Yahoo Finance Rockets and Missiles Market Projected to Reach $73.8 billion by 2026
Chicago, June 29, 2022 (GLOBE NEWSWIRE) -- According to a research report "Rockets and Missiles Market by Speed (Subsonic, Supersonic, Hypersonic), Product, Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Guidance Mechanism (Guided and Unguided), Launch Platform & Region - Forecast to 2026", The 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 demand for these weapons has witnessed significant growth recently due to rising threats of insurgencies that have highlighted the need for precision attacks and stand-off surgical strikes. Thus, it is imperative to avoid collateral damage and provide combatants with advanced weapons have led to the growth of Rockets and Missiles market.
The Rockets and Missiles market includes major players
Northrop Grumman Corporation (US),
Lockheed Martin Corporation (US),
BAE Systems (UK),
Thales Group (France).
These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected rockets, missiles production and services globally in 2020.
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Defense programs to defend nations against various threats
The performance of US weapon systems is unmatched, ensuring that the US defense forces have a tactical combat advantage over any adversary in any weather condition. The Fiscal Year (FY) 2020 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the US Department of Defense (DoD) totals USD 247.3 billion, which includes funding in the Base budget and the Overseas Contingency Operations (OCO) fund, totaling USD 143.1 billion for Procurement and USD 104.3 billion for RDT&E. The funding in the budget request represents a balanced portfolio approach to implement the military force objective established by the National Defense Strategy. Of the USD 247.3 billion in the request, USD 83.9 billion finances Major Defense Acquisition Programs (MDAPs), which are acquisition programs that exceed a cost threshold established by the Under Secretary of Defense for Acquisition and Sustainment.
According to the Missile Defense Agency, there has been an increase of over 1,200 additional ballistic missiles over the last 5 years. The total of ballistic missiles outside the US, the North Atlantic Treaty Organization, Russia, and China has risen to over 5,900. Hundreds of launchers and missiles are currently within the range of US deployed forces. Hence, the increasing need for defense programs by nations to defend against various threats is driving the Rocket and Missile market.
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Heavy investment in indigenous missile defense system
Several countries are investing heavily in their indigenous rockets, missile defense systems. For instance, Russia is developing an S-500 system, which is expected to have a detection range of more than 600 kilometers. Similarly, India is also working on several indigenous missile defense systems such as Prithvi Air Defense (PAD) missile systems and the Advanced Air Defense (AAD) missile systems. Countries are also developing missile defense systems with the collaboration of other countries. For instance, India and Israel developed the competent Barak-8 missile defense systems, thus increasing R&D in the technology.
India views its nuclear weapons and long-range power projection programs as the key to maintaining strategic stability in the Asia Pacific region and attaining a great-power status. The country’s strategic missile defense programs have matured such that it currently can deploy short-, medium-, and long-range ballistic missile defense systems. Recently, Indian defense planners have shifted their focus from developing new missile defense technologies toward the serial production of existing missile defense technologies. India is increasingly pursuing foreign collaboration in a shift from its previous self-sufficiency-centered policy, suggesting confidence in its indigenous missile defense capabilities. Indian missile defense is a double-tiered system. The first tier uses the Prithvi Air Defense (PAD/Pradyumna) and Prithvi Defense Vehicle (PDV) for exo-atmospheric intercepts. The PAD is slated to be replaced by the PDV system because the latter is equipped with an indigenous Imaging Infrared (IIR) seeker that can distinguish between incoming warheads and decoys. The second tier uses the Advanced/Ashvin Air Defense (AAD) for endo-atmospheric intercepts. Assistance from Russia, Israel, and France has increased the development and capabilities of the AAD. In March 2019, India completed an anti-satellite (ASAT) test using a modified PDV Mark-II, which may become a more integrated part of its missile defense. In addition to developing indigenous rockets, and missiles defense capabilities, India is also looking to augment its ballistic missile defenses by importing radars and other systems from elsewhere.
In April 2021, given the standoff between the Indian and Chinese armies, along the Line of Actual Control (LAC), India had requested Russia to expedite the delivery of S-400 air defense systems.
The missile segment is projected to grow at the highest CAGR rate for the Rocket and Missile market during the forecast period.
A missile plays an important role in Rocket and Missile 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 of 6.6% during the forecast period
Based on speed, the Rocket and Missile 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 Rocket and Missile market during the forecast period.
Based on propulsion type, the Rocket and Missile 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 (31) of the Rocket and Missile market in 2021
Based on launch mode, the Rocket and Missile 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 Rocket and Missile 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 rocket and missile market.
Related Reports:
Missile Defense System Market by Technology (Fire Control System, Weapon System, Countermeasure System, and Command and Control System), Range (Short, Medium, and Long), Threat type, Domain (Ground, Air, Marine, and Space), and Region (2021-2026)
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