The rockets and missiles market is expected to witness growth owing to the ever-increasing defense budget across the globe and the need for advanced rockets and missiles to counter modern combat around the country’s border.
New York, Jan. 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Rockets and Missiles Market by Speed, Product, Propulsion Type, Guidance Mechanism, Launch Platform & Region – Forecast to 2026” – https:/ /www.reportlinker.com/p04933549/?utm_source=GNW
Additionally, rising number of conflicts and high defense expenditures are some of the major factors driving the market globally.
The governments of various countries, such as the United States, China, India, and Russia, are spending heavily to modernize their military resources. Thus, a large number of arms manufacturers are turning to the development of precision-guided munitions.
However, issues related to missile integration pose a challenge for the growth of the rocket and missile market.
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK) and Thales Group (France) are some of the key players operating in the rocket and missile market. These companies obtain contracts from the governments of different countries to carry out various rocket and missile programs.
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 ROCKETS AND MISSILES 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.
Hypersonic segment expected to register highest CAGR during 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.
Based on 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 (21) of the rocket and missile market in 2021
Based on launch mode, the rockets and missiles market has been segmented into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and submarine-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 missile defense systems.
Distribution of primaries
The study contains insights from various industry experts ranging from component suppliers to Tier 1 companies and OEMs. The distribution of the primaries is as follows:
• By business type: Level 1–35%; Level 2-45%; and level 3 at 20%
• By designation: level C–35%; administrators–25%; and others–40%
• By region: Middle East-45%; North America – 20%; Asia-Pacific – 30%; and Europe–5%;
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK) and Thales Group (France) are some of the key players operating in the rocket and missile market.
The study covers the rocket and missile market in various segments and sub-segments. It aims to estimate the size and growth potential of this market across different segments based on speed, product, propulsion type, guidance mechanism, launch platform and region.
This study also includes an in-depth competitive analysis of major market players along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and major market strategies adopted by them.
Reasons to buy this report
This report is expected to help market leaders/new entrants with information on the closest approximations of revenue figures for the overall Rockets and Missiles market and its segments. This study should also provide information by region on end use and where the rockets and missiles are used.
This report aims to help stakeholders understand the competitive landscape of the market, obtain insights to improve the position of their businesses, and plan appropriate go-to-market strategies. This report should also help them understand the pulse of the market and provide them with insights into the key drivers, restraints, challenges, and opportunities influencing market growth.
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