Rocket and Missiles Market to Grow with a CAGR of 6.45% through 2030

Technological advancements, increasing defense budgets, and rising geopolitical tensions are the factors driving the market in the forecast period.

According to TechSci Research report, “Rocket and Missiles Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F”, The Global Rocket and Missiles Market size reached USD 98.23 billion in 2024 and is expected to reach USD 142.73 Billion by 2030, growing with a CAGR of 6.45% in the forecast period. The rocket and missile market is witnessing robust growth driven by several key factors, including technological advancements and escalating defense expenditures. The need for advanced missile systems, such as hypersonic and precision-guided missiles, has grown due to the increasing demand for enhanced military power. In response to global security concerns and rising geopolitical risks, nations are prioritizing missile defense and strike capabilities. Technological improvements are also boosting missile performance, such as longer ranges, increased accuracy, and better efficiency, making them more effective in countering emerging threats. Emerging trends within the market show a growing focus on missile defense solutions, with advanced technologies like artificial intelligence and automation being incorporated to increase efficiency. These systems are becoming integral for defending against missile threats, offering nations enhanced protection. Smaller, highly precise missile systems are also gaining attention, especially for tactical military operations, where adaptability and precision are essential. Furthermore, rising defense budgets are propelling investments in missile and rocket technologies, further increasing demand for both offensive and defensive systems.

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The rocket and missile market is segmented based on speed, which includes subsonic, supersonic, and hypersonic categories. Subsonic missiles travel at speeds lower than the speed of sound, typically around Mach 1. These missiles are primarily used for tactical and strategic applications where stealth and accuracy are more important than speed. Their slower speed allows for more extended flight times, providing more time for targeting and avoiding interception, making them suitable for operations with low detection risks. Supersonic missiles exceed the speed of sound, ranging between Mach 1 and Mach 5. These weapons offer a significant advantage in terms of speed over subsonic missiles, allowing them to strike targets faster and reduce the likelihood of interception. Supersonic missiles are often used for medium-range strike missions, including air-to-surface or surface-to-surface applications. The increased speed of these missiles allows for quicker response times, especially in combat scenarios where rapid strike capabilities are critical. Hypersonic missiles, which travel at speeds greater than Mach 5, represent the most advanced category in missile technology. These missiles are designed to deliver high-speed strikes with unparalleled maneuverability, making them incredibly difficult to intercept. Hypersonic missiles can cover vast distances in a very short amount of time, providing a strategic advantage in both offensive and defensive operations. Their high speed and ability to bypass current missile defense systems make them a focal point of military innovation. As countries develop these technologies, hypersonic weapons are poised to reshape the future of missile defense and strike capabilities.

In 2024, the Asia-Pacific region is expected to experience the fastest growth in the rocket and missile market. The region's strategic importance, driven by heightened security concerns and defense modernization efforts, has led to increased investments in missile and defense technologies. Several countries in Asia-Pacific are strengthening their missile defense systems and advancing the development of their own missile capabilities, driven by rising geopolitical tensions and regional security challenges. As military power in the region becomes more critical, nations are prioritizing the acquisition of both offensive and defensive missile systems to enhance national security. The growing defense budgets in Asia-Pacific countries have resulted in substantial investments in missile defense infrastructure, including advanced ballistic missile defense systems and hypersonic weapons. The demand for long-range strike capabilities, coupled with regional rivalries, has further fueled this growth. Collaborative defense efforts between countries in the region, such as joint missile defense systems and technological sharing, also contribute to the expanding market. The ongoing push for technological advancement and the need to counter emerging threats have made the Asia-Pacific region a focal point for the development of cutting-edge missile and rocket technologies, contributing to its rapid growth in 2024.

Major companies operating in Global Rocket and Missiles Market are:

• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Israel Aerospace Industries Ltd
• Elbit Systems Ltd
• Saab AB
• Thales SA
• Kongsberg Gruppen ASA
• BAE Systems plc
• The Boeing Company
• RTX Corporation

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“In the rocket and missiles sector emphasize the growing importance of hypersonic technology, marking a shift in military strategy. They underscore the need for advanced missile defense systems to counter emerging threats, with a focus on AI-driven autonomous capabilities. These experts also stress the intricate balance between promoting innovation and adhering to international arms control agreements, underlining the market's complex dynamics,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Rocket and Missiles Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Speed (Subsonic, Supersonic, Hypersonic), By Product (Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes), By Guidance (Guided, Unguided), By Region & Competition, 2020-2030F”, has evaluated the future growth potential of Global Rocket and Missiles Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Rocket and Missiles Market.

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