Press Release

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

Global Rocket and Missiles Market

According to a new report by EMR titled, ‘Global Rocket and Missiles Market Report and Forecast 2024-2032’, the global rocket and missiles market is expected to grow at a CAGR of 4.6% during the period 2024-2032, driven by countries’ spending towards enhancing military capabilities.

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).


Read more about this report - REQUEST FREE SAMPLE COPY IN PDF


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.


About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.


Contact Us:

Expert Market Research
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790


*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.