January 04, 2021
According to the research report titled ‘Global Rocket and Missile Market Size study with COVID-19 impact, by Product (Missile and Rocket), by Mission (Cruise missile and ballistic missile), by Rocket (Artillery Rocket and Air-to-ground Rocket) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global rocket and missile market accounted for USD 60.92 billion in 2019 and is anticipated to grow with a CAGR of 4.74% during 2020-2027.
Global rocket and missile market is witnessing significant gains mainly due to major role these entities in defending the country territory and countering against enemies in warfare. Rise in defense expenditure in various economies, geopolitical instabilities, and changing nature of warfare are propelling the industry growth.
According to the Government of India, in 2020, the defense spending accounted for USD 65.86 billion, which is an increase from USD 57 billion in 2018. Similarly, in United States, Department of Defense discretionary budget assigned USD 686.1 billion for defense in 2019, which rose to USD 721.5 billion in 2020.
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For the uninitiated, rockets are the unguided, self-propelled guns, which are powered by rocket cars or jet engines. Similarly, missiles are self-propelled, guided weaponry that are useful for air-to-floor combat, floor-to-air fight, and air-to-air fight.
However, high cost of developing the missile systems is the major factor hampering the growth of global rocket and missile market outlook over the forecast period.
From a regional frame of reference, worldwide rocket and missile industry is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to increase in defense spending. Whereas, Asia-Pacific industry is anticipated to accrue massive revenues over 2020-2027, owing to rising geopolitical instabilities and changing nature of warfare in the region.
Major players operating in global rocket and missile market sphere include BAE Systems plc, Rafael Advanced Defense Systems Ltd., Denso Corporation, General Dynamics Corporation, Thales Group, Raytheon Company, Lockheed Martin Corporation, Northrop Grumman Corporation, Leonardo S.p.A., and The Boeing Company.