"Smart Market Solutions to Help Your Business Gain Edge over Competitors"

Rocket and Missile Market Size, Share & Industry Analysis, By Type (Missile and Rocket), By Platform (Airborne, Naval, and Ground), By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, Subsea-to-Surface, and Sea-to-Sea), By Propulsion (Solid, Liquid, Hybrid, Scramjet, Cryogenic, and Others), and Regional Forecasts, 2022-2029

Last Updated :April 01, 2024 | Format: PDF | Report ID: FBI101822



Play Audio Listen to Audio Version

The global rocket and missile market size was valued at USD 59.21 billion in 2021 and 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 rockets and missiles 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.


Request Sample

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.

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 rockets and missiles 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 to 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.


Request a Free sample to learn more about this report.

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.

  • In May 2022, AgniKul Cosmos, a space tech business based out of the Indian Institute of Technology Madras, will file a patent application for its full-scale second-stage engine Agnilet, which is the world's first single-piece 3D-printed engine. This development implies that it was built in one piece rather than the thousands of parts required by a traditional engine. Using 3D printing technology by crucial companies in the defense manufacturing industry is likely to boost the rocket and missile market growth.


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.

  • In April 2022, North Korea successfully tested a new tactical guided weapon to improve its nuclear capability.

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 militaries to recognize targets.

  • A cost-plus-fixed-fee contract worth USD 7 billion was awarded to BAE Systems Inc. of Burlington, Massachusetts for research and development to cultivate innovative machine learning and fusion algorithms to advance Automatic Target Recognition (ATR), machine learning, and multi-level multi-source fusion technology to improve algorithm performance.


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.


By Type Analysis

Increased Use of Self-propelled Guided Missiles to Foster the Cruise Missile Market’s Progress

The market is divided into rockets and missiles 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.

By Platform Analysis

To know how our report can help streamline your business, Speak to Analyst

 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).

By Launch Mode Analysis

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

By Propulsion Analysis

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. 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)

To get more information on the regional analysis of this market, Request a Free sample

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, comprises 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.



  • January 2022 - The U.S. Air Force has awarded SpaceX a contract for over USD 102 million to use a rocket to transport military supplies and humanitarian relief worldwide. It's the largest contract for cargo.

  • February 2022 - The U.S. Missile Defense Agency (MDA) awarded Raytheon Co., Lockheed Martin Corp., and Northrop Grumman Corp. contracts worth approximately USD 20 million each to develop prototypes of a hypersonic designed to intercept and destroy an adversary's hypersonic projectile in the unpowered glide phase of its trajectory.

  • May 2021 - General Dynamics Corporation and Raytheon Technologies signed a contract with a USD 43 million valuation to manufacture seeker components for two new variants of the Standard system. General Dynamics provides optical hardware to Raytheon's missiles and defense business to integrate into the SM-3 Block IB and IIA interceptors.

  • November 2021 - The U.S. Army Contract Command has announced a contract with Lockheed Martin Missile and Fire Control Division to procure a long-range Precision Strike (PrSM) system.

  • October 2020 -  Boeing's Operation Huntsville received a treaty amendment to support the only operationally deployed missile defense system capable of protecting the entire U.S. from long-range ballistic attacks.


An Infographic Representation of Rocket and Missiles Market

To get information on various segments, share your queries with us

The global rocket and missiles market research report provides qualitative and quantitative insights into this market and a complete analysis of the 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.

ROCKET AND MISSILES MARKET Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


By Type, Platform, Launch Mode, Propulsion, and Geography

By Type

  • Missile

  • Rocket

By Platform

  • Airborne

  • Naval

  • Ground

By Launch Mode

  • Surface-to-Surface

  • Surface-to-Air

  • Air-to-Air

  • Air-to-Surface

  • Subsea-to-Surface

  • Sea-to-Sea


By Propulsion

  • Solid

  • Liquid

  • Hybrid

  • Scramjet

  • Cryogenic

  • Others (Ramjet, Turbojet, and Pulsejet)


By Geography

  • North America (By Type, Platform, Launch Mode, Propulsion, and Country)

    • U.S. (By Type)

    • Canada (By Type)

  • Europe (By Type, Platform, Launch Mode, Propulsion, and Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Russia (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Type, Platform, Launch Mode, Propulsion, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)

  • Middle East (By Type, Platform, Launch Mode, Propulsion, and Country)

    • Saudi Arabia (By Type)

    • Israel (By Type)

    • Turkey (By Type)

    • Rest of Middle East (By Type)

  • Rest of the World (By Type, Platform, Launch Mode, Propulsion, and Sub-Region)

    • Latin America (By Type)

    • Africa (By Type)

Frequently Asked Questions

Fortune Business Insights says that the global rocket and missile 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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2018-2029
  • 2021
  • 2018-2020
  • 248

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Aerospace & Defense Clients


Related Reports

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“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
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.