(MENAFN- market Press Release) January 24, 2022 8:45 am - The global rockets and missiles market size is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026.
The report on the rockets and missiles market provides a detailed trend analysis from 2021 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
The Rockets and Missiles Market is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. The market is driven by various factors, such as rise in defense expenditure, and increasing demand for advanced rockets and missiles to counter the modern combat and to safeguard the country's border.
Based on propulsion type, the rockets and missiles Market will majorly be driven by the increase in demand of solid propulsion. There has been a significant rise in the demand for solid propulsion rockets and missiles throughout major and growing countries including Russia, and India. Various countries are focusing on reducing the operational cost of the rockets and missile while they counter the new threats, as reason of which research and development for new high-performance propellants for rockets and missiles has increased so as to address the growing concerns to counter advance threats. Hence, a rapid rise has been noticed in rockets and missiles market.
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on speed, the supersonic is projected to grow at the highest CAGR for rockets and missiles market during the forecast period. The growing demand for surveillance activities along attack-prone borders, rising defense spending of emerging economies, increasing incidences of terror attacks, and rising number of ongoing inter-country conflicts have led to the growth of the rockets and missiles market.
Based on speed, the rockets and missiles market has been segmented into subsonic missile, supersonic missile, and hypersonic missile. Technological advancements, continuous R&Ds, as well as the need for advanced rockets and missiles across the globe are some of the major factors driving the growth of the speed segment of the rockets and missiles market. The supersonic is projected to grow at the highest CAGR for rockets and missiles market during the forecast period.
Based on launch mode, the rockets and missiles market has been segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface rockets and missiles are fired from the ground or the sea. They can be launched from hand-held or vehicle-mounted devices or fixed installations. These missiles used in land warfare operations are designed to hit ground or sea targets. Hence, they are also known as ground to ground rockets and missiles. The need for the weapons provide autonomy into one or more guidance techniques that combine high precision with man-in-the-loop decision capability is one of the major factors driving the growth of the domain segment of the rockets and missiles market.
Asia Pacific and North America are the largest opportunities creator of the rockets and missiles during the forecast period. The key factor responsible for Asia Pacific, leading the rockets and missiles market owing to the presence of strong defense countries as well as due to the rapid growth of the technologically advanced rockets and missiles the region. Increasing development of rockets and missiles through contracts and agreements by countries such as India, China, among others is also expected to drive the demand for rockets and missiles in the region. For instance in 2020, India's Defence Research and Development Organisation (DRDO) successfully test-fired Hypersonic Technology Demonstrator Vehicle (HSTDV), making it only the fourth country after the US, China, and Russia to develop and test the hypersonic technology.
Hence, such factors are expected to drive the market in Asia Pacific by its defense forces. The rockets and missiles market in North America is driven by the increase in rockets and missiles procurement programs and growing defense expenditure majorly by the united states. Defense agencies of North American countries are involved in the development of technologically advanced missile and rockets. Well-established and prominent manufacturers of rocket and missiles, such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), the Boeing Company(US), and Raytheon Technologies Corporation (US), are also present in this region.
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