The global rocket & missile market was valued at US$ 26,868.9 Mn in 2018 and is anticipated to expand at a stable CAGR of 3.6% from 2019 to 2027, according to a new report published by Transparency Market Research (TMR) titled ‘Rocket & Missile Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ Advantages offered by rockets and missiles and increasing adoption of missiles have promoted growth of the global rocket & missile market. The market in Asia Pacific is likely to expand at a prominent CAGR during the forecast period, due to numerous technological innovations in rockets and missiles in the region.
Advantages offered by rockets and missiles
In terms of product, the global rocket & missile market has been segmented into rocket & missile. The missile segment is anticipated to dominate the market with rise in the adoption of cruise missiles in military and other defense forces owing to high speed and high accuracy of missiles and continuous technological advancements in them. Defense forces of countries across the globe are increasingly preferring missiles over rockets in order to strengthen their national security, as missiles are highly effective in destroying the target with high precision and accuracy with the help of self-propelled and guided systems, whereas rockets are operated with the help of self-propelled yet unguided systems.
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Increasing adoption of cruise missiles and continuous advancements in technology
The cruise missile sub-segment is anticipated to dominate the missile segment of the global market from 2019 to 2027. Cruise missiles consist of precision guidance systems; they are capable of carrying heavy payloads; and they are fueled by aircraft propulsion systems. Furthermore, cruise missiles can be launched from land, sea, or air. Additionally, these missiles have capability to fly at a low level, close to surface of the earth so as to avoid getting detected from anti-missile systems.
All these advantages offered by cruise missiles are leading to cruise missiles gaining traction among defense forces of several countries across the globe. The cruise missile sub-segment has been further divided into surface-to-air missiles, anti-ship missiles, anti-tank missiles, anti-submarine missiles, and others. Additionally, with significant investments in the development of hypersonic cruise missiles, the demand for cruise missiles is anticipated to increase during the forecast period.
On the other hand, the ballistic missile sub-segment is expected to expand at a substantial CAGR between 2019 and 2027. Ballistic missiles fly above the earth’s atmosphere and hence, they need to be powered by a heavy power source or nuclear power source, which adds to their cost. However, the warhead carrying capacity of ballistic missiles is significantly high, which makes them the most lethal missiles. Thus, the ballistic missile sub-segment is anticipated to expand at a substantial pace during the forecast period.
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Rise in adoption of rockets and missiles in developing economies to drive market
Based on region, the global rocket & missile market has been divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2018, North America held the leading share of the global rocket & missile market, followed by Asia Pacific. This can be primarily attributed to advancements in technology and increasing demand for manufacture of rockets and missiles across the globe.
Moreover, the market in Europe is anticipated to witness substantial growth throughout the forecast period, due to rise in the manufacture of rockets and missiles in various countries such as Russia, France, and Germany. Additionally, the market in Middle East & Africa and South America is expected to expand at a substantial pace between 2019 and 2027, due to rise in the government spending in major countries in these regions.
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