DUBLIN--(BUSINESS WIRE)--The "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 & Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Rockets and Missiles market size is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026.
The missile segment is projected to grow at the highest CAGR rate for the rockets and missiles market during the forecast period
A missile plays an important role in rockets and missiles majorly for land, air, and marine platforms. The missile segment has been further sub-segmented further segmented into cruise missiles and ballistic missiles. The missile segment is projected to reach USD 57.1 billion by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR during the forecast period.
The hypersonic segment is projected to register the highest CAGR during the forecast period
Based on speed, the rockets and missiles market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic rockets and missiles are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is 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 a development phase and are expected to be operational in the near future.
The solid propulsion segment is projected to grow at the highest CAGR rate for the rockets and missiles market during the forecast period
Based on propulsion type, the rockets and missiles market has been segmented into Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet. Solid propulsion uses solid propellants to boost missiles and rockets. Solid propellants consist of a homogenous mixture of various composites, which are easier to store and handle. These systems cost less and offer a large amount of thrust to the missiles. High-performance propellants and modified grains enhance the capability of solid propulsion.
By launch mode, the surface-to-surface segment is estimated to account for the largest share (21) of the rockets and missiles 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 subsea to surface. Surface to surface rockets and missiles are fired from the ground or the 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 ground or sea targets. Hence, they are also known as ground to ground rockets and missiles.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of rockets and missiles market during the forecast period. Major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in the missile defense system.
Market Dynamics
Drivers
- Defense Programs to Secure Nations Against Various Threats
- Increasing Defense Expenditure of Emerging Economies
- Heavy Investments in Indigenous Missile Defense Systems
- Increasing Need for Missile Detection Systems
- Changing Nature of Warfare
Restraints
- Stringent Regulations for Arms Transfer
- High Complexity and Requirement of Periodic Maintenance of Rockets and Missiles
- High Development Cost of Missile Systems
Opportunities
- Miniaturization of Missiles and Their Components
- Rising Adoption of Ai in Military Operations
- Ai in Missile Defense Testing and Operations
- Development of New-Generation Air and Missile Defense Systems
- Development of Hybrid Rockets and Missiles
Challenges
- Integration Issues of Larger Rockets and Missiles
Companies Mentioned
- Almaz-Antey
- Ariane Group
- Bae Systems
- Bharat Dynamics Limited
- Denel Dynamics
- Diehl Defence
- Elbit Systems
- Frontier Electronic Systems Corp.
- General Atomics
- General Dynamics Corporation
- Hanwha Defense
- Israel Aerospace Industries
- Kbp Instruments Design Bureau
- Kongsberg
- Lig Nex1 Co. Ltd.
- Lockheed Martin Corporation
- Mbda
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- Roketsan
- Saab Ab
- Spetstechnoexport (Ste)
- Thales
- The Boeing Company
For more information about this report visit https://www.researchandmarkets.com/r/uldhc5
