Rocket & Missile Market Expected to Hit $73.8

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Chicago, June 29, 2022 (GLOBE NEWSWIRE) — According to a research report “Rockets and Missiles Market by Speed ​​(Subsonic, Supersonic, Hypersonic), Product, Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet, and Scramjet), Guidance Mechanism (Guided and Unguided), Launch Platform, and Region – Forecast until 2026″, The Rockets and Missiles market size is expected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, growing at a CAGR of 4.8% from 2021 to 2026. The demand for these weapons has recently experienced significant growth due to growing threats from insurgencies that have highlighted the need for precision attacks and surgical strikes from a distance. Thus, it is imperative to avoid collateral damage and provide fighters with advanced weaponry which has led to the growth of the rockets and missiles market.

The rockets and missiles market includes major players

  • Northrop Grumman Corporation (USA),
  • Lockheed Martin Corporation (USA),
  • BAE Systems (UK),
  • Thales Group (France).

These players have spread their businesses across various countries including North America, Europe, Asia-Pacific, and Rest of the World. COVID-19 has also impacted their businesses. Industry experts believe that COVID-19 affected rockets, missile production and services globally in 2020.

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Defense programs to defend nations against various threats

The performance of US weapons systems is unmatched, ensuring US defense forces have a tactical advantage in combat over any adversary, regardless of weather conditions. FY2020 (Procurement and Research, Development, Test, and Evaluation (RDT&E)) acquisition funding requested by the U.S. Department of Defense (DoD) is $247.3 billion. dollars, which includes funding in the base budget and Overseas Contingency Operations (OCO), totaling USD 143.1 billion for procurement and USD 104.3 billion for RDT&E. The funding in the budget request represents a balanced portfolio approach to implementing the military strength objective established by the National Defense Strategy. Of the $247.3 billion in the request, $83.9 billion funds Major Defense Acquisition Programs (MDAPs), which are acquisition programs that exceed a cost threshold established by the Undersecretary defense for acquisition and sustainment.

According to the Missile Defense Agency, there has been an increase of more than 1,200 additional ballistic missiles over the past 5 years. The total number of ballistic missiles outside the United States, the North Atlantic Treaty Organization, Russia and China has risen to more than 5,900. Hundreds of launchers and missiles are currently at range of the forces deployed by the United States. Hence, growing need for defense programs by nations to defend against various threats is driving the rocket and missile market.

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Large investments in the indigenous missile defense system

Several countries are investing heavily in their indigenous rockets, their missile defense systems. For example, Russia is developing an S-500 system, which should have a detection range of over 600 kilometers. Similarly, India is also working on several indigenous missile defense systems such as Prithvi Air Defense (PAD) missile systems and Advanced Air Defense (AAD) missile systems. Countries are also developing anti-missile defense systems with the collaboration of other countries. For example, India and Israel have developed the capable Barak-8 missile defense systems, increasing R&D in the technology.

India sees its nuclear weapons and long-range power projection programs as key to maintaining strategic stability in the Asia-Pacific region and achieving great power status. The country’s strategic missile defense programs have matured such that it can currently deploy short-, medium-, and long-range ballistic missile defense systems. Recently, Indian defense planners have shifted their focus from the development of new missile defense technologies to the mass production of existing missile defense technologies. India is increasingly pursuing foreign collaboration in a shift from its previous policy centered on self-reliance, suggesting confidence in its indigenous missile defense capabilities. Indian missile defense is a two-tier system. The first level uses the Prithvi Air Defense (PAD/Pradyumna) and the Prithvi Defense Vehicle (PDV) for exo-atmospheric interceptions. The PAD is expected to be replaced by the PDV system as the latter is equipped with an indigenous Imaging Infrared (IIR) seeker that can distinguish between incoming warheads and decoys. The second level uses Forward Air Defense/Ashvin (AAD) for endo-atmospheric interceptions. Assistance from Russia, Israel and France has increased the development and capabilities of the AAD. In March 2019, India completed an anti-satellite (ASAT) test using a modified Mark-II PDV, which could become a more integrated part of its missile defense. In addition to developing indigenous rocket and missile defense capabilities, India is also seeking to augment its ballistic missile defenses by importing radar and other systems from elsewhere.

In April 2021, given the standoff between the Indian and Chinese armies, along the Line of Actual Control (LAC), India requested Russia to expedite the delivery of S-400 air defense systems .

The missile segment is expected to grow at the highest CAGR rate for the rocket and missile market during the forecast period.

A missile plays an important role in Rocket and Missile mainly for land, air and sea platforms. The missile segment was further sub-segmented and segmented into cruise missiles and ballistic missiles. The missile segment is expected to reach USD 57.1 billion by 2026. In the Asia-Pacific region, this segment is expected to register the highest CAGR during the forecast period.

The hypersonic segment is expected to register the highest CAGR of 6.6% during the forecast period

Based on speed, the rocket and missile market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic rockets and missiles are equipped with a propulsion system allowing them to reach a speed of Mach 5 or more, five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in the development phase and should be operational in the near future.

The solid propulsion segment is expected to grow at the highest CAGR rate for the rocket and missile market during the forecast period.

On the basis of propulsion type, the rocket and missile market has been segmented into solid, liquid, hybrid, ramjet, turbojet and scramjet propulsion. Solid propulsion uses solid propellants to propel missiles and rockets. Solid propellants consist of a homogeneous mixture of various composites, which are easier to store and handle. These systems cost less and provide a large amount of thrust to the missiles. High performance propellants and modified grains improve solid propulsion capability.

By launch mode, the ground-to-ground segment is estimated to account for the largest share (31) of the rocket and missile market in 2021

On the basis of launch mode, the rocket and missile market has been segmented into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and underwater-to-surface. Surface-to-surface rockets and missiles are fired from land or 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 land or sea targets. Hence, they are also known as rockets and surface-to-surface missiles.

North America market is expected to contribute the largest share from 2021 to 2026

North America is expected to account for the largest regional share of the rocket and missile market over the forecast period. Major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation are based in the United States. These players continuously invest in the R&D of new and advanced technologies used in the rocket and missile market.

Related reports:

Missile Defense System Market By Technology (Fire Control System, Weapon System, Countermeasure System, and Command and Control System), Range (Short, Medium, and Long), Threat Type, Domain (Ground , air, marine and space) and Region (2021-2026)


        
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