Rocket and Missile Market Worth US$70 Billion by 2022
The rocket and missile market is projected to grow from US$55.53 billion in 2017 to US$70 billion by 2022, at a CAGR of 4.74 percent during the forecast period from the report "Rocket and Missile Market - Global Forecast to 2022". This growth can be attributed to the increasing geopolitical conflicts, war and terrorism, which are driving the demand for rockets and missiles globally.
Based on type, the missile segment is projected to lead the rocket and missile market during the forecast period.
Based on type, the rocket and missile market was dominated by the missile segment in 2017 and is expected to continue its dominance till 2022. Missiles are versatile weapons and can be fired in various modes, angles and platforms. To inflict maximum damage on adversaries, missiles are now equipped with guidance technologies which enable them hit targets with precision. Developing countries such as China and India, among others, are investing more in ballistic missiles. These countries are investing more in advanced technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, in May 2017, China tested its DF-26 missile which can attack aircraft carriers and air defense batteries with precision. India recently signed a contract with Israel to acquire more than 275 launchers and 5500 spike missiles. The deal includes transfer of technology to build another 1500 launchers and 30,000 missiles.
Based on launch mode, the surface-to-surface segment is projected to grow at the highest CAGR during the forecast period.
The rocket and missile market has been analyzed and segmented based on launch mode into surface-to-surface, surface-to-air, air-to-air, air-to-surface and subsea-to-surface. The rocket and missile market is dominated by the surface-to-surface segment. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by the upgrade and modernization programs, procurement of cruise as well as ballistic missiles and use of advance guidance systems.
The U.S., China and India are expected to be lucrative markets for rockets and missiles.
The U.S., China and India are expected to be the largest rocket and missile markets in the coming years. The U.S. is estimated to dominate the market during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the region for the development of advanced technology-based designs of man portable warfare systems. The China rocket and missile market is projected to grow at the highest CAGR from 2017 to 2022. China has been investing heavily in the design and development of guided man-portable air defense systems over the last five years.
Major players in the rocket and missile market are Lockheed Martin Corporation (U.S.), MBDA, Inc. (U.K.), Rafael Advanced Defense Systems (Israel), Thales Group (France), Saab AB (Sweden), Raytheon Company (U.S.) and Kongsberg Gruppen (Norway), among others.