Rocket and Missile Market 2024is set to expand at a CAGR of 3.6% during the forecast period

According to a new market research report published by Transparency Market Research  titled ‘Rocket & Missile Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ the global rocket & missile market is projected to expand at a CAGR of 3.6% during the forecast period. According to the report, the global market would continue to be influenced by a range of macroeconomic and defense-security-specific factors in the near future.

High precision and accuracy and advantages offered by rockets and missiles in critical applications drive the demand for rockets and missiles in military, defense, and homeland security forces. Use of technologically advanced rockets and missiles is required to protect any country from the enemy. Owing to this, governments of various developing countries, such as China and India, are raising their defense expenditure in order to purchase technologically advanced rockets and missiles. This, in turn, is boosting the demand for manufacture of rockets and missiles worldwide.

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Surface–to-air missile segment to remain highly lucrative

Surface-to-air missile is expected to be the leading segment of the global market during the forecast period, owing to rise in the adoption of surface-to-air missiles in military and defense forces worldwide. The surface-to-air missile segment is projected to expand at a considerable CAGR of 4.0% from 2019 to 2027, owing to effectiveness of these missiles in destroying the incoming missiles or enemy aircraft. Moreover, the cost of surface-to-air missiles is high. Hence, these missiles are used only in war conditions to hit the target accurately with the help of guidance systems. Furthermore, increasing deployment of missile defense systems across the globe is anticipated to be a prominent factor fueling the demand for surface-to-air missiles during the forecast period.

North America and Asia Pacific to continue to hold a significant share of global market

The market in North America is expected to expand at a prominent CAGR during the forecast period. Increase in the defense expenditure, presence of a large number of market players, and high awareness about advanced technologies in North America are fueling the market in the region. Demand for rockets and missiles in North America is likely to remain concentrated in the U.S., owing to the increasing demand from defense forces to strengthen the national security, consistent increase in the production of rockets and missiles, and significant investments in R&D activities in the country. Furthermore, the market in Asia Pacific is anticipated to expand at a CAGR of 4.7% from 2019 to 2027. Demand for rockets and missiles in Asia Pacific is expected to rise during the forecast period, due to increasing demand in defense forces of countries in the region. Additionally, the concept of developing hypersonic cruise missiles is expected to gain traction in various countries during the forecast period. This factor is projected to act as a market driver during the latter half of the forecast period.

Furthermore, developing economies such as China and India are expanding at a rapid pace and the penetration of rockets and missiles in Asia Pacific is rising. China held a significant share of the market in Asia Pacific in 2018. The market in the country is estimated to expand at a significant CAGR during the forecast period, followed by India.

In Middle East & Africa (MEA), market players are increasing their investments to expand their presence. The market in GCC is expected to expand at a significant CAGR during the forecast period, owing to investments in the development and procurement of rocket and missile technologies by these countries. In South America, Brazil is expected to hold a major market share throughout the forecast period.

The company profiling of key players operating in the global rocket & missile market includes company overview, business strategies, SWOT analysis, and market revenues for the years from 2017 to 2019. Key players profiled in the global rocket & missile market report include Lockheed Martin Corporation, BAE Systems, Northrop Grumman Corporation, Raytheon Company, General Dynamics Corporation, Boeing, Thales Group, Leonardo, Rafael Advanced Defense Systems, and MBDA Missiles Systems. Various players are working on the development of cruise missiles with hypersonic technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable rockets and missiles.