Rockets and Missiles Market Opportunities for New Entrants in 2023-2031

The global rockets and missiles market reached a value of US$ 58.1 billion in 2021 and is expected to grow to US$ 81.9 billion by 2030, with a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.

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Several factors are influencing the market growth. The rising demand for new-generation air and missile defense systems, coupled with the increasing number of incidents related to terrorist attacks and growing cross-border tensions, will drive the growth of the global rockets and missiles market. Governments' support to strengthen the military sector is also expected to contribute to market growth. For example, the Missile Defense Agency (MDA) estimates that nearly 1,200 ballistic missiles have been added in previous years, indicating a significant demand for rockets and missiles. However, the high cost associated with the technology may impede market growth during the study period.

The COVID-19 pandemic had limited impact on the rockets and missiles market, as military procurement, maintenance, and manufacturing related to defense remained a top priority worldwide. However, supply-side shocks were observed due to the pandemic's consequences on the defense sector.

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In terms of regional analysis, North America is projected to dominate the rockets and missiles market, driven by growing research and development activities aimed at developing cost-effective propulsion technologies. The high defense budget in the United States will also create ample growth opportunities for the market. In the Asia-Pacific region, rising investments in the defense sector, particularly in China, India, and Russia, will contribute to market growth. Technological advancements, such as the unveiling of the Agni-Prime missile by the Defence Research and Development Organization (DRDO) in India, will further benefit the rockets and missiles market in the Asia-Pacific region.

Key competitors in the market include BAE Systems, Bharat Dynamics, Boeing, Denel Dynamics, Frontier Electronic Systems, General Dynamics, Israel Aerospace, Leonardo, Lig Nex1, Lockheed Martin, MBDA Missiles Systems, Northrop Grumman Corporation, Rafael Advanced Defense Systems, Raytheon Technologies, Thales Group, The Boeing Company, and other prominent players.

The market segmentation of the global rockets and missiles market is based on speed, product, propulsion type, launch mode, and region. The speed segment includes subsonic, supersonic, and hypersonic rockets and missiles. The product segment covers cruise missiles, ballistic missiles, rockets, and torpedoes. Propulsion types include solid, liquid, hybrid, ramjet, turbojet, and scramjet. The launch mode segment includes surface to surface, surface to air, air to air, air to surface, and subsea to surface rockets and missiles.

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The regional outlook divides the market into North America (including the U.S., Canada, and Mexico), Europe (including Western Europe and Eastern Europe), Asia Pacific (including China, India, Japan, Australia & New Zealand, ASEAN, and other Asia Pacific countries), the Middle East & Africa (including UAE, Saudi Arabia, South Africa, and other MEA countries), and South America (including Brazil, Argentina, and other South American countries).

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