Multiple Launch Rocket Systems Industry to Achieve $1.44 Billion Growth by 2029

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How Will the Multiple Launch Rocket Systems Market Grow by 2025 in Terms of Size and Growth?
In the past few years, there has been robust growth in the market size of multiple launch rocket systems. The market, which was valued at $1.01 billion in 2024, is projected to ascend to $1.08 billion in 2025, growing at a compound annual growth rate (CAGR) of 7.2%. The historical growth in this market can be linked to factors such as escalating geopolitical conflicts, a surge in cross-border disputes, the progression of modernization programs, an upsurgence in asymmetric warfare, and an expansion in cooperative military drills.

What Are the Estimated Growth Rates for the Multiple Launch Rocket Systems Industry Through 2029?
In the coming years, significant growth is forecasted for the multiple launch rocket systems market. By 2029, the market is predicted to amplify to $1.44 billion with a compound annual growth rate (CAGR) of 7.5%. Factors contributing to this anticipated growth during the forecast period include escalating demand for precision-guided munitions, elevated defense budgets, a surge in the adoption of AI and autonomous targeting systems, and an increasing requirement for quick-deployment weapon systems. The forecast period will also see a transition towards modular and multi-caliber systems, the incorporation of superior targeting and guidance technologies, the development of unmanned and remote-operated MLRS platforms, a concentration on interoperability within allied forces, and a stress on lighter, highly mobile systems.

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What Are the Strategic Drivers Boosting Multiple Launch Rocket Systems Market Performance?
The growth of the multiple launch rocket systems market is anticipated to get a boost from the rising military expenditure. Military expenditure implies the financial resources that a nation sets aside for the upkeep and equipping of its defense forces and related activities. This escalation in military expenditure is mainly due to growing geopolitical tensions, which leads countries to invest more in defense to tackle perceived threats, regional disputes, and to reinforce national security and their power of deterrence. Through funding cutting-edge artillery technologies, military expenditure facilitates the evolution and implementation of multiple launch rocket systems, thus enhancing long-range precision, efficacy in the battlefield, and overall armed forces readiness. For instance, the Stockholm International Peace Research Institute (SIPRI), based in Sweden, reported in April 2024 that global military expenditure reached $2,443 billion in 2023 - a rise of 6.8% in real terms from 2022. Hence, the growth trend of the multiple launch rocket systems market is being significantly influenced by rising military expenditure.

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What Are the Segments in the Multiple Launch Rocket Systems Market?
The multiple launch rocket systems market covered in this report is segmented -

1) By Type: Wheeled, Tracked
2) By Range: Short Range, Medium Range, Long Range
3) By Caliber: 70-180 Millimeters, 180-300 Millimeters, Above 300 Millimeters
4) By Application: National Defense, Homeland Security, Other Applications

Subsegments:
1) Wheeled: 4x4 Wheeled Multiple Launch Rocket Systems (MLRS), 6x6 Wheeled Multiple Launch Rocket Systems (MLRS), 8x8 Wheeled Multiple Launch Rocket Systems (MLRS)
2) Tracked: Light Tracked Multiple Launch Rocket Systems (MLRS), Medium Tracked Multiple Launch Rocket Systems (MLRS), Heavy Tracked Multiple Launch Rocket Systems (MLRS)

What Are the Key Adoption Trends in the Multiple Launch Rocket Systems Market?
Prominent corporations in the multiple launch rocket systems sector are prioritizing the creation of cutting-edge solutions like superior fire control technologies, aimed at augmenting targeting precision and operational productivity. These groundbreaking fire control systems, which include infrared (IR) systems, upgrade multiple launch rocket systems (MLRS) by allowing exact targeted detection, monitoring, and engagement under poor visibility circumstances, hence escalating overall accuracy and functional efficacy. For example, in July 2022, Lockheed Martin Corporation, an American aerospace and defense firm, revealed the updated M270A2 multiple launch rocket system. This system incorporates enhanced fire control abilities which amplify both targeting precision and functional productivity. The refined system merges groundbreaking technologies like an upgraded fire control system, amplified infrared (IR) targeting sensors, and a more robust engine, enabling better detection, tracking, and engagement of targets, even under tough low-visibility situations. These improvements ensure superior performance in both conventional and joint operations, affirming the system's reliability and potency in battle scenarios.

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Which Companies Lead the Competitive Landscape of the Multiple Launch Rocket Systems Industry?
Major companies operating in the multiple launch rocket systems market are The Boeing Company, Lockheed Martin Corporation, China North Industries Group Corporation Limited, General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Larsen & Toubro Limited, L3Harris Technologies Inc., Leonardo Società per azioni, Thales S.A., Rheinmetall AG, Elbit Systems Ltd., Hanwha Aerospace Co. Ltd., PT Pindad, Saab Aktiebolag, Denel SOC Ltd, Tata Advanced Systems Limited, Firefly Aerospace Inc., Arnold Defense and Electronics LLC, Solar Industries India Limited.

Where Are the Key Multiple Launch Rocket Systems Market Opportunities by Region?
North America was the largest region in the multiple launch rocket systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiple launch rocket systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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