Press release
Rockets and Missiles Market is expected to grow at a CAGR of 3.40% from 2017 - 2025
In terms of type of rockets, the global rockets and missiles market witnessed the most promising business prospects for the segment of artillery rockets in 2016. The segment, venerated for its ability of destroying multitude of enemy weapons such as tanks, naval ships, armored vehicles, and submarines, is expected to continue to command a prominent position in terms of demand and sales in the global market over the forecast period as well.
In terms of geography, the market in North America dominated the global rockets and missiles market in terms of revenue contribution in 2016. The regional market accounted for over 30% of the global market in the said year and is expected to further add to its share in the global market over the report’s forecast period. Presence of some of the leading vendors in the global market and the rising defense budgets of the U.S. will play a key role in strengthening North America’s role in global rockets and missiles market in the near future.
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One of the key factors propelling the global rockets and missiles market is the constant rise in defense budgets of developing as well as developed countries. With increased financial resources being diverted towards the strengthening of defense capabilities, governments are equipping their defense forces with advanced rockets and missiles, driving the global market.
A number of other factors, such as the rising need for safeguarding countries from internal radical elements and foreign terrorists, are also boosting growth opportunities for the global rockets and missiles market. However, the massive costs of technologically advanced products and concerns associated with the possible malfunctioning of launchers could limit the growth opportunities for the market to a certain extent.
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The global rockets and missiles market has the leading few companies holding a good command on consumers across the globe, with the top four companies collectively accounting for a commendable share of over 65% in 2016, states Transparency Market Research in a recent report. The consolidated market is intensely competitive in nature and brand power makes the market difficult to breach for new vendors. The top four companies in the market, namely Lockheed Martin Corp., Raytheon Co., Thales Group, and Northrop Grumman Corp., continue to assert dominance with highly innovative product offerings, long-term contracts, and massive financial resources to ramp up the level of technological advancement in their products.
To achieve sustainable returns in the face of intensifying competition, companies in the market are focusing on growth strategies such as mergers and acquisitions, collaborations, and more stress on research and development activities. These activities are expected to further intensify the level of competition in the global market for rockets and missiles.
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