Global Rocket and Missile Market Analysis & Trends - Industry Forecast to 2028

Global Rocket and Missile Market Analysis & Trends - Industry Forecast to 2028

Rocket and Missile: Market Size

From $55.52 billion in 2020, the global Rocket and Missile market is projected to reach $82.03 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 5.0% from 2020 - 2028 timeframe. Some of the prominent trends that the market is witnessing include development of hybrid rockets and missiles, increasing demand for rocket and missile system worldwide and rising adoption of ai in military operations.

Global Rocket and Missile Market: Market Dynamics
The rockets and missiles market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced rockets and missiles to counter the modern combat around the country’s border. In addition, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally. Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing rockets and missiles.

On the other hand, the issues related to the integration of missiles are likely to obstruct the profit boundaries. In addition, technological advancements and development of new-generation air and missile defense systems will further boost for the Rocket and Missile market.

Impact of COVID-19 on Rocket and Missile
Though the industry was not severely affected but still has faced many economic problems post the COVID-19 outbreak. Since the beginning of the outbreak, the defense industry has been hit globally. The COVID-19 outbreak has led to multiple challenges for the defense industry. The drying up of private financing, reduction of defense expenditure in 2020 across the globe, and postponement of scheduled contracts have somewhat impacted the defense industry. Hence, the research and development related activities to rockets and missiles been delayed, due to which the testing of some missile defense technology has been delayed. Moreover, with the slowdown of the supply chain of rockets and missiles due to COVID-19, many companies are expected to face slack in production, thereby impacting the market growth.

By Platform
Airborne Segment Dominate the Market in 2020
The airborne segment made huge revenue in 2020 and growing its prominence during the forecast period. In airborne platforms, missiles are launched from the combat fighter aircraft to
destroy the targeted base camp of opponents. In naval vessels, the weapon launch system is installed to improve the attacking capacity of the vessels. In the naval platform, missiles are fired from the aircraft carrier, corvette, and several attacking naval vessels during the maritime operations.

By Geography
North America Region is Leading in the Global Market Place
North America region is likely to have a huge demand in the forecast period owing to the increasing use of fiber optic guidance systems by the US Army in various countries and the increasing spending on the military modernization program by the US and Canada. The presence of key players in the North American rocket missile market, which includes Lockheed Martin Corporation, General Dynamics Corporation, and Raytheon Technologies Corporation, is projected to boost the region’s dominance in the rocket and missile market share.

List of the Key Players Profiled in the Market Include:
• MBDA Inc.
• Lockheed Martin Corporation
• Saab AB
• Rafael Advanced Defense Systems Ltd
• Raytheon Company
• General Dynamics Corporation
• Roketsan A.S.
• BAE Systems
• Northrop Grumman Corporation
• Boeing
• Thales Group
• Denel Dynamics
• Kongsberg Gruppen ASA

List of the Regions/Countries Profiled in the Market Include:
North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others