Rocket & Missile Market Size Worth $87.05 Billion By 2030 |

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According to the research report, the global Rocket and Missile Market was valued at USD 58.33 Billion in 2021 and is projected to reach USD 87.05 Billion by 2030, growing at a CAGR of 4.6% during of the forecast period.

Rising demand for the defense sector industry is driving the growth of the market over the forecast period. Defense forces around the world are constantly improving and upgrading their individual troops’ rockets and missiles to strengthen their air force, armed forces and naval forces. In November 2021, NASA launched a DART spacecraft launched from Vandenberg Base atop a SpaceX Falcon 9 rocket as part of a $330 million project. As a result, there is a massive market for improving defense forces worldwide, which is driving the growth of the global industry.

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Main market players:

Market players such as Bharat Dynamics, BAE Systems, Boeing, Denel Dynamics, Frontier Electronic Systems, Israel Aerospace, General Dynamics, Leonardo, Lig Nex1., Lockheed Martin, Northrop Grumman Corporation, MBDA Missiles Systems, Rafael Advanced Defense Systems, Thales Group, Raytheon Technologies and The Boeing Company are key players operating in the global market.

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Additionally, the demand for technologically advanced weapons is increasing in the defense industry worldwide. Rockets and missiles play an important role in any war, due to their accessibility at long, medium, and short range. As a result, defense forces in both developed and developing economies are in high demand for innovatively advanced products to protect the country in times of war.

Based on speed, the hypersonic segment accounted for the top market share. Hypersonic has a propulsion system that allows them to reach speeds of Mach 5 or greater, which is five times faster than the speed of sound. Due to their high speed, hypersonic precision-guided weapons are difficult to combat. These weapons are currently under development and should be operational soon.

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The government of the developed region is also focusing on hypersonic rocket and missile launches, which have helped the segment grow. For example, in October 2021, a trio of clandestine rocket launches from a NASA space center in Virginia tested advanced hypersonic military technology for the US military. Three small sound rocket launches from NASA’s Wallops Flight Facility on Wallops Island, Virginia were used for weapons testing.

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Polaris market research has segmented the rocket and missile market report on the basis of speed, product, propulsion type, launch mode and region:

Rockets & Missiles, Velocity Outlook (Revenue – USD Billion, 2018 – 2030)

Subsonic
Supersonic
Hypersonic

Rockets and Missiles, Product Outlook (Revenue – USD Billion, 2018 – 2030)

Cruise
Ballistic
Rockets
Torpedoes

Rockets and Missiles, Propulsion Type Outlook (Revenue – USD Billion, 2018 – 2030)

Solid
Liquid
Hybrid
ramjet
Turbojet
Scramjet

Rockets and Missiles, Launch Mode Outlook (Revenue – USD Billion, 2018 – 2030)

Surface to surface
Surface-Air
Air to air
Air to surface
From the submarine to the surface

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