The global rockets and missiles market is poised for substantial growth over the next decade, fueled by increasing defense budgets, rising geopolitical instability, and the continuous modernization of military arsenals across the globe. According to industry data, the Rockets and Missiles Market size was valued at USD 56.8 billion in 2023 and is estimated to reach USD 92.80 billion by 2031, registering a Compound Annual Growth Rate (CAGR) of 6.3% from 2024 to 2031.
The Rockets and Missiles Market is witnessing heightened demand as nations focus on bolstering their offensive and defensive capabilities. From precision-guided munitions to hypersonic weapons, technological advancements are reshaping modern warfare and driving rapid innovation across the global defense industry. The increasing use of missiles in tactical, operational, and strategic roles further fuels market expansion.
Key Market Drivers:
- Rising Defense Expenditure and Military Modernization:
Governments worldwide are allocating larger portions of their budgets to defense, with a particular focus on acquiring next-generation missile systems. Programs aimed at upgrading air defense, naval strike capabilities, and long-range precision strike weapons are accelerating market growth.
- Geopolitical Tensions and Security Threats:
Regional conflicts, cross-border tensions, and the growing threat of terrorism are prompting countries to invest in advanced rocket and missile systems. Nations in Asia-Pacific, the Middle East, and Eastern Europe are significantly ramping up procurement efforts.
- Technological Advancements in Missile Systems:
Emerging technologies such as hypersonic glide vehicles, solid-state propulsion, and AI-enabled targeting systems are transforming the landscape of missile development. Enhanced accuracy, longer range, and improved survivability are core features driving demand.
- Focus on Indigenous Defense Manufacturing:
Several countries are increasingly investing in domestic defense production to reduce reliance on imports. Initiatives like "Make in India," and similar programs in Turkey, South Korea, and Brazil, are fostering local missile development and boosting regional markets.
- Integrated Defense Systems and Interoperability:
The integration of missile systems into broader command, control, and communications infrastructures is becoming essential for modern defense strategies. Interoperable systems enable seamless coordination across land, sea, and air platforms, enhancing operational readiness.
Key Players
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- BAE Systems
- Thales Group
Conclusion:
The rockets and missiles market is set on a strong growth trajectory, driven by strategic defense initiatives, geopolitical developments, and rapid technological progress. As global security dynamics continue to evolve, manufacturers that offer cutting-edge, adaptable, and interoperable missile systems will be best positioned to lead in this competitive and fast-expanding market.
Contact Us:
Jagney Dave - Vice President of Client Engagement
Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Related Reports
Aircraft Braking System U.S. Market
U.S. Artificial Intelligence in Military Market
Aerospace Valves Market in U.S.
Locked
