Global Rockets And Missiles Market Analysis, Drivers, Restraints, Threats & Growth Forecast to 2030
By Ritesh on July 5, 2024
missiles
The global rockets and missiles market size was evaluated at $60 Billion in 2022 and is slated to hit $93 Billion by the end of 2030 with a CAGR of nearly 6.01% between 2023 and 2030.
➤ Various developed and developing countries have increased their defense budgets in order to stimulate global market trends.
The global rockets and missiles market has experienced a significant expansion as a result of the increasing demand for advanced rockets and missiles for border protection and the surge in the defense budget. For example, the sale of rockets and missiles has been significantly impacted by the Russia-Ukraine conflict, the Armenia-Azerbaijan dispute, the Iran dispute, and the China-Taiwan dispute, which have all contributed significantly to the defense industry’s profits. The market for rockets and missiles is expected to experience significant growth in the years ahead as a significant number of munitions manufacturers transition to the production of these weapons.
➤ The global industry’s expansion may be impeded by stringent regulations regarding the transmission of arms.
State-owned defense firms are obligated to adhere to federal regulations regarding the import and export of defense goods. Additionally, the rockets and missiles industry’s global expansion may be impeded by the Foreign Corrupt Practices Act, the Export Administration Act, and exchange controls, which are associated with stringent regulations.
➤ The production of next-generation air and missile defense systems is expected to generate new growth opportunities for the global market.
New growth opportunities for the global market will be created by breakthroughs in the production of nuclear-capable ballistic missiles, Javelin missiles, and other high-speed cruise missiles, including Kalibr cruise missiles, Zircon missiles, and KH-22 missiles, as well as hypersonic and supersonic cruise missiles. The BrahMos missile, a medium-range supersonic missile that is one of the fastest supersonic cruise missiles in the world, is currently being developed by a significant number of countries, including India and Russia. This missile is capable of defeating sophisticated air defense systems, including the Patriot-3, S-400, and MEADS. This has opened up new prospects for the expansion of the global rockets and missiles market.
➤ The incorporation of larger rockets and missiles poses a significant challenge to the global growth of the industry.
In comparison to larger munitions, the integration of compact precision-guided munitions is more straightforward to operate. Nevertheless, larger rockets and missiles are equipped with a variety of electronic devices, sensors, warheads, propulsion systems, and other intricate subsystems. The defense forces find it challenging to operate them as a result. This has proven to be a significant obstacle to the global expansion of the rockets and missiles sector.
The global Rockets And Missiles market profiles key players such as:
● Lockheed Martin Corporation
● Almaz-Antey
● Airbus Group
● Thales Group
● General Dynamics Corporation
● Northrop Corporation
● BAE Systems plc
● Raytheon Technologies Corporation
● Leonardo S.p.A.
● The Boeing Company
● MBDA
● NPO Mashinostroyeniya
● MKB Raduga Company
● Tactical Missiles Corporation
???? Recent Developments
• Lockheed Martin Corporation, Raytheon Technologies Corporation, and Northrop Grumman Corporation were awarded contracts by the U.S. Missile Defense Agency in the first half of 2022 for the development of a hypersonic model capable of intercepting and destroying the hypersonic trajectory of an enemy missile. Each contract was valued at nearly $20 million.
• The U.S. Air Force successfully tested a hypersonic airbreathing weapon concept missile in January 2023. It has been reported that two of these hypersonic airbreathing missile models were developed by Raytheon Technologies and Lockheed Martin Corporation.
➤ By 2023-2030, the North American rockets and missiles market is expected to experience staggering growth.
The global Rockets and Missiles market is anticipated to be dominated by North America during the forecast period. The regional market’s expansion in the years ahead may be attributed to the presence of prominent defense equipment manufacturing companies, including Boeing Company, General Dynamics Corporation, Raytheon Technologies, Northrop Grumman Corporation, and Lockheed Martin.
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database.
Contact Us:
Zion Market Research 244 Fifth Avenue, Suite N202 New York, 10001, United States
Tel: +49-322 210 92714 USA/Canada Toll-Free No.1-855-465-4651
Email: [email protected]
Website: https://www.zionmarketresearch.com
Be First to Comment