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(Transportation-News.com, October 28, 2024 ) This report analyzes the rocket and missile market from 2020 to 2029. It discusses various industry and technology trends currently prevailing in the rocket and missile market and the factors that drive, restrain, and challenge market growth globally. The rocket and missile market is projected to reach USD 85.22 billion by 2029, from USD 62.50 billion in 2024, at a CAGR of 6.4%. Surge in demand for missiles and rockets due to ongoing conflicts, rising global defense expenditure, and increasing defense programs for security against threats are significant drivers. Evolving nature of warfare and indigenous development of missile defense systems are also contributing to this expansion.
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The rocket and missile market is being shaped by key technologies like precision strike missiles and autonomous and AI-driven systems. Precision strike missiles are a sign of an improvement in military tactics toward strategic precision as they can target critical targets with extreme accuracy and minimal collateral damage by utilizing advanced guidance systems like GPS and laser targeting. In addition, autonomous and artificial intelligence (AI) systems allow missiles to function with minimal human interference, improving mission planning, targeting, and maintenance via machine learning. The future of defense modernization initiatives will be heavily reliant on these technologies as they increase operational efficiency, reliability, and flexibility.
Based on product, the missiles segment is forecasted to grow at the highest CAGR with largest share during the forecast period. The precision and versatility of missiles in modern defense make them significant to the rocket and missile industry. Demand is fueled by the ability to precisely target high-value objects while restricting collateral damage, which drives innovation and investment in the industry.
Key Market Players
Key players in the rocket and missile market are Lockheed Martin Corporation (US), RTX (US), BAE Systems (UK), Northrop Grumman (US) and Boeing (US). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product portfolios to increase their market share.
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Source: EmailWire.Com
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