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The global rocket and missile market size is expected to reach USD 71.79 billion by 2027 owing to increasing utilization of solid propulsion systems in rockets. This analysis is contained in the Fortune Business Insights™ report, titled “Rocket and Missile Market Size, Share and COVID-19 Impact 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, and Subsea-to-Surface,) By Propulsion (Solid, Liquid, Hybrid, Scramjet, Cryogenic, and Ramjet), and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 52.54 billion in 2019 and is projected to exhibit a CAGR of 4.52% from 2020 to 2027.
However, on account of the COVID-19 pandemic outbreak, the market growth in 2020 is expected to be subdued. The primary reasons for this include massive supply chain disruptions, delaying or cancelling of defense expos, and shoring up of expenditure on healthcare by countries worst affected by the pandemic.
Thales Collaborates with Rheinmetall for Unguided and Guided Rockets
In January 2020, France-based Thales Group and Germany-based Rheinmetall announced an exciting collaboration to support the upcoming developments and qualification and production of unguided and guided rockets for helicopters and other platforms in Germany. Rheinmetall will leverage Thales’ expertise in rockets and combine it with its own experience in working with Bundswehr to meet future requirements in the country. The companies are also planning on expanding their partnership in the Tiger MK3 program, which involves wide range of operations surrounding guided missiles. Collaborations such as this one are the most prominent feature of the competition in this market.
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Frequent Naval Exercises between Major Economies to Augment Market Growth
The purpose of naval exercises is to exhibit and test the naval capacities of competing countries. Geostrategic alliances between countries have intensified in recent years and consequently, such displays of strength have become more frequent and intense. For example, in May 2019, the navies of the US, Japan, India, and the Philippines conducted a multilateral exercise in the South China Sea, showcasing a vast array of rockets and missiles and other weaponry in the disputed waters. Similarly, in December 2019, the Russian, Chinese, and Iranian navies joined forces to conduct naval drills in the Gulf of Oman. Here, Iran unveiled its “Bright Conqueror” short-range ballistic missile. Increasing frequency and intensity of naval drills will, therefore, accelerate the growth of this market.
Key Players to Develop Effective Threat Handling Missile Systems
Expanding military budgets in most of the world’s top economies is encouraging prominent players in the rocket and missiles market to engineer and introduce next-gen rockets and missiles to effectively manage threats. As a result, many of the market companies are injecting large amount of funds into R&D to gain a competitive edge over other players. Governments, too, are eliciting more aggressive involvement of private defense conglomerates in augmenting their nations’ defense capabilities.
List of Players Covered in the Rocket and Missile Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Launch Mode