Rocket and Missile Market to Reach USD 84.77 Billion by 2029; Rapidly Changing Military Technology to Foster Market Growth

The global rocket and missile market size is expected to witness major growth by reaching USD 84.77 billion by 2029. Fortune Business Insights™ in its report titled “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.” observes that the market size in 2021 stood at USD 59.21 billion and is expected to touch USD 61.96 billion in 2022. The market is expected to exhibit a CAGR of 4.58% during 2022-2029. Rapidly evolving military technologies and rising adoption of 3D printed missile components may foster the market’s progress.

Defense System Export Contract Undertaking by India to Generate Remunerative Market Opportunities

India undertook its first major defense system export contract worth USD 375 million in January 2022 with the Philippines for the BrahMos shore-based anti-ship missile system. The 290-kilometer range supersonic missile was created by collaborating with Russia. This strategy may create remunerative opportunities for this industry.

Russia Ukraine War Impact

Evolving Procurement Priorities to Positively Transform the Defense Industry

The Russia-Ukraine war is likely to affect several sectors due to evolving procurement priorities. Furthermore, the deployment of novel Russian electronic warfare equipment in Ukraine in 2014 and later in Syria may bolster the product demand. Moreover, the expansion of UCAV fleets in the region bolstered the industry’s progress.

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Technological Advancements in Warfare Strategies to Bolster Industry Growth

A missile is an unmanned vehicle, whereas, a rocket is an advanced reaction motor responsible for carrying oxidants. Technological advancements in warfare techniques may bolster the adoption of advanced missile solutions. The rising demand for the product from the defense industry is likely to boost the product sales. Furthermore, the increasing adoption of advanced arms may drive the industry’s growth. Moreover, increasing focus on developing hypersonic missiles capable of reaching Mach speeds is likely to foster the industry’s growth. In addition, the rising demand for C5ISR warfare techniques and India's strike time reduction command is likely to drive the rocket and missile market growth.

Key Players Sign Contracts to Bolster their Business Prospects

The prominent companies operating in the market announce new products to bolster their business prospects. For example, Raytheon Technologies and General Dynamics Corporation undertook an agreement in May 2021 worth USD 43 million. Under this contract, the companies shall focus on developing two new Standard Missile-3 system variations. This strategy may allow the companies to elevate their sales, enhance resources, and improve their brand image. Furthermore, several key players devise research & development, mergers, acquisitions, expansions, and other strategies to boost their market position worldwide.

Notable Industry Development

• February 2022: The U.S. Missile Defense Agency (MDA) offered Raytheon Co., Northrop Grumman Corp., and Lockheed Martin Corp. contracts worth USD 20 million to develop hypersonic missile prototypes.

List of Key Players Profiled in the Report

• Denel Dynamics (South Africa)


• General Dynamics Corporation (U.S.)


• ROKETSAN A.S. (Turkey)


• KONGSBERG (Norway)


• Lockheed Martin Corporation (U.S.)


• MBDA (France)


• MESKO (Poland)


• Nammo AS (Norway)


• Rafael Advanced Defense Systems Ltd. (Israel)


• Raytheon Technologies Corporation (U.S.)


• Saab AB (Sweden)


• Thales Group (France)

Further Report Findings

• The market in North America was valued at USD 19.29 billion in 2021 and is expected to gain a huge portion of the global rocket and missile market share in the coming years. Rising fiber optic guidance systems are likely to foster the product demand.


• Further, robust investments in military program modernization are expected to enhance rocket and missile adoption. Additionally, the presence of several major players, such as Lockheed Martin Corporation, General Dynamics Corporation, and Raytheon Technologies Corporation, is expected to boost the industry’s growth.


• In Asia Pacific, the adoption of multiple re-entry vehicles by the People's Liberation Army Navy (CHINA) and the Japan Maritime Self-Defense Force (MIRV) is expected to foster rocket and missile demand.

Table of Segmentation