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(USGovernment-News.Com, August 07, 2023 ) According to a comprehensive research report by MarketsandMarkets, the global Rockets and Missiles Market is set to witness significant growth in the coming years. The market size is projected to expand from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, with a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
Key Drivers of Market Growth:
The escalating demand for rockets and missiles can be attributed to the increasing threats of insurgencies, which have emphasized the necessity for precision attacks and stand-off surgical strikes. As defense agencies seek to avoid collateral damage and provide combatants with advanced weapons, the market for rockets and missiles is experiencing rapid expansion.
The research report covers a wide range of aspects, including speed classification (subsonic, supersonic, and hypersonic), product categories, propulsion types (solid, liquid, hybrid propulsion, ramjet, turbojet, and scramjet), guidance mechanisms (guided and unguided), launch platforms, and regional analysis.
Major Players in the Market:
The Rockets and Missiles market includes prominent players such as Northrop Grumman Corporation, Lockheed Martin Corporation, BAE Systems, and Thales Group. These companies have established their business presence across various regions, including North America, Europe, Asia Pacific, and Rest of the World. However, the COVID-19 pandemic has impacted their businesses, particularly in the production and services of missile defense systems globally in 2020.
Defense Programs for National Security:
With the US taking a lead in military advancements, the performance of its weapon systems remains unmatched, providing its defense forces with a tactical combat advantage in any weather condition. The US Department of Defense's acquisition funding request for FY 2020 stands at USD 247.3 billion, encompassing procurement and research, development, test, and evaluation (RDT&E) funding. This allocation is part of the National Defense Strategy to ensure a balanced portfolio approach for military force objectives.
Growth Prospects for Different Segments:
The missile segment is expected to exhibit the highest CAGR during the forecast period, attributed to its critical role in land, air, and marine platforms. It includes sub-segments like cruise missiles and ballistic missiles.
Hypersonic rockets and missiles, capable of achieving Mach 5 or higher speeds, are projected to register the highest CAGR of 6.6% during the forecast period. These precision-guided weapons pose significant challenges for countermeasures due to their incredible speed.
Solid propulsion is anticipated to experience the highest CAGR among propulsion types, thanks to its cost-effectiveness and high thrust capacity, aided by the utilization of high-performance propellants and modified grains.
Regional Contribution to Market Growth:
North America is expected to contribute the largest share to the Rockets and Missiles market from 2021 to 2026. Major defense companies, including Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation, are based in the US, consistently investing in R&D for new and advanced rocket and missile technologies.
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