Global Rocket and Missiles Market Report and Forecast 2024-2032

Global Rocket and Missiles Market Outlook

The global rocket and missiles market is expected to grow at a CAGR of 4.6% during the period 2024-2032. The market is expected to be driven by countries’ expenditures towards acquiring new and advanced rocket and missile systems to strengthen their defence capabilities.

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Global Market Likely to be Driven by Nations’ Spending Towards Increasing Military Capabilities

Increased military expenditures of countries are also fuelled by their rivalries and tensions with rival nations. Further, continual advancements in rocket and missile systems warrant constant modernization of military capacities in order to remain prepared for dynamic and ever-changing threat scenarios. United States, China, India, Russia, United Kingdom, Saudi Arabia, Germany, France, Japan, and South Korea are major nations with significant military spending.

A missile is a rocket-propelled weapon intended to deliver a high-speed, high-accuracy explosive warhead. Missiles range in size from small tactical weapons (with a range of only a few hundred feet) to considerably larger strategic weapons with a range of thousands of miles. Almost all missiles have some sort of guidance and control system, thus, are commonly called guided missiles.

A rocket is a term used to describe an unguided military missile, as well as any launch vehicle employed to sound the upper atmosphere or place a satellite in orbit. A torpedo is an undersea missile propelled by a propeller, and a cruise missile is a guided missile propelled along a low, level flight path by an air-breathing jet engine.

Tactical and Ballistic Missiles form a Significant Part of the Global Rocket and Missiles Market

While missiles may be propelled by liquid-fuelled as well as solid-fuelled rocket engines, solid fuel is favoured for military applications. Tactical guided missiles (missiles designed for deployment within the immediate battle area) are commonly propelled at double the speed of sound toward their targets by such engines. On the other hand, strategic missiles (intended to hit targets far beyond the conflict area) are either cruise or ballistic missiles.

Ballistic missiles are rocket-powered only in the initial (boost) flight-phase, thereafter, they adhere to an arcing trajectory to the target. As the ballistic warhead falls back to Earth pulled by gravity, it reaches speeds that are several times that of sound. Cruise missiles, on the other hand, are jet-propelled, and maintain subsonic speeds throughout their flights.

During flight, almost all missiles are kept steady by stabilizing fins. Additionally, guided missiles carry control systems to adjust their flight paths. The simplest control systems are aerodynamic; these use movable vanes or flaps to adjust air-flow through the stabilizing fins. Ballistic missiles are required to travel beyond the Earth’s atmosphere, and employ a more complex system – thrust vectoring – in which gas-streams from the rocket engine are deflected by placing vanes within the exhaust nozzle or by swivelling the whole engine.

In a missile, the guidance system is the most important component. Tactical missiles employ electronic sensors to locate the target by sensing energy released or reflected therefrom.

Tactical guided missiles are of five types - air-to-air, air-to-surface, surface-to-air, antiship, and antitank or assault – and are normally classified according to the location of the launch platform and target.

Ballistic missiles are generally classified as short-range ballistic missiles (SRBMs), medium-range ballistic missiles (MRBMs), intermediate-range ballistic missiles (IRBMs), and intercontinental ballistic missiles (ICBMs).

Global Rocket and Missiles Market Segmentation

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By type, the market is segmented into:

• Missile (further broken down according to type as given below)
  • Cruise Missile (further broken down by type as given below)
  • Surface-to-Air Missile
  • Anti-Ship Missile
  • Anti-Tank Missile
  • Anti-Submarine Missile
  • Ballistic Missile
• Rocket (further broken down by type as given below)
  • Artillery Rocket
  • Air-Launched Rocket

By platform, the market is classified into:

• Airborne
• Naval
• Ground

By launch mode, the market is divided into:

• Surface-to-Surface
• Surface-to-Air
• Air-to-Air
• Air-to-Surface
• Subsea-to-Surface

By propulsion, the market is segmented into:

• Solid
• Liquid
• Hybrid
• Scramjet
• Turbojet
• Ramjet

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Rocket and Missiles Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Denel SOC Ltd (Denel Dynamics)
• General Dynamics Corporation
• Kongsberg Gruppen ASA
• Lockheed Martin Corporation
• MBDA Missiles Systems Inc.
• Rafael Advanced Defense Systems Ltd.
• Raytheon Technologies Corporation
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report