Grumman, Defence Research and Development Organisation
Market Drivers:
The rise in terrorism and geopolitical instabilities is expected to boost the growth of the rockets and missiles market going forward. Terrorism uses threat or violence to instill fear in people to intimidate or force a government and citizens into supporting specific political or social goals. These conflict and political extremism activities promote the mass use of rockets and missiles for border safety by ensuring the security of international land borders from unlawful activities. For instance, according to the US Customs and Border Protection Enforcement Statistics 2022, the total enforcement action increased from 646, 822 in 2020 to 2, 493, 721 in 2022. Therefore, the rise in terrorism and geopolitical instabilities drives the rocket and missile market growth.
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The rocket and missile market covered in this report is segmented -
1) By Type: Missile, Rocket
2) By Guidance Type: Guided, Self-Guided
3) By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
4) By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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