Abstract
Summary
The global Rockets and Missiles market size is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. The Rockets and Missiles market is expected to witness growth due to consistent increase in defense budget across the globe and the need for advanced Rockets and Missiles to counter the modern combat around the country’s border. Furthermore, increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.
Governments of various countries, such as the US, China, India, and Russia, are spending heavily on modernizing their military resources. Thus, a large number of weapon manufacturers are shifting their focus towards developing precision-guided munitions. However, issues related to the integration of missiles pose a challenge for Rockets and Missilesmarket growth.
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France) are some of the leading players operating in the Rockets and Missiles market. These companies secure contracts from governments of different countries to carry out various Rockets and Missiles programs.
The missile segment is projected to grow at the highest CAGR rate for the rockets and missiles market during the forecast period.
A missile plays an important role in ROCKETS AND MISSILES majorly for land, air, and marine platforms. The missile segment has been further sub-segmented further segmented into cruise missiles and ballistic missiles. The missile segment is projected to reach USD 57.1 billion by 2026. In the Asia Pacific region, this segment is projected to register the highest CAGR during the forecast period.
The hypersonic segment is projected to register the highest CAGR during the forecast period
Based on speed, the rockets and missiles market has been segmented into subsonic, supersonic, and hypersonic. Hypersonic rockets and missiles are equipped with a propulsion system to enable them to attain a speed of Mach 5 or higher, which is five times faster than the speed of sound. Hypersonic precision-guided weapons are difficult to counter due to their high speed. Currently, these weapons are in a development phase and are expected to be operational in the near future.
The solid propulsion segment is projected to grow at the highest CAGR rate for the rockets and missiles market during the forecast period.
Based on propulsion type, the rockets and missiles market has been segmented into Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet. Solid propulsion uses solid propellants to boost missiles and rockets. Solid propellants consist of a homogenous mixture of various composites, which are easier to store and handle. These systems cost less and offer a large amount of thrust to the missiles. High-performance propellants and modified grains enhance the capability of solid propulsion.
By launch mode, the surface-to-surface segment is estimated to account for the largest share (21) of the rockets and missiles market in 2021
Based on launch mode, the rockets and missiles market has been segmented into surface to surface, surface to air, air to air, air to surface, and subsea to surface. Surface to surface rockets and missiles are fired from the ground or the sea. They can be launched from hand-held or vehicle-mounted devices or fixed installations. These missiles used in land warfare operations are designed to hit ground or sea targets. Hence, they are also known as ground to ground rockets and missiles.
The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of rockets and missiles market during the forecast period. Major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
• By Designation: C Level–35%; Directors–25%; and Others–40%
• By Region: Middle East-45%; North America–20%; Asia Pacific–30%; and Europe–5%;
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France) are some of the leading players operating in the Rockets and Missiles market.
Research Coverage
The study covers the Rockets and Missiles market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on speed, product, propulsion type, guidance mechanism, launch platform and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall rockets and missiles Market and its segments. This study is also expected to provide region wise information about the end use, and wherein rockets and missiles are used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
Table of Contents
1 INTRODUCTION 24
1.1 OBJECTIVES OF THE STUDY 24
1.2 MARKET DEFINITION 24
1.3 MARKET SCOPE 25
1.3.1 MARKETS COVERED 25
1.3.2 REGIONAL SCOPE 25
1.3.3 YEARS CONSIDERED FOR THE STUDY 26
1.4 INCLUSIONS AND EXCLUSIONS 26
1.5 CURRENCY & PRICING 27
1.6 LIMITATIONS 27
1.7 MARKET STAKEHOLDERS 27
1.8 SUMMARY OF CHANGES 28
1.8.1 ROCKETS AND MISSILES MARKET 28
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
2.1.1 SECONDARY DATA 30
- 2.1.1.1 Key data from secondary sources 31
2.1.2 PRIMARY DATA 31
- 2.1.2.1 Breakdown of primaries 31
- 2.1.2.2 Key industry insights 32
2.2 MARKET SIZE ESTIMATION 32
2.2.1 MARKET DEFINITION & SCOPE 32
2.2.2 EXCLUSIONS 33
2.3 RESEARCH APPROACH & METHODOLOGY 33
2.3.1 BOTTOM-UP APPROACH 33
- 2.3.1.1 Evaluation of rockets and missiles market 33
- 2.3.1.2 Rockets and missiles market, by propulsion type 34
- 2.3.1.3 Rockets and missiles market, by speed 34
- 2.3.1.4 Rockets and missiles market, by product 34
- 2.3.1.5 Rockets and missiles market, by guidance mechanism 34
- 2.3.1.6 Rockets and missiles market, by launch mode 35
2.3.2 TOP-DOWN APPROACH 35
2.4 DATA TRIANGULATION 36
2.4.1 TRIANGULATION THROUGH PRIMARY AND SECONDARY RESEARCH 37
2.5 ASSUMPTIONS FOR RESEARCH STUDY 37
2.6 LIMITATIONS 37
3 EXECUTIVE SUMMARY 38
4 PREMIUM INSIGHTS 41
4.1 ATTRACTIVE OPPORTUNITIES IN ROCKETS AND MISSILES MARKET 41
4.2 ROCKETS AND MISSILES MARKET, BY PROPULSION TYPE 41
4.3 ROCKETS AND MISSILES MARKET, BY PRODUCT 42
4.4 ROCKETS AND MISSILES MARKET, BY LAUNCH MODE 42
4.5 ROCKETS AND MISSILES MARKET, BY COUNTRY 43
5 MARKET OVERVIEW 44
5.1 INTRODUCTION 44
5.2 MARKET DYNAMICS 45
5.2.1 DRIVERS 45
- 5.2.1.1 Defense programs to secure nations against various threats 45
- 5.2.1.2 Increasing defense expenditure of emerging economies 46
- 5.2.1.3 Heavy investments in indigenous missile defense systems 47
- 5.2.1.4 Increasing need for missile detection systems 48
- 5.2.1.5 Changing nature of warfare 48
5.2.2 RESTRAINTS 48
- 5.2.2.1 Stringent regulations for arms transfer 48
- 5.2.2.2 High complexity and requirement of periodic maintenance of rockets and missiles 49
- 5.2.2.3 High development cost of missile systems 49
5.2.3 OPPORTUNITIES 49
- 5.2.3.1 Miniaturization of missiles and their components 49
- 5.2.3.2 Rising adoption of AI in military operations 49
- 5.2.3.2.1 AI in missile defense testing and operations 49
- 5.2.3.3 Development of new-generation air and missile defense systems 50
- 5.2.3.4 Development of hybrid rockets and missiles 50
5.2.4 CHALLENGES 50
- 5.2.4.1 Integration issues of larger rockets and missiles 50
5.3 COVID-19 IMPACT ON ROCKETS AND MISSILES MARKET 51
5.4 RANGES AND SCENARIOS 52
5.5 VALUE CHAIN ANALYSIS OF ROCKETS AND MISSILES MARKET 52
5.6 TRENDS/DISRUPTION IMPACTING CUSTOMER BUSINESS 53
5.6.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR ROCKETS AND MISSILES MANUFACTURERS 53
5.7 ROCKETS AND MISSILES MARKET ECOSYSTEM 54
5.7.1 PROMINENT COMPANIES 54
5.7.2 PRIVATE AND SMALL ENTERPRISES 54
5.7.3 ECOSYSTEM 55
5.7.4 DEMAND-SIDE IMPACTS 57
- 5.7.4.1 Key developments from January 2020 to November 2020 57
5.7.5 SUPPLY-SIDE IMPACT 57
- 5.7.5.1 Key developments from January 2021 to December 2021 58
5.8 PRICING ANALYSIS 59
5.9 PORTER’S FIVE FORCES ANALYSIS 59
5.9.1 THREAT OF NEW ENTRANTS 60
5.9.2 THREAT OF SUBSTITUTES 60
5.9.3 BARGAINING POWER OF SUPPLIERS 61
5.9.4 BARGAINING POWER OF BUYERS 61
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 61
5.10 REGULATORY LANDSCAPE 62
5.10.1 NORTH AMERICA 62
5.10.2 EUROPE 62
5.10.3 ASIA PACIFIC 62
6 INDUSTRY TRENDS 63
6.1 INTRODUCTION 63
6.2 TECHNOLOGY ANALYSIS 63
6.2.1 NEXT GENERATION INTERCEPTOR (NGI) PROGRAM 63
6.2.2 HYPERSONIC DEFENSE SYSTEMS 64
6.2.3 DEVELOPMENT OF DEFENSE TECHNOLOGY 64
6.2.4 ANTI-SATELLITE MISSILES & WEAPONS 64
6.2.5 SMART E-BOMBS & HYPERSONIC MUNITION 64
6.2.6 ADVANCED TACTICAL DATA LINKS 65
6.2.7 NEXT-GENERATION TARGET LOCKING TECHNOLOGY 65
6.2.8 INFRARED TECHNOLOGY 65
6.2.9 FIBER-OPTIC GUIDANCE SYSTEMS 65
6.2.10 NETWORK-ENABLED WEAPONS 65
6.2.11 HYBRID GUIDANCE SYSTEMS 66
6.2.12 SEMI-ACTIVE LASER (SAL) GUIDANCE SYSTEMS 66
6.2.13 AUTOMATIC TARGET RECOGNITION (ATR) 66
6.3 USE CASE ANALYSIS 67
6.3.1 USE CASE: MISSILE 67
6.4 IMPACT OF MEGATRENDS 67
6.4.1 NEXT-GENERATION MISSILE SEEKERS 67
6.4.2 ACTIVE PHASED ARRAY RADAR (APAR) 67
6.5 INNOVATIONS AND PATENT REGISTRATIONS 68
7 ROCKETS AND MISSILES MARKET, BY PRODUCT 71
7.1 INTRODUCTION 72
7.2 MISSILES 73
7.2.1 CRUISE MISSILES 73
- 7.2.1.1 Short Range (<300 km) 74
- 7.2.1.2 Medium Range (300-1000 km) 74
- 7.2.1.3 Long Range (>1000 km) 74
7.2.2 BALLISTIC MISSILES 74
- 7.2.2.1 Short range ballistic missiles (SRBM) 75
- 7.2.2.2 Medium range ballistic missiles (MRBM) 76
- 7.2.2.3 Intermediate range ballistic missiles (IRBM) 76
- 7.2.2.4 Intercontinental ballistic missiles (ICBM) 77
7.3 ROCKETS 77
7.3.1 INCREASING EFFECTIVENESS OF OVERALL COMBAT PLATFORM DRIVES MARKET 77
7.3.2 ARTILLERY ROCKETS 77
- 7.3.2.1 Shoulder-fired rockets 77
7.3.3 MULTIPLE LAUNCH ROCKET SYSTEMS (MLRS) 78
7.4 TORPEDOES 78
7.4.1 MODERN AND ADVANCED SUBMARINE TORPEDOES INFLUENCE MARKET DEMAND 78
8 ROCKETS AND MISSILES MARKET, BY SPEED 79
8.1 INTRODUCTION 80
8.2 SUBSONIC 81
8.2.1 SUBSONIC SPEED MUNITIONS PLAY KEY ROLE IN MODERN WARFARE 81
8.3 SUPERSONIC 81
8.3.1 INCREASED DEMAND AND INTEGRATION FOR SUPERSONIC MUNITIONS DUE TO HIGH CAPABILITIES 81
8.4 HYPERSONIC 82
8.4.1 HIGHLY ADVANCED HYPERSONIC WEAPONS IS EXPECTED TO BOOST THE MARKET 82
9 ROCKETS AND MISSILES MARKET, BY PROPULSION TYPE 83
9.1 INTRODUCTION 84
9.2 SOLID PROPULSION 85
9.2.1 LOWER OPERATIONAL COST AND HIGH THRUST DRIVES DEMAND FOR SOLID PROPULSION 85
9.3 LIQUID PROPULSION 85
9.3.1 PRITHVI, SCUD, RSM - WIDLEY PROCURED MISSILES THAT USE LIQUID PROPULSION 85
9.4 HYBRID PROPULSION 86
9.4.1 SAFER ATTRIBUTES OF HYBRID PROPULSION DISRUPT MARKET TRENDS 86
9.5 RAMJET 86
9.5.1 REQUIREMENT OF HIGH SPEED FOR ROCKETS AND MISSILES INCREASES DEMAND FOR RAMJET ENGINES 86
9.6 TURBOJET 86
9.6.1 SUPERSONIC SPEED OF AIRCRAFT AND MISSILES LEADS TO MORE DEMAND FOR TURBOJET ENGINES 86
9.7 SCRAMJET 87
9.7.1 SRAMJET TO PROVIDE AND MAINTAIN SUPERSONIC AND HYPERSONIC SPEED THROUGHOUT THE CRUISE PHASE 87
10 ROCKETS AND MISSILES MARKET, BY LAUNCH MODE 88
10.1 INTRODUCTION 89
10.2 SURFACE TO SURFACE 90
10.2.1 VERSATILITY IN LAUNCHING DRIVES SURFACE TO SURFACE SEGMENT 90
10.3 SURFACE TO AIR 90
10.3.1 MAJORITY OF ANTI-AIRCRAFT SYSTEMS FOR ANTI-AIR WARFARE OPERATIONS INCREASES DEMAND FOR SURFACE TO AIR ROCKETS AND MISSILES 90
10.4 AIR TO AIR 92
10.4.1 DOMINANCE IN DOGFIGHT AND AERIAL COMBAT FUELS DEMAND FOR AIR TO AIR ROCKETS AND MISSILES 92
10.5 AIR TO SURFACE 94
10.5.1 AIR TO SURFACE ROCKETS AND MISSILES MARKET DRIVEN BY NEED FOR OVERALL DOMINANCE OF SPACE 94
10.6 SUBSEA TO SURFACE 95
10.6.1 FORTIFICATION EFFORTS AT PORTS FOR BETTER SECURITY BOOST SUBSEA TO SURFACE ROCKET AND MISSILE DEMAND 95
11 ROCKETS AND MISSILES MARKET, BY GUIDANCE MECHANISM 97
11.1 INTRODUCTION 98
11.2 GUIDED 99
11.2.1 DEVELOPMENT OF LONG-RANGE GUIDED MISSILES AND ROCKETS TO LEAD MARKET 99
11.3 UNGUIDED 99
11.3.1 MODERNIZATION AND TECHNOLOGICAL ADVANCEMENTS IN UNGUIDED ROCKETS TO BOOST DEMAND 99
12 REGIONAL ANALYSIS 100
12.1 INTRODUCTION 101
12.2 NORTH AMERICA 103
12.2.1 COVID-19 IMPACT ON NORTH AMERICA 103
12.2.2 PESTLE ANALYSIS: NORTH AMERICA 103
12.2.3 US 110
- 12.2.3.1 US market driven by increase in militants and rise in Taliban power in Afghanistan 110
12.2.4 CANADA 112
- 12.2.4.1 Government support drives rockets and missiles market in Canada 112
12.3 ASIA PACIFIC 114
12.3.1 COVID-19 IMPACT ON ASIA PACIFIC 114
12.3.2 PESTLE ANALYSIS: ASIA PACIFIC 115
12.3.3 CHINA 121
- 12.3.3.1 Instability across China borders and neighboring countries drives demand 121
12.3.4 INDIA 123
- 12.3.4.1 Ongoing military modernization and ‘Self-reliant India’ campaign to fuel market growth 123
12.3.5 JAPAN 126
- 12.3.5.1 Development of new rockets and missiles and procurement of radars influence Japanese market 126
12.3.6 SOUTH KOREA 128
- 12.3.6.1 South Korea focuses on rockets and missiles to improve defense capabilities 128
12.3.7 AUSTRALIA 130
- 12.3.7.1 Government keen on developing a sovereign guided weapon manufacturing for self-reliance 130
12.3.8 REST OF ASIA PACIFIC 132
- 12.3.8.1 Instability propels demand for rockets and missiles in Rest of
12.4 EUROPE 134
12.4.1 COVID-19 IMPACT ON EUROPE 134
12.4.2 PESTLE ANALYSIS: EUROPE 135
12.4.3 UK 141
- 12.4.3.1 Modernization programs of weapons strengthen UK market position 141
12.4.4 FRANCE 143
- 12.4.4.1 Internal security enhancement to be driving force for French market 143
12.4.5 GERMANY 145
- 12.4.5.1 Defense interests drive market in Germany 145
12.4.6 ITALY 147
- 12.4.6.1 Redeveloping defense systems to fuel Italian market 147
12.4.7 RUSSIA 149
- 12.4.7.1 Russian market driven by development in defense industry to meet international demand 149
12.4.8 REST OF EUROPE 151
- 12.4.8.1 Rising insecurity due to post-Brexit scenarios pushes demand in Rest of Europe 151
12.5 REST OF THE WORLD 153
12.5.1 COVID-19 IMPACT ON REST OF THE WORLD 153
12.5.2 PESTLE ANALYSIS: REST OF THE WORLD 153
12.5.3 LATIN AMERICA 159
- 12.5.3.1 Focus on strengthening combat capabilities boosts market
12.5.4 MIDDLE EAST & AFRICA 161
- 12.5.4.1 Focus on securing borders and improving military capabilities contributes to market growth in Middle East & Africa 161
13 COMPETITIVE LANDSCAPE 164
13.1 INTRODUCTION 164
13.2 MARKET SHARE ANALYSIS OF LEADING PLAYERS, 2020 165
13.3 MARKET SHARE ANALYSIS, 2020 166
13.4 COMPETITIVE EVALUATION QUADRANT 170
13.4.1 STAR 170
13.4.2 PERVASIVE 170
13.4.3 EMERGING LEADERS 170
13.4.4 PARTICIPANTS 170
13.5 COMPETITIVE SCENARIO 172
13.5.1 NEW PRODUCT LAUNCHES 172
13.5.2 DEALS 173
14 COMPANY PROFILES 176
14.1 NORTHROP GRUMMAN CORPORATION 176
14.2 LOCKHEED MARTIN CORPORATION 180
14.3 RAYTHEON TECHNOLOGIES CORPORATION 184
14.4 THE BOEING COMPANY 189
14.5 GENERAL DYNAMICS CORPORATION 193
14.6 BAE SYSTEMS 196
14.7 ISRAEL AEROSPACE INDUSTRIES 199
14.8 THALES 202
14.9 LIG NEX1 CO. LTD. 205
14.10 BHARAT DYNAMICS LIMITED 207
14.11 MBDA 209
14.12 ELBIT SYSTEMS 213
14.13 KONGSBERG 215
14.14 SAAB AB 218
14.15 DIEHL DEFENCE 221
14.16 RAFAEL ADVANCED DEFENSE SYSTEMS LTD. 223
14.17 HANWHA DEFENSE 225
14.18 GENERAL ATOMICS 227
14.19 KBP INSTRUMENTS DESIGN BUREAU 229
14.20 DENEL DYNAMICS 231
14.21 ALMAZ-ANTEY 232
14.22 ROKETSAN 233
14.23 SPETSTECHNOEXPORT (STE) 235
14.24 FRONTIER ELECTRONIC SYSTEMS CORP. 237
14.25 ARIANE GROUP 238
15 APPENDIX 239
15.1 DISCUSSION GUIDE 239
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 242
15.3 AVAILABLE CUSTOMIZATION 244
15.4 RELATED REPORTS 244
15.5 AUTHOR DETAILS 245