Rocket and Missile Market Growth Drivers, Major Players And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Rocket and Missile Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

The rising defense budget is expected to boost the growth of the rocket and missile market going forward. A defense budget refers to a financial plan or allocation of funds set aside by a government or a nation to cover the costs associated with its military and defense-related activities. Increased defense budgets provide the financial means necessary for robust research, development, procurement, and maintenance of advanced rocket and missile systems, thereby strengthening a nation's defense capabilities and driving growth in the rocket and missile market. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending experienced a 3.7% real-term increase in 2022, surging to an all-time high of $2,240 billion. Notably, military expenditure in Europe saw a substantial 13% growth over the year. The United States, contributing to 39% of the world's military spending in 2022, and China, accounting for 13% , retained their positions as the top two spenders. Therefore, the rising defense budgets are driving the growth of the rocket and missile market.

Major companies operating in the rocket and missile market are developing advanced technologies such as air missiles to meet larger customer bases, more sales, and increase revenue. An air missile, commonly referred to as a guided missile or simply a missile, is a propelled projectile that is designed to navigate through the air towards a specific target. For instance, in February 2023, Bharat Dynamics Limited (BDL), an India-based manufacturer of ammunition and missile systems, launched Vertical Launched VL SR SAM, a Semi-Active Laser Seeker Homing Anti-Tank Guided Missile and Drone Delivered Missile. The VL SR SAM stands out as an advanced, ship-based, all-weather air defense system, designed for rapid response in safeguarding against supersonic sea-skimming threats. Comprising a canisterized missile, Weapon Control System (WCS), Vertical Launcher Unit (VLU), Multi-Function Radar (MFR), Launcher Control System (LCS), Data Link Transceiver (DLX), and Inertial Navigation System (INS), this next-generation system offers a comprehensive defense solution. The Semi-Active Laser Seeker Homing Anti-Tank Guided Missile, characterized by its subsonic nature, boasts a 4000-meter range and a 25-second flight time. Notably versatile, it can be deployed from either a tripod or a BMP, providing flexibility in various scenarios. The Drone Delivered Missile stands out for its lightweight and miniaturized design, specifically tailored for engaging soft-skinned targets. With a range of 1.5 km and a swift flight time of 9 seconds, it excels in addressing threats delivered by drones with efficiency and precision.

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Major Key Players of the Market:

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

Rocket and Missile Market 2024 Key Insights:

• 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%.
• Impact Of Rising Terrorism And Geopolitical Instabilities On The Rockets And Missiles Market
• Strategic Innovations In The Rocket And Missile Market
• North America was the largest region in the rocket and missile market analysis in 2023

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