Press release
Rockets and Missiles Market Projected to Hit USD 109.91 Billion by 2034 | CAGR: 5.7%
The report analyzes the market for rockets and missiles to exhibit a CAGR of 5.7% during 2025-2034. The market was valued at USD 63.20 billion in 2024 and is projected to grow to USD 109.91 billion by 2034.
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Market Introduction
Rockets are unguided, self-propelled projectiles used for launch, primarily for research purposes or for placing objects in space. They lack a guidance system and rely on the initial trajectory. Rockets are primarily used for space travel and scientific research. They also find applications as propulsion systems for some missile types. Missiles, on the other hand, are guided projectiles that are capable of being redirected to a target. They possess a guidance system that allows for steering during flight. Missiles are primarily used as space weapons but can also be used for space travel and other purposes.
Market Dynamics
Expansion of Commercial and Government-Led Space Programs:
There has been a growing interest among both public space agencies and private aerospace companies in satellite deployment, lunar missions, and space tourism. This has led to increased demand for advanced propulsion technologies and reliable infrastructure, thereby contributing to the rockets and missiles market growth.
Increasing Defense Spending: Governments globally are increasing their defense spending amid rising global security threats and geopolitical tensions. Strategic investments by nations are increasing the need for long-range missiles. In addition, defense modernization programs in major economies such as the US, Russia, and China are emphasizing the procurement and deployment of advanced missile technologies to ensure national security and military superiority. Thus, rising defense spending is fueling the market expansion.
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Market Key Players
The competitive landscape of the market is defined by strategic partnerships, ongoing innovation and R&D, and evolving defense needs. A few of the key players profiled in the research report are:
• BAE Systems
• Bharat Dynamics Limited
• Boeing
• Denel Dynamics
• L3Harris Technologies
• Lockheed Martin
• MBDA
• Northrop Grumman Corporation
• RTX
• Thales Group
Market Segmentation
The market is primarily segmented on the basis of speed, product, propulsion type, launch mode, and region.
Based on speed, the subsonic segment led the global market in 2024, driven by the proven effectiveness in tactical operations and established integration across multiple defense platforms. In addition, ongoing modernization programs continue to favor subsonic missile systems, reinforcing their leading market position.
By launch mode, the surface to surface segment accounted for the largest market share in 2024. This is primarily due to the central role of these systems in strategic deterrence and large-scale land-based operations. Their capability to provide precision strikes over extended distances further contributes to their market dominance.
Rockets and Missiles Market, Speed Outlook (Revenue - USD Billion, 2020 - 2034)
• Subsonic
• Supersonic
• Hypersonic
Rockets and Missiles Market, Product Outlook (Revenue - USD Billion, 2020 - 2034)
• Cruise Missiles
• Ballistic
• Rockets
• Torpedoes
Rockets and Missiles Market, Propulsion Type Outlook (Revenue - USD Billion, 2020 - 2034)
• Solid
• Hybrid
• Turbojet
• Others
Rockets and Missiles Market, Launch Mode Outlook (Revenue - USD Billion, 2020 - 2034)
• Surface to Surface
• Surface to Air
• Air to Air
• Air to Surface
• Subsea to Surface
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Regional
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
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