The Rocket and Missile Market is experiencing significant growth, with projections indicating a rise from USD 57.7 billion in 2023 to USD 77.4 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 6.1%. This expansion is primarily attributed to heightened demand for advanced weaponry amidst increasing insurgency threats. The necessity for precision attacks and minimizing collateral damage has underscored the importance of cutting-edge rockets and missiles.
Key Market Players:
Prominent players in the market include Northrop Grumman Corporation, Lockheed Martin Corporation, BAE Systems, and Thales Group, with their operations spanning across regions including North America, Europe, Asia Pacific, and the Rest of the World.
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Key Market Insights:
- Ballistic Missiles:
The ballistic missile segment is anticipated to exhibit the highest CAGR during the forecast period. These missiles possess the capability to deliver warheads over long distances, offering strategic advantages. Segmented into various ranges, they play a crucial role in achieving military objectives.
- Subsonic Speed Dominance:
Subsonic missiles accounted for the largest share in 2023. Characterized by speeds slower than the sound barrier, these munitions include well-known models like the US Tomahawk cruise missile and the French Exocet. Despite their slower pace, they provide strategic value, enabling efficient target loitering and decision-making.
- Scramjet Propulsion Growth:
The scramjet propulsion segment is forecasted to witness the highest CAGR from 2023 to 2028. Leveraging supersonic combustion, scramjet engines offer enhanced speed and efficiency, with successful developments recorded by major global players.
- Surface-to-Surface Launch Dominance:
Surface-to-surface launch mode is estimated to hold the largest share in the rocket and missile market in 2023. This mode encompasses a variety of missiles launched from ground or sea-based platforms, catering to diverse military objectives.
- North America’s Market Dominance:
North America emerged as the leading region in the rocket and missile market in 2023. Key players like Lockheed Martin Corporation and Raytheon Technologies Corporation contribute significantly to the region’s dominance through continuous investment in cutting-edge defense solutions.
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