16 February 2023
Visiongain has published a new report entitled Rockets & Missiles Market Report 2023-2033: Forecasts by Guidance Mechanism (Unguided, Guided), by Speed (Subsonic, Hypersonic, Supersonic), by Product (Cruise Missiles, Ballistic Missiles, Rockets, Torpedoes), by Launch Mode (Surface to Surface, Surface to Air, Air to Air, Air to Surface, Subsea to Surface), by Propulsion Type (Liquid Propulsion, Solid Propulsion, Hybrid Propulsion, Ramjet Propulsion, Turbojet Propulsion, Scramjet Propulsion) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global rockets and missiles market was valued at US$60.25 billion in 2022 and is projected to grow at a CAGR of 5.0% during the forecast period 2023-2033.
Many Developing Countries Are Investing in Space Programs
The market for rockets and missiles is expected to grow significantly in the coming years due to the increasing demand for launches in developing countries. The growth of the space industry has been driven by advancements in technology and the increasing need for satellite communication, earth observation, and navigation services. The rise in demand for space exploration, space tourism, and research has also played a vital role in the growth of the rockets and missiles market.
Many developing countries are investing in space programs to enhance their economic and social development, which is driving the growth of the market. For instance, countries like India and China are expanding their space programs, with the former aiming to be among the top four space powers in the world. Additionally, private companies like SpaceX and Blue Origin are also investing heavily in the development of rockets and missiles, further driving the market growth.
Moreover, the increasing geopolitical tensions and rising security threats have led to an increase in demand for advanced missiles and rockets. Many countries are investing in missile defense systems and ballistic missiles to ensure their safety and security.
How has COVID-19 had a significant negative impact on the Rockets and Missiles Market?
COVID-19 has had a significant negative impact on the Rockets and Missiles market in several ways. The pandemic has disrupted the global supply chain and caused delays in the production and delivery of components and systems for rockets and missiles. This has led to a decline in the production and launch of rockets and missiles, which has impacted the overall growth of the market.
Additionally, the pandemic has resulted in a decrease in global economic activity, leading to reduced investment in the space industry. Many countries have had to cut back their space budgets, resulting in the cancellation or postponement of several space missions. This has further slowed down the growth of the rockets and missiles market.
The pandemic has also impacted the demand for rockets and missiles. The restrictions on travel and social distancing measures have led to a decline in the demand for commercial satellite launches, which are a significant source of revenue for the rockets and missiles market.
How will this Report Benefit you?
Visiongain’s 363-page report provides 159 tables and 199 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global rockets and missiles market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Rockets and Missiles. Get financial analysis of the overall market and different segments including guidance mechanism, speed, product, propulsion type, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing rockets and missiles market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advancements in Technology
The advancements in technology have been driving the growth of the rocket and missile industry. The increasing use of modern materials and manufacturing techniques have resulted in lighter, stronger, and more reliable rockets and missiles.
Growing Demand for Military Applications
The increasing demand for military applications of rockets and missiles has been a significant driver of the industry. The increasing focus on national security and the threat of global terrorism has resulted in increased spending on defense.
Commercial Demand for Satellite Launches
The increasing demand for satellite launches for commercial and scientific purposes has been driving the growth of the industry. The increasing use of satellites for communication, navigation, and remote sensing has resulted in an increased demand for launch services.
Where are the Market Opportunities?
Investment in Research and Development Is Crucial to the Growth of the Market
Investment in research and development is crucial to the growth of the market, and businesses that focus on developing innovative technologies and improving existing ones are expected to see significant returns. Additionally, partnerships with governments, defense agencies, and private organizations are key to expanding the market and creating new opportunities. The rocket and missile market offers a wealth of opportunities for businesses and investors, and the demand for advanced technology and cost-efficient solutions is expected to continue to drive growth in the industry.
Expansion of the Space Exploration Industry
The expansion of the space exploration industry has been driving the growth of the rocket and missile industry. The increasing global cooperation in space exploration has been driving the growth of the rocket and missile industry. The collaboration of nations in space programs has resulted in an increased demand for launches.
The increasing focus on space exploration has resulted in an increased demand for rocket and missile launches. The increasing demand for launches in developing countries has been driving the growth of the rocket and missile industry. The increasing focus on space exploration and satellite launches in developing countries has resulted in increased spending on launches.
There Has Been a Surge in Demand for Missiles And Rockets
In recent years, there has been a surge in demand for missiles and rockets, with governments and military organizations around the world investing heavily in their capabilities. This has led to increased competition in the market, with companies competing for contracts and market share.
The emergence of private companies in the rocket and missile industry has been driving the growth of the industry. The increasing competition and innovation from private companies have resulted in increased efficiency and lower costs for launches.
Moreover, with advancements in technology and the growing importance of space-based assets, the market is expected to grow even more in the coming years. Companies will need to continue to invest in research and development, and stay ahead of the competition in order to succeed in this highly competitive market.
The major players operating in the rockets and missiles market are Almaz-Antey, BAE Systems plc, Boeing Company, Elbit Systems Ltd, General Dynamics Corporation, Hanwha Defense C, Ltd., Israel Aerospace Industries Ltd, Kongsberg Gruppen, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Roketsan A.Ş., Saab AB, Thales Group,. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• February 6, 2023, SpaceX successfully launched 60 Starlink satellites into orbit, expanding its broadband internet network. The company has now launched over 900 Starlink satellites, with plans to eventually launch thousands more.
Notes for Editors
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