Rockets and Missiles Market Future Demand, Growth, Share and Analysis with forecast 2024

Global Rockets and Missiles Market: Snapshot

The global market for rockets and missiles is anticipated to witness a substantial surge over the next few years, thanks to the increasing expenditure by various governments on their respective defense and military sectors. The rise in the defense budget will help in the uptake of technologically advanced rockets and missiles required for the strengthening of the defense forces across the world.

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Several nations, such as the U.S., the U.K., China, India, Russia, and Israel are likely to invest a massive amounts of money in designing and manufacturing modern rockets and missiles to equip their military forces and export them to other countries in the near future, which is also projected to support this market over the forthcoming years. However, the risk of malfunction of rockets and missiles launchers may hinder the market’s growth in the near future. The global market for rockets and missiles was worth US$32.10 bn in 2016. Rising at a CAGR of 3.40% from 2017 to 2025, the opportunity in this market is anticipated to reach US$ 43.01 bn by the end of 2025. rockets missiles market

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North America to Continue Leading Global Rockets and Missiles Market

Based on the geography, the global market for rockets and missiles is classified into the Middle East and Africa, Europe, Asia Pacific, North America, and Latin America. In 2016, North America dominated the market with a share of 30.1%. The extensive researches for the development of technologically advanced rockets and missiles, being carried out in this region to strengthen its defense forces, has been propelling the North America market for rockets and missiles. Researchers expect this scenario to remain so over the forthcoming years, with the U.S. emerging as the leading domestic market for rockets and missiles in this region.

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On the flip side, Asia Pacific is anticipated to surface as a promising market for rockets and missiles in the years to come. Several countries, such as China and India are investing a massive sum in designing, developing and manufacturing modern rockets and missiles in order to equip their forces with the same. South Korea, on the other hand, is in the process of procuring large numbers of rockets and missiles. These factors, as a result, is projected to boost the Asia Pacific market for rockets and missiles over the next few years.

Artillery Rockets and Surface to Air Missiles to Report Strong Demand

Artillery and air to ground rockets are the two prime types of rockets available in the global market. The demand for artillery rockets is a bit higher than air to ground rockets and the trend is anticipated to continue over the coming years. In terms of missiles, the market is categorized into surface to air missiles, cruise missiles, anti-ship missiles, anti-tank missiles, anti-submarine missiles, and others, such as air to air missiles, air to ground missiles, intercontinental ballistic missiles, and anti-radiation missiles. Surface to air missiles have been reporting a higher demand than other missiles available in this market. Analysts project this trend to remain so in the years to come, thanks to the efficiency of surface to air missiles in destroying the enemy aircraft, helicopters, and various incoming rockets and missiles.

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