Rocket and Missile Market By Product (Missiles (Cruise Missiles, Ballistic Missiles) Rockets, Torpedoes), By Speed (Subsonic, Supersonic, Hypersonic), By Propulsion Type (Solid-Fueled, Liquid-Fueled, Hybrid Propulsion, Turbojet, Ramjet, Scramjet), By Launch Mode (Surface to Surface, Surface to Air, Air to Air, Air to Surface, Subsea to Surface), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Rocket and Missile Market was valued at USD 54.7 billion in 2023 and will surpass USD 80.2 billion by 2030; growing at a CAGR of 5.6% during 2024 - 2030.

The rocket and missile market is a critical segment of the defense industry, characterized by the development and production of missile systems and rocket technology for military applications. This market encompasses a wide range of products, including guided and unguided missiles, surface-to-air missiles (SAMs), air-to-air missiles (AAMs), tactical missiles, and various types of rockets used for space exploration and military operations. The market is driven by the increasing need for advanced defense systems to ensure national security and strategic deterrence, as well as the growing tensions in geopolitical landscapes worldwide. Furthermore, technological advancements and increased defense budgets are propelling growth, making this market a significant focus for both governmental and private sector investments.

Surface-to-Air Missile (SAM) Segment is Largest Owing to Growing Defense Budgets

Among the various segments of the rocket and missile market, the surface-to-air missile (SAM) segment stands out as the largest, primarily driven by escalating defense budgets across the globe. Countries are increasingly investing in air defense systems to counter aerial threats, particularly as geopolitical tensions rise. The SAM systems are essential for protecting critical infrastructure, military assets, and urban areas from aerial attacks. As a result, nations are prioritizing the procurement and development of advanced SAM systems that offer improved capabilities such as higher accuracy, extended range, and greater operational flexibility.

In addition to government spending, the growing focus on modernization of aging air defense systems contributes to the dominance of the SAM segment. Several countries are transitioning from legacy systems to state-of-the-art solutions, incorporating features like network-centric warfare capabilities and advanced radar systems. The integration of these modern technologies enhances situational awareness and response times, making SAM systems a pivotal component in a country’s defense strategy. Thus, the SAM segment is poised to maintain its leadership position in the rocket and missile market.

Tactical Missiles Segment is Fastest Growing Owing to Asymmetric Warfare Trends

The tactical missiles segment is emerging as the fastest-growing sector within the rocket and missile market, driven by the increasing prevalence of asymmetric warfare. Tactical missiles, designed for short-range engagements and precision strikes, are becoming increasingly relevant in modern conflict scenarios where non-state actors and irregular warfare tactics are prevalent. These missiles offer enhanced mobility and versatility, enabling armed forces to engage targets with precision and minimal collateral damage. The growing demand for quick-response systems that can be deployed rapidly in diverse combat situations further fuels the growth of this segment.

Furthermore, advancements in missile technology, such as miniaturization and the incorporation of artificial intelligence, are propelling the tactical missiles segment forward. These innovations allow for smarter, more adaptable systems that can be easily integrated into existing military platforms. As militaries seek to improve their operational capabilities and respond more effectively to evolving threats, the tactical missiles segment is expected to experience robust growth, reshaping the landscape of the rocket and missile market.

Air-to-Air Missiles Segment is Largest Owing to Modernization of Fighter Aircraft

In the air-to-air missiles segment, the dominance can be attributed to the modernization of fighter aircraft and the need for enhanced air superiority. Air-to-air missiles (AAMs) play a crucial role in air combat, allowing pilots to engage enemy aircraft effectively while maintaining tactical advantages. As countries upgrade their air fleets with advanced fighter jets, the demand for sophisticated AAMs, including beyond-visual-range (BVR) missiles, is on the rise. These systems are integral to national defense strategies, emphasizing the importance of air dominance in modern warfare.

The ongoing investments in research and development to create next-generation AAMs, featuring improved guidance systems, extended ranges, and advanced warheads, are expected to bolster the growth of this segment. Additionally, collaborations between defense contractors and military organizations to enhance missile capabilities are driving innovation in this field. Consequently, the air-to-air missiles segment is anticipated to maintain its significance within the overall rocket and missile market.

Guided Missiles Segment is Fastest Growing Owing to Increased Demand for Precision Strikes

The guided missiles segment is experiencing rapid growth, propelled by the rising demand for precision strikes in military operations. Guided missiles, which utilize advanced guidance systems to ensure accuracy, are increasingly favored by armed forces seeking to minimize collateral damage while effectively neutralizing threats. This trend is particularly pronounced in counter-terrorism operations and urban warfare, where the ability to strike with precision is paramount. As nations prioritize operational efficiency and effectiveness, the guided missiles segment is set to witness significant advancements and expansions.

Moreover, the integration of cutting-edge technologies such as GPS and inertial navigation systems into guided missiles enhances their effectiveness and reliability. The ongoing advancements in guidance technologies and the development of multi-role systems capable of engaging various target types further contribute to the growth of this segment. As military strategies evolve towards a focus on precision warfare, the guided missiles segment will continue to play a vital role in the broader rocket and missile market.

The North America Region is Largest Owing to High Defense Spending

The North America region, particularly the United States, holds the largest share in the rocket and missile market, driven by substantial defense spending and technological advancements. The U.S. government allocates significant budgets for research, development, and procurement of advanced missile systems, ensuring that its military maintains a strategic advantage. The focus on modernization of existing systems and the development of next-generation capabilities further solidifies North America’s position as a leader in this market. Moreover, the presence of key defense contractors in the region fosters innovation and competition, contributing to the region’s market dominance.

In addition to military applications, North America’s growing interest in missile defense systems to counter emerging threats from adversaries adds another layer of complexity to the market dynamics. The continuous emphasis on enhancing national security measures and strategic deterrence drives investments in advanced missile systems, ensuring that the North America region remains at the forefront of the rocket and missile market.

Competitive Landscape: Leading Companies in the Rocket and Missile Market

The competitive landscape of the rocket and missile market is characterized by the presence of several prominent defense contractors and manufacturers, each striving to innovate and capture market share. Leading companies in this sector include Lockheed Martin, Raytheon Technologies, Northrop Grumman, Boeing, and BAE Systems, among others. These organizations are heavily invested in research and development to produce advanced missile systems that meet the evolving demands of modern warfare.

The market is also witnessing increased collaboration between private companies and government agencies to enhance missile technology and streamline procurement processes. Strategic partnerships, mergers, and acquisitions are prevalent as companies seek to expand their capabilities and portfolio. As the demand for advanced missile systems continues to grow, the competitive landscape will evolve, with leading companies focusing on innovation and responsiveness to market trends to maintain their positions.

Report Objectives

The report will help you answer some of the most critical questions in the Rocket and Missile Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the rocket and missile market?
3. What is the size of the rocket and missile market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: