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The global rocket and missile market size was valued at USD 59.21 billion in 2021. The market is projected to grow from USD 61.96 billion in 2022 to USD 84.77 billion by 2029, exhibiting a CAGR of 4.58% during the forecast period. The ongoing war between Russia and Ukraine has been unprecedented and staggering, with rocket and missile experiencing higher-than-anticipated demand across all regions. Based on our analysis, the global market exhibited a growth of 3.47% in 2020 as compared to 2019.
A rocket is a highly advanced reaction motor that can drive a launch vehicle by carrying its oxidant. A reaction motor is utilized as a propulsion mechanism to generate forward thrust by expelling the structure in a backward direction. An unmanned vehicle is known as a missile. It combines the guiding system with an explosive substance. A ground-based communication center guides a warhead.
The industry growth is projected by emerging economies, such as China and India, boosting defense spending. Furthermore, the industry is expected to benefit from the changing nature of military technology worldwide. Market potential includes initiatives for the development of superior autonomous systems. On the other hand, the exorbitant expense of constructing rocket and missile is limiting industry expansion. The COVID-19 outbreak has presented the military sector with numerous hurdles. Though the sector was not badly harmed, it experienced numerous economic difficulties following the COVID-19 pandemic.
Russia-Ukraine Conflict is Reshaping the Defense Industry Owing to Increase in Arsenal Expenditures
The global market is bracing itself for a fresh wave of rapid defense spending as the Russia-Ukraine conflict continues. However, this form of conflict can impact more than one military budget; it can also trigger changes in procurement priorities. The effective deployment of new Russian electronic warfare equipment in Ukraine in 2014 and later in Syria encouraged research and development and acceptance of communications solutions that work (if not flawlessly) in GPS-denied conditions. The Russia-Ukraine conflict will also disrupt the defense procurement landscape, and defense officials must be prepared.
Ukraine's successful deployment of the Turkish Bayraktar TB2 Unmanned Combat Aerial Vehicle (UCAV) against Russian forces may irritate Western market incumbents. This UCAV, which has already demonstrated its capacity to engage Russian platforms in Libya and Syria, has done so again. The TB2's tactical success and the ensuing media frenzy benefit Baykar, the TB2's maker, as several governments are actively looking to expand their UCAV fleets. Therefore, these factors will positively impact the defense industry, especially this market.
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Growing Use of 3D Printed Missile Components to Drive Market Growth
3D printing is an additive manufacturing technique for creating complex geometrical objects such as rocket and missile structures. Complex components and structures of missiles and rockets, such as warheads, outer skins, fuel tanks, and control vanes, are manufactured using technologically advanced 3D printers. The advantages of 3D printing technology include faster product creation, single-step manufacturing, low-cost production, and increased sustainability.
Technological Advancements in Warfare Techniques to Propel the Market’s Progress
Guided weapons technology is a cutting-edge warfare technique employed by a variety of defense groups around the world. Among the technologically advanced guided missiles are short-range anti-air missiles, medium-range and long-range air-to-land and air-to-air missiles, and ballistic & cruise missiles. The U.S., China, and Russia are all working on hypersonic missiles that can reach Mach 5 speeds. The market is expanding due to growing countries such as India's greater adoption of Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) warfare techniques to reduce strike time during battlefield operations.
Automatic Target Recognition (ATR) Missile Systems Became More Prominent Due to Rising Demand
An automatic target-recognition system's primary goal is to detect enemy targets such as armored personnel carriers, military tanks, and howitzers. The target is identified using the information gathered such as several photographs of the enemy's location captured by laser radar sensors. Anti-ship missiles are the most common use of ATR architecture. This method combines multi-layered artificial neural networks with Imaging Infrared (IR). In 43 milliseconds, the ATR can recognize 90% of targets. The U.S. approved a defense budget of USD 782 billion for 2022. Military spending in the U.S. is expected to account for more than half of total federal defense spending. The market is growing due to the increased usage of the ATR missile system by the U.S. and Russian military to recognize targets.
COVID-19 Impact Constrains Industry Expansion Since Rocket and Missile Development Costs are High
Manufacturing businesses' main concerns are successful distribution and connectivity coverage. Increased connectivity due to technological advancements and new product development is projected to surge the demand for wireless infrastructure. The design and development of wireless infrastructure, connectivity challenges, and a delay in standardization are all important factors limiting the market's growth. The fast spread of wireless networks on a global scale raises serious concerns about network security and data privacy, both of which hinder commercial progress. Furthermore, certain impediments, such as gates, walls, and people, interfere with the transmission of wireless signals. These barriers cause poor communication and, in certain cases, full loss of wireless connection. The range and position of the receiver determine the power of wireless transmissions.
Increased Use of Self-propelled Guided Missiles to Foster the Cruise Missile Market’s Progress
The market is divided into rocket and missile based on type. Ballistic missiles and cruise missiles are two types of missiles. The segment is projected to grow significantly during the forecast period. A ballistic missile's flight path follows a ballistic trajectory. Numerous types of ballistic missiles are Short-Range Ballistic Missiles (SRBMs), Medium-Range Ballistic Missiles (MRBMs), Intermediate-Range Ballistic Missiles (IRBMs), and Intercontinental Ballistic Missiles (ICBMs). A cruise missile is a self-propelled guided missile that is used to kill predetermined targets. Subsonic cruise missiles, supersonic cruise missiles, and hypersonic cruise are three types of cruise missiles. The hypersonic cruise has a top speed of 5 Mach. Many growing economies, including China and India have developed hypersonic cruise. Due to the rising usage of artillery and air-launched in Europe and Asia Pacific, the rocket segment is expected to grow at the highest throughout the projected period.
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Ground Segment to Dominate Propelled by Increasing Use of Land-Attack Cruise Missiles
By platform, the market is divided into airborne, naval, and ground. Airborne platforms employ missiles launched from combat fighter aircraft to destroy an opponent's base camp. The naval segment is projected to register the highest growth rate during the forecast period. The weapon launch system is installed on naval boats to boost their offensive capability. During maritime operations, arsenal are fired from the aircraft carrier, corvette, and several attacking naval vessels from the naval platform. Several multi-range rocket and missile are fired from earth-based control centers and combat military vehicles from the ground platform. Land-attack cruise missiles are sophisticated missiles launched from airborne, naval, or ground platforms. China's land-attack cruise’s are the YJ-63, CJ-10, and CJ-20 (LACM).
Surface-to-Surface Segment to Dominate Owing to Increasing Use of Laser-Guided Missiles
The market is divided into surface-to-surface, surface-to-air, air-to-air, air-to-surface, subsea-to-surface, and sea-to-sea based on launch mode. During military operations, the armed services frequently employ surface-to-surface and the segment is dominating the market due to high demand. It has a rocket-powered guided projectile that may be fired from trailer-mounted platforms, hand-held platforms, vehicle-mounted platforms, and fixed installation platforms. This system destroys aerial targets such as military helicopters and airplanes from a ground-based platform. A military aircraft launches an air-to-air missile primarily employed to kill the opponent's aerial vehicles. The missile can reach a top speed of 4 Mach and is primarily employed in military aircraft to attack pre-determined ground targets, employing GPS-based laser guiding technology. On the other hand, the submarine-to-surface missile is designed to be launched from naval vessels at terrestrial targets
Solid Segment to Dominate Supported by Growing Solid Fuel Use in Ballistic Missiles
The market is divided into solid, liquid, hybrid, scramjet, cryogenic, and others (ramjet, turbojet, and pulsejet) based on propulsion. Aluminum powder is used to make solid fuel, which is employed in solid propulsion. This increase is attributed to the increased use of solid fuel in ballistic systems due to the solid fuel's storage advantage. Solid fuel can generate a significant amount of thrust. Hydrocarbons make up liquid fuels. The procedure of loading liquid fuel into missiles is complicated. The liquid fuel can produce a high impulse rate regardless of the solid fuel used. Hybrid propulsion combines the benefits of both solid and liquid propulsion, giving it the best of both worlds.
North America Rocket and Missile Market Size, 2021 (USD Billion)
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The global market has been segmented into North America, Europe, Asia Pacific, the Middle East, and the Rest of the World based on region.
During the projection period, North America is expected to be the largest market, with USD 19.29 billion in 2021. The increased usage of fiber optic guidance systems by the U.S. Army and various countries and increased investment in the military modernization program by the U.S. and Canada are driving the market expansion. The presence of important manufacturers, such as Lockheed Martin Corporation, General Dynamics Corporation, and Raytheon Technologies Corporation, comprise a higher rockets and missiles market share in North America. It is expected to strengthen the region's rocket and missile industry dominance.
During the projection period, Asia Pacific is expected to register the highest CAGR during the forecast period. The People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) use multiple independent re-entry vehicles more frequently, thereby facilitating the industry’s growth. In April 2022, Australia announced spending USD 2.6 billion to upgrade its defense system.
Increased private sector funding for the supply of ballistic missiles in Europe is expected to improve the industry. The U.K. market is expanding due to increased demand for precision-guided and automatic target recognition technology. In August 2021, The Russian Defense Ministry inked a contract with the Scientific and Production Association Mashinostroyenia to supply 3M22 Zircon hypersonic missiles.
During the projection period, the Middle East will also see significant growth. This increase is due to Saudi Arabia and Turkey's anticipated deployment of missile technology. Due to rising defense spending in Latin America and Africa, the Rest of the World is likely to expand significantly throughout the forecast period.
Key Market Players Use Additive Manufacturing Technology to Drive Market Growth
In this industry, additive manufacturing technology is being used to manufacture complicated geometrical structures, Multiple Independent Re-entry Vehicles (MIRV), cruise, and ballistic & fiber optic guiding systems. The dominance of these key market players can be attributed to their diverse product portfolios, technologically advanced solutions, and Research & Development (R&D) efforts.
An Infographic Representation of Rocket and Missiles Market
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The global market research report provides qualitative and quantitative insights into this market, and a complete analysis of market size and growth rate for all segments. The report also includes an in-depth look at propulsion systems, launch modalities, market dynamics, emerging trends, and the competitive landscape. The adoption trends by individual segments, recent industry developments such as partnerships, mergers, and acquisitions, consolidated SWOT analysis of key players, Porter's five forces analysis, leading business strategies of market players, and key industry trends are among the key insights offered in the report.
Value (USD Billion)
By Type, Platform, Launch Mode, Propulsion, and Geography
By Launch Mode
Fortune Business Insights says that the global market size was USD 59.21 billion in 2021 and is projected to reach USD 84.77 billion by 2029.
Registering a CAGR of 4.58%, the market will exhibit rapid growth during the forecast period (2022-2029).
Naval segment is estimated to be the fastest growing segment.
General Dynamics Corporation, Lockheed Martin Corporation, and Raytheon Technologies Corporation are the major players in the global market.
North America dominated the market in terms of share in 2021.
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