"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
The global rocket and missile market size was valued at USD 52.54 billion in 2019 and is projected to reach USD 71.79 billion by 2027, exhibiting a CAGR of 4.52% during the forecast period (2020-2027).
A rocket is defined as a technologically advanced reaction motor that can carry its oxidant to propel a launch vehicle. A reaction motor is used as a propulsion device to generate a forward push by expelling the rocket structure in a backward direction. A missile is an unmanned rocket vehicle. It is a combination of the guidance system and an explosive material. A missile is guided by a ground-based communication center.
The factors expected to drive the market for rocket and missile include the increasing defense expenditure of emerging economies such as China and India. Moreover, the changing nature of warfare technologies across the globe is anticipated to boost the market. Initiatives for the development of advanced autonomous missile technologies are the upcoming opportunities for the market. However, the high cost associated with building rockets and missiles is hampering market growth.
Request a Free sample to learn more about this report.
Rising Adoption of 3D Printed Missile Components to Propel the Market
3D printing is an additive manufacturing technology used to build complex geometrical structures, including those of rockets & missiles. Technologically advanced 3D printers are used to produce missiles’ and rockets’ complex components and structures such as warheads, the outer skin of missiles, fuel tanks, and control vanes of missiles. Faster product development, single-step manufacture, low-cost production, and more sustainability are the main features of 3D printing technology.
For example, in March 2016, the U.S. Navy launched the Trident II D5 ballistic missile. Lockheed Martin designed a 3D printed component for Trident II D5 ballistic missile. It is a new, high-tech upgrade for the U.S. Fleet Ballistic Missile (FBM) program. The increasing adoption of 3D printing technology from the key players in the defense manufacturing industry is anticipated to boost the rocket and missile market growth.
Technological Advancements in Warfare Techniques to Propel the Market
Guided-weapons technology is an advanced warfare technique used by several defense forces across the globe. The technologically advanced guided missiles are classified as short-range anti-air missiles, medium-range and long-range air-to-land and air-to-air missiles, and ballistic and cruise missiles. The U.S, China, and Russia are continuously developing hypersonic missiles, which can reach a flight-speed up to Mach 5. The increasing adoption of the command system, control system, communications, computers, intelligence, surveillance, and reconnaissance (C5ISR) warfare techniques among emerging economies such as India to reduce the strike time during the battlefield operations is fueling the market growth.
Growing Preference for Automatic Target Recognition (ATR) Missile Systems to Support Market Growth
The primary aim of an automatic target-recognition missile system is to detect the adversary targets such as armored personnel carriers, military tanks, and howitzers. The target is detected by using the collected data, such as several images of enemy location from laser radar sensors. The ATR architecture is majorly used for anti-ship missiles. This technology has Imaging Infrared (IR) capabilities along with multi-layered artificial neural networks. The ATR can achieve 90% target recognition in 43ms. In the year 2019, the U.S. approved a USD 617 billion defense budget. The U.S. military spending is projected to account for 52 percent of all federal defense spending. The increasing use of the ATR missile system from the U.S. and Russian armies to recognize missile targets are supporting the market growth.
High Development Cost of Rockets and Missiles and COVID-19 Effect to Hinder Market Growth
The high development costs associated with building ballistic and cruise missiles are a prime factor hampering the rocket and missiles market growth. Rapidly changing technology in weapon launch systems is accountable for replacing the conventional weapon launch systems. Therefore, the high costs associated with inventing new technologies are restraining market growth.
The COVID-19 pandemic is creating a huge financial impact on the defense manufacturing business. The major defense manufacturing companies are closed due to the lockdowns implemented by the government authorities worldwide. Certain rules, regulations, and protocols have been declared by governments across the globe for businesses to restart their production.
The rocket & missile market is facing demand and supply shortage, where there is a huge demand from the developed countries, but OEMs are not able to work at full potential. There has been a concern that determines the cutting-edge of economy and market constraints. The COVID-19 effect has reduced the funding resources vital to preserving improvement and operations from a small launch enterprise. Moreover, the defense manufacturing industry is unable to manage the remotely operated work system as it requires an on-site presence of a skilled workforce. The reduction in the revenue of the OEM companies during the financial year 2020 is expected to affect market growth.
To know how our report can help streamline your business, Speak to Analyst
Increased Use of Self-Propelled Guided Missile across the Globe to Aid Cruise Missile Segment Growth
On the basis of type, the market for rocket and missile is classified into rockets and missiles. Missiles are classified as ballistic missiles and cruise missiles. A ballistic missile has a ballistic trajectory over its flight path. Ballistic missiles are classified according to their range, such as short-range ballistic missile (SRBM), medium-range ballistic missile (MRBM), intermediate-range ballistic missile (IRBM), an intercontinental ballistic missile (ICBM). A cruise missile is a self-propelled guided missile that is used to destroy the preset targets. A cruise missile is classified into a subsonic cruise missile, supersonic cruise missile, and a hypersonic cruise missile. The missile segment is projected to register the largest growth during the forecast period. This growth is attributed to the increased use of self-propelled guided missiles from several armed forces across the globe. A hypersonic cruise missile can reach speeds of up to 5 Mach. Many emerging economies, such as China and India, are developing hypersonic cruise missiles. The rocket segment is anticipated to display the fastest growth during the forecast period, attributed to the increased use of artillery rockets and air-launched rockets in Europe and the Asia Pacific.
Increasing Use of Land-Attack Cruise Missiles is Propelling the Market
In terms of platform, the rocket and missiles market is divided into airborne, naval, and ground. 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. In the ground platform, several multi-range rockets & missiles are fired from the earth-based control stations as well as combat military vehicles. The ground segment is projected to register the largest market share during the forecast period. This growth is attributed to the increasing use of land-attack cruise missiles and ballistic missiles across the world. Land-attack cruise missiles are the advanced missiles that are launched from airborne and naval platforms as well as a ground platform. China has YJ-63, CJ-10, and CJ-20 land-attack cruise missiles (LACM).
Furthermore, India has Bramhos-1 and Bramos-2 LACM missiles. The naval segment is anticipated to experience the fastest growth during the forecast period, attributed to the increasing naval exercises between the U.S., India, and China. For instance, in May 2020, the littoral combat ship USS Gabrielle Giffords (the U.S.) and the stealth frigate RSS Steadfast (Republic of Singapore Navy) has been conducted a joint naval exercise in the South China Sea. Ballistic missiles are also used in naval submarines. A submarine has the capacity to deploy & launch ballistic missiles with nuclear warheads. Currently, their deployment has been ruled by the U.S., Russia, France, the UK, China, and India.
Increasing Use of Laser-Guided Missiles to Support Market Growth
Based on launch mode, the market is segregated into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface. A surface-to-surface missile is majorly used by the armed forces during battlefield operations. It has a guided projectile that is powered by a rocket motor and can be launched from trailer-mounted platforms, hand-held platforms, vehicle-mounted platforms, and fixed installation platforms. This missile is launched from the ground-based platform to destroy aerial targets such as military helicopters and military aircraft. An air-to-air missile is launched from a military aircraft and majorly used to destroy the opponent’s aerial vehicles.
The air-to-air missile has a speed of up to 4 Mach And is majorly used in military aircraft to attack ground-based preset targets, and these missiles are enabled with GPS-based laser guidance technology. On the other hand, the subsea-to-surface missile is intended for launch from naval vessels to land-based targets. The surface-to-surface segment is predicted to be the largest and fastest-growing segment in the rocket and missile market during the forecast period. This growth is attributable to the increasing development of laser-guided missiles, combat scenarios, and the use of anti-tank and anti-ship guided missiles from the U.S and Russian armed forces.
Solid Segment Dominated the Global Market Backed by Increasing Use of Solid Fuel in the Ballistic Missiles
By propulsion, the market is classified into solid, liquid, hybrid, scramjet, cryogenic, and ramjet. Solid fuel is made from aluminum powder and used in solid propulsion. The solid segment is expected to hold the largest market share between 2019 and 2027. This growth is owing to the increasing use of solid fuel in ballistic missiles due to the storing advantage of solid fuel. Solid fuel is able to provide a large amount of thrust. Liquid fuels are hydrocarbons. The loading of missiles with liquid fuel is a complex process. The liquid fuel is able to provide a high impulse rate irrespective of the solid fuel involved. Hybrid propulsion is a combination of solid propulsion and liquid propulsion; thus, it has the combined advantages of both (solid and liquid) propulsions.
Scramjet stands for supersonic combustion ramjet and uses hydrogen fuel. It has the capacity to provide supersonic air velocity to the missiles. In the cryogenic propellants, liquid oxygen is used as the oxidizer, and liquid hydrogen is used as the fuel. Cryogenic propellants are liquefied gases and stored at very low temperatures, majorly used in geosynchronous satellite launch vehicles. A ramjet is an advanced air-breathing jet engine, which uses the supersonic exhaust from a rocket combustion system to provide a thrust even at zero speed.
North America Rocket and Missile Market Size, 2019 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The global rocket and missile market have been segmented into regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and the Rest of the World. North America is expected to be the largest market during the forecast period. The market growth is attributed 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.
The Asia-Pacific rocket missile market is expected to grow the fastest during the forecast period. This growth is attributed to the increasing use of multiple independent re-entry vehicles (MIRV) by the People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force. In February 2019, the Thales Group signed a contract with Hindustan Aeronautics Limited (India) to supply one hundred thirty-five 2.75-inch (70-mm) rocket launchers for the Indian armed forces.
The European market for rocket and missile will be driven by the increasing funding from the private sector to supply ballistic missiles is projected to boost the market. In the U.K., increased demand for precision-guided missiles and automatic target recognition technology is propelling the market growth. The Middle East also registers remarkable growth during the forecast period. This growth is attributable to the proposed adoption of missile technology by Saudi Arabia and Turkey. The Rest of the World is expected to register significant growth during the forecast period owing to the increasing defense spending in Latin America and Africa.
Additive Manufacturing Technology Implemented by Key Market Players to Propel Market Growth
Additive manufacturing technology used to build a complex geometrical structure of rocket & missiles, multiple independent re-entry vehicles (MIRV), and fiber optic guidance systems is the upcoming trend in this market. A diversified product portfolio coupled with technologically advanced solutions and research and development (R&D) activity are the major factors behind the dominance of these key market players.
An Infographic Representation of Rocket and Missiles Market
To get information on various segments, share your queries with us
The rocket and missile market report analyzes and forecasts trends and opportunities in this market and the detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of propulsion systems, launch modes, market dynamics, emerging trends, and the competitive landscape. Key insights offered in the report are the adoption trends of rocket and missile by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, leading business strategies of the market players, and key industry trends.
Value (USD Billion)
By Launch Mode
Fortune Business Insights says that the global rocket and missile market was valued at USD 52.54 billion in 2019 and is projected to reach USD 71.79 billion by 2027.
Growing at a CAGR of 4.52%, the market will exhibit steady growth in the forecast period (2020-2027).
In 2019, the market value stood at USD 52.54 billion.
The missile segment is estimated to be the leading segment in this market during the forecast period.
Growing preference for automatic target recognition (ATR) missile systems to recognize missile targets is driving market growth
General Dynamics Corporation., Lockheed Martin Corporation, and Raytheon Technologies Corporation are some of the leading manufacturing companies in the market.
North America is projected to be the largest shareholder in this market. The increasing use of fiber optic guidance system from the U.S. army is anticipated to boost the market in North America.
Additive manufacturing technology, multiple independent re-entry vehicles (MIRV), and fiber optic guidance system are the new trends in the market.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry