Global Rocket and Missiles Market to Grow at a CAGR of 4.6% During the Period 2024-2032, Driven by Increased Military Spending

Countries' expenditures on new and enhanced rocket and missile systems to strengthen their defence capabilities are projected to boost the worldwide rocket and missiles market. Rivalries and tensions with other nations is a major reason behind nations' increased military spending. Furthermore, advances in rocket and missile systems necessitate continuous modernization of military capabilities in order to be prepared for dynamic and ever-changing threat scenarios. Major nations with significant military spending include the United States, China, India, Russia, the United Kingdom, Saudi Arabia, Germany, France, Japan, and South Korea.

In 2021, Lockheed Martin secured a $1.1B contract to build Guided Multiple Launch Rocket Systems (GMLRS) for the US Army. The High Mobility Artillery Rocket System was to act as the launcher for a long-range precision fires munition.

In 2020, Rafael Advanced Defense Systems Ltd. announced that it was awarded a $200 million contract to deliver an Asian nation SPICE 2000 air-to-surface systems, Spike ATGMs, tactical, electro-optically guided missiles, and advanced communication systems.

Denel Dynamics is engaged in the designing, development and production of tactical missiles and precision-guided weapons. It offers competitive tactical Unmanned Aerial Vehicles Systems (UAVS) and high-speed target systems, and develops satellite systems for the South African government through the South African National Space Agency (SANSA). The company’s flagship programmes include the A-Darter joint development of the air-to-air missile with Brazil and its successful association with the Finnish Navy using the Umkhonto surface-to-air missile. These programmes add on to the company’s capability to penetrate international markets.

In 2022, India successfully tested a new version of the BrahMos missile with advanced indigenous technologies from the Integrated Test Range at Chandipur (off the Odisha coast), India. The BrahMos missile is the fastest cruise missile in the world with a top speed of Mach 2.8 (almost 3 times the speed of sound).

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Tactical guided missiles are commonly propelled at double the speed of sound toward their targets. On the other hand, 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.

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).

Market Analysis by Type, Platform, Launch Mode, Propulsion, and Region:

• By type, the market is segmented into Missile [further broken down according to type into Cruise Missile (further classified into Surface-to-Air Missile, Anti-Ship Missile, Anti-Tank Missile, and Anti-Submarine Missile) and Ballistic Missile] and Rocket (further classified into Artillery Rocket and Air-Launched Rocket).

• By platform, the market is classified into Airborne, Naval, and Ground.

• By launch mode, the market is divided into Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, and Subsea-to-Surface.

• By propulsion, the market is segmented into Solid, Liquid, Hybrid, Scramjet, Turbojet, and Ramjet.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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