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The increase in territorial conflicts, the rise in need for advanced rockets and missiles, and the surge in defense budget of emerging economies drive the growth of the global rocket and missiles market.
PORTLAND, Ore., July 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Rocket and Missiles Market by Speed (Subsonic, Supersonic, Hypersonic), by Product (Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes), by Guidance (Guided, Unguided), by Platform (Ground, Airborne, Naval): Global Opportunity Analysis and Industry Forecast, 2021-2031'. According to the report, the global rocket and missiles industry generated $54.8 billion in 2021, and is anticipated to generate $82.0 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031.
Prime determinants of growth
The increase in territorial conflicts, the rise in need for advanced rockets and missiles to counter the modern combat around the country's border, and the surge in defense budget of emerging economies drive the growth of the global rocket and missiles market. However, strict regulations related to arms use & transfer and high-cost associated with rocket and missile technology are the factors that are anticipated to hamper the market growth. Contrarily, the rise in the adoption of hypersonic missile systems and the preference for automatic target recognition (ATR) missile systems present new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has had a negative impact on the global rocket and missiles market, due to nationwide lockdown that forced all rocket and missiles manufacturing facilities to shut their operations.
- Disruptions in the supply chain led to sudden fall in the availability of raw materials, thereby hampering the market on the global level.
- Shortage of skilled labor force was a challenge to continue production in full capacity. However, the market recovered soon in the post-pandemic.
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The cruise missiles segment to maintain its leadership status throughout the forecast period
Based on product, the cruise missiles segment held the highest market share in 2021, accounting for nearly half of the global rocket and missiles market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031, owing to rise in demand and development of cruise missiles throughout the world.
The ground segment to maintain its lead position during the forecast period
Based on platform, the ground segment accounted for the largest share in 2021, contributing to nearly half of the global rocket and missiles market, and is projected to maintain its lead position during the forecast period. This is owing to high demand for ground-based rockets and missiles systems globally. However, the airborne segment is expected to portray the largest CAGR of 5.4% from 2022 to 2031, owing to rise in investments to develop fast and accurate air-deployed rockets and missiles globally.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for around two-fifths of the global rocket and missiles market. This is owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making advanced, reliable, precise, and efficient warfare, security, and defense systems. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2022 to 2031, owing to rise in procurement and development of advanced missile and rocket systems across several Asian nations, for instance, China, India, Japan, and South Korea.
Leading Market Players
- BAE Systems plc
- Elbit Systems Ltd
- Israel Aerospace Industries Ltd
- Kongsberg Gruppen
- LIG Nex1
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Saab AB
- Thales Group
- The Boeing Company
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