Pune India, March 08, 2023 (GLOBE NEWSWIRE) -- The global rocket and missile market size is projected to reach USD 84.77 billion by 2029, exhibiting a CAGR of 4.58% during the forecast period. Growing utilization of 3D printing technology in the production of weapons systems worldwide is expected to aid the market make considerable gains, finds Fortune Business Insights™ in its report, titled “Rocket and Missile Market Size, Share, and Regional Forecast, 2022-2029”.
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List of all the Rocket and Missile Market manufacturers operating in the global market. They are as follows:
- Thales Group (France)
- ROKETSAN A.S. (Turkey)
- Rafael Advanced Defense Systems Ltd. (Israel)
- MESKO (Poland)
- Lockheed Martin Corporation (The U.S.)
- General Dynamics Corporation (The U.S.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
- Nammo AS (Norway)
- MBDA (France)
- KONGSBERG (Norway)
- Denel Dynamics (South Africa)
Report Scope & Segmentation:
|Forecast CAGR||4.58 %|
|2027 Value Projection||USD 84.77 Million|
|Rocket and Missile Market Size in 2021||USD 59.21 Billion|
|No. of Pages||248|
|Segments Covered||By Type Analysis, By Platform Analysis, By Launch Mode Analysis, By Propulsion Analysis|
|Rocket and Missile Market Growth Drivers||Technological Advancements in Warfare Techniques to Propel the Market’s Progress|
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Rockets and missiles are both types of projectiles that are propelled through the air or outer space using engines. The main difference between the two is their purpose and design. Rockets are typically used for space exploration, military applications, and scientific research. They are designed to be launched vertically and can reach very high altitudes and speeds. Missiles, on the other hand, are designed to be guided toward a specific target, such as a plane or a building. They are typically smaller and more agile than rockets and can be launched from various platforms, including aircraft, ships, and land-based launchers. Both rockets and missiles use similar propulsion systems, such as solid or liquid fuels, to generate the necessary thrust for their flight. However, missiles also have guidance systems and other advanced technologies that allow them to be more accurate and effective in their intended purpose.
Many government and private defense manufacturers are exploring the potential of additive manufacturing techniques in the designing and engineering of rockets and missiles for space exploration and military purposes. This rising interest is owing to the ability of 3D printers to produce virtually any kind of three-dimensional metallic and plastic objects. For example, US-based Lockheed Martin announced its plans in 2017 to develop the country’s next generation of intercontinental ballistic missiles (ICBMs) using 3D printing. In the space domain, NASA and Space X are aggressively experimenting with 3D printing to produce rocket engines for spacecraft. Thus, the widening application of additive manufacturing techniques in the aerospace and defense industry will augur well for this market in the near future.
According to the report, the market value was at USD 52.54 billion in 2019. Its other highlights include:
- In-depth analysis of the key factors driving and restraining the market growth;
- A comprehensive study of all segments of the market;
- Identification of upcoming market opportunities; and
- Detailed evaluation of the impact of the changes in the regional and competitive dynamics on the market.
Supply Chain Disruptions Caused by the COVID-19 Outbreak to Stall Market Growth
The rocket and missile market growth is likely to get hampered throughout 2020 by the outbreak of the COVID-19 contagion. The pandemic has led to unforeseen shocks to supply chains worldwide, crippling defense manufacturing activities around the globe. For instance, the Italian shipbuilding company, Fincantieri, was forced to halt its operations in March 2020 as the coronavirus spread like wildfire around the world. Accentuating these disruptions is the suspension of business development activities in the defense sector. For example, planned expos such as the EUROSATORY 2020, where procurement contracts are finalized, now face an uncertain future, further affecting this industry. Moreover, major players in rockets and missiles domain are also witnessing a sharp fall in their stock prices. For instance, between February and March, stock value of the Thales Group fell by 33%, while Leonardo’s declined by 55%. The cascading effect of the coronavirus pandemic is, therefore, expected to negative on this growth in the immediate future.
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High Military Expenditure to Favor Market Growth in North America
One of the prominent factors supporting the growth of this market in North America is the consistently high levels of military spending in the US. This coupled with rapid adoption of advanced military technologies in the US and Canada will aid the region command the rocket and missile market share in the foreseeable future. In 2019, the region’s market size was at USD 15.03 billion.
Asia Pacific is expected to exhibit notable growth in the market owing to rising uptake of multiple independent re-entry vehicles (MIRV) by the Chinese army. On the other hand, in Europe, the market is set to experience promising growth on account of increasing investment by private defense companies in ballistic missiles to cater to the military needs of European countries.
Close Collaborations between Governments and the Private Sector to Characterize the Market
The competitive landscape of this market is highly charged up as a result of the increasing number of collaborations between private defense contractors and government defense agencies. This is represented through the frequent awarding of contracts and other deals to top market players by the US Armed Forces.
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TABLE OF CONTENT
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Rocket and Missile Market
- Impact of COVID-19 Pandemic on Global Rocket and Missile Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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