• Stacy Lawlor

Global Rockets and Missiles Market Size to grow USD 84.8 Bn in 2028, at a CAGR of 5.7%


Rockets and Missiles Market

The Global Rockets and Missiles Market Size was valued at USD 58.3 Bn in 2021. The market is projected to grow USD 84.8 Bn in 2028, at a CAGR of 5.7%. The increased defense expenditure of emerging economies such as China and India is likely to drive the market for rockets and missiles.

Rockets and Missiles Market

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The development of high-tech new-generation missiles poses a significant danger to important locations and platforms such as military airbases and ships. Nuclear-capable ballistic missiles and high-speed cruise missiles are among the latest developments. Various countries are working on sophisticated weapons that can counter high-end air defense systems including the medium extended air defense system (MEADS), Patriot Advanced Capability-3 (PAC-3), and the S-400. India, China, and Russia have developed hypersonic missiles that are tough for missile defense systems to intercept. The BrahMos missile, developed jointly by India and Russia, is difficult to intercept by earlier missile defense systems.


The missile segment is expected to dominate the market share of global rockets and missiles market owing to the rising use of artillery rockets and air-launched rockets. The hypersonic segment is expected to dominate the market share of global rockets and missiles market owing to its tremendous speed, hypersonic precision-guided missiles are difficult to counter. The surface-to-surface are expected to dominate the market share of global Rockets and Missiles market owing to the increasing usage of laser-guided missiles, battle scenarios, and the use of anti-tank and anti-ship guided missiles. The solid segment is expected to dominate the market share of global Rockets and Missiles Market owing to the increased use of solid fuel in ballistic missiles due to solid fuel's storage advantage.


North America region is expected to dominate the market share of global Rockets and Missiles market owing to the presence of key players and technological advancements in the region. In addition, advancements in surface-to-surface and air-to-air in constant way. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global Rockets and Missiles market due to the countries in this region are aiming more on increasing investments in Rockets and Missiles.

Rockets and Missiles Market

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KEY INDUSTRY DEVELOPMENTS:

March 2022- MBDA has recently launched MILAN Anti-Tank missile system and taken orders from over 40 countries with 360,000 missiles and 10,000 launch units.


January 2022- India has planned to export BrahMos missile to Philippines to supply a Shore-based Anti-Ship Missile System Acquisition Project for their navy defense.


April 2020- Lockheed Martin signed a contract with U.S. Army for the production of Patriot Advanced Capability-3 (PAC-3) Missile. Lockheed Martin has constructed an 85,000-square-foot extension at the Camden, Arkansas, site where PAC-3 MSE interceptors are manufactured to accommodate customer demand and increase production capacity. However, Raytheon has merged with United Technologies to create US aerospace and defense giant. The company’s aim to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics and cybersecurity.


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https://extrapolate.com/aerospace-and-defence/rocket-missile-market/25623


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