With the emergence and long-term Impact of COVID-19, Global Rocket and Missile Market to reach USD 79.36 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Rocket and Missile Market points towards a potential rise to USD 79.36 Billion by 2030. Rockets and missiles are advanced propulsion systems designed for controlled and directed flight. A rocket is a vehicle or projectile that uses thrust generated by expelled gases to propel itself forward. They find extensive applications in space exploration, satellite launches, and military use. Missiles, on the other hand, refer to guided rockets or projectiles that are designed for a specific purpose, often with the capability to change direction in flight.
Missiles are categorized based on their guidance systems, such as guided, unguided, or semi-guided. They serve various purposes, including defense, offence, and exploration. Military missiles, for instance, can be surface-to-air, air-to-air, surface-to-surface, or anti-ship missiles, each tailored to specific tactical requirements. The Rocket and Missile Market is expanding because of factors such as rising military expenditure, the development of hybrid rockets & missiles as well as the rising development of indigenous missile defense systems.
Geographically, the global Rocket and Missile market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022. The growth of the Rockets And Missiles Market in the region is propelled by the rising adoption of fiber optic guidance systems by the U.S. Army and several other nations, coupled with substantial investments in military modernization programs by the U.S. and Canada.
In North America, significant market share is held by key manufacturers such as Lockheed Martin Corporation, General Dynamics Corporation, and Raytheon Technologies Corporation. This robust presence is anticipated to reinforce the region’s dominance in the rocket and missile industry, further solidifying its position in the global market. Asia Pacific is expected to grow at the fastest rate over the forecast period owing to the increasing military and defense budget, rising procurement and development of new missiles and rockets in the region.
The global Rocket and Missile market is highly competitive owing to the presence of several key players such as Kongsberg Gruppen Saab AB BAE Systems plc Northrop Grumman Corporation Lockheed Martin Corporation The Boeing Company Raytheon Technologies Corporation Thales Group Elbit Systems Ltd Israel Aerospace Industries Ltd, and others.
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Key findings of the study suggest:
- Global Rocket and Missile Market is anticipated to grow with a healthy growth rate of more than 4.2% over the forecast period 2023-2030.
- In the Speed, Subsonic emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising adoption of fiber optic guidance systems by the U.S. Army and several other nations, coupled with substantial investments in military modernization programs by the U.S. and Canada.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Speed:
- Subsonic
- Supersonic
- Hypersonic
By Product:
- Cruise Missiles
- Ballistic Missiles
- Rockets
- Torpedoes
By Guidance:
- Guided
- Unguided
By Platform:
- Naval
- Ground
- Airborne
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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