Rocket and Missiles Market size is Expected to Reach $82.0 Billion by 2031 | Registering a CAGR of 4.2%

According to the report, the global rocket and missiles industry generated $54.8 billion in 2021, and is anticipated to generate $82.0 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031.

The increase in territorial conflicts, the rise in need for advanced rockets and missiles to counter the modern combat around the country's border, and the surge in defense budget of emerging economies drive the growth of the global rocket and missiles market. However, strict regulations related to arms use & transfer and high-cost associated with rocket and missile technology are the factors that are anticipated to hamper the market growth. Contrarily, the rise in the adoption of hypersonic missile systems and the preference for automatic target recognition (ATR) missile systems present new opportunities in the coming years.

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Increase in territorial conflicts, rise in defense budget of emerging economies, and developments related to hypersonic missiles are expected to drive the rockets and missiles market during the forecast period. However, implementation of regulations related to arms use and transfer and high cost associated with rocket and missile technology are anticipated to hamper the growth of the market. Conversely, rise in adoption of hypersonic missile systems and increase in preference for automatic target recognition (ATR) missile systems are expected to offer lucrative opportunities for the market in future.

Rockets and missiles are heavy weapon systems designed to destroy any adversary's or terrorist group's missiles or rockets, including planes, tanks, artillery, ships, helicopters, armored vehicles, and other adversaries. Furthermore, rockets and missiles are designed to deliver an explosive warhead with high speed and accuracy. Such weapons are mostly used in military activities, particularly to defend their countries from any enemy assaults. The fundamental difference between a missile and a rocket is that missiles are self-propelled.

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The rockets and missiles market has witnessed significant growth in recent years, owing to rise in border disputes and the consequent increase in procurement and development of state of the art rockets & missiles to strengthen the modern combat capabilities. For instance, in April 2022, Russia expanded the scale of its missile strikes on Kyiv in response to Ukrainian forces' attacks or sabotage on Russian territory. In addition, in September 2020, the conflict between Armenia and Azerbaijan over the disputed Nagorno-Karabakh region included the heavy use of missiles, drones, and rocket artillery.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the global rocket and missiles market, due to nationwide lockdown that forced all rocket and missiles manufacturing facilities to shut their operations.
Disruptions in the supply chain led to sudden fall in the availability of raw materials, thereby hampering the market on the global level.
Shortage of skilled labor force was a challenge to continue production in full capacity. However, the market recovered soon in the post-pandemic.

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North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue 2021, accounting for around two-fifths of the global rocket and missiles market. This is owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making advanced, reliable, precise, and efficient warfare, security, and defense systems. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2022 to 2031, owing to rise in procurement and development of advanced missile and rocket systems across several Asian nations, for instance, China, India, Japan, and South Korea.

Leading Market Players

BAE Systems plc
Elbit Systems Ltd
Israel Aerospace Industries Ltd
Kongsberg Gruppen
LIG Nex1
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
Thales Group
The Boeing Company

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