Rocket And Missiles Market To Soar To $82 Billion Globally By 2031, Projected 4.2% CAGR: Allied Market Research

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Rocket and Missiles industry Size

WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 3, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled,“Rocket and Missiles Market ," The rocket and missiles market was valued at $54.8 billion in 2021, and is estimated to reach $82.0 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

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Rockets and missiles are heavy weapon systems designed to destroy any adversary's or terrorist group's missiles or rockets, including planes, tanks, artillery, ships, helicopters, armored vehicles, and other adversaries. Furthermore, rockets and missiles are designed to deliver an explosive warhead with high speed and accuracy. Such weapons are mostly used in military activities, particularly to defend their countries from any enemy assaults. The fundamental difference between a missile and a rocket is that missiles are self-propelled.

The rockets and missiles market has witnessed significant growth in recent years, owing to rise in border disputes and the consequent increase in procurement and development of state of the art rockets & missiles to strengthen the modern combat capabilities. For instance, in April 2022, Russia expanded the scale of its missile strikes on Kyiv in response to Ukrainian forces' attacks or sabotage on Russian territory. In addition, in September 2020, the conflict between Armenia and Azerbaijan over the disputed Nagorno-Karabakh region included the heavy use of missiles, drones, and rocket artillery.

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.

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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.

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.

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List of Key Players in Rocket and Missiles Market:

BAE Systems Plc,
Elbit Systems Ltd.,
Israel Aerospace Industries Ltd. (IAI),
Kongsberg Gruppen,
LIG Nex1,
Lockheed Martin Corporation,
Northrop Grumman Corporation,
Raytheon Technologies Corporation,
Saab AB,
Thales Group,
Boeing Company.

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David Correa
Allied Market Research
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