Global Rocket and Missile Market is valued at approximately USD 57.10 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.2% during the forecast period 2023-2030. 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.

The escalation in military expenditures across the globe is serving as a key driver for the growth of the Rockets and Missiles Market. As nations allocate larger budgets to enhance their defense capabilities, the demand for cutting-edge and technologically advanced weapon systems, particularly rockets and missiles, has witnessed a substantial surge. The increased funding allows for the development, acquisition, and deployment of more sophisticated missile defense systems, strategic missile programs, and precision-guided munitions. As per the Stockholm International Peace Research Institute (SIPRI), there was a 2.6% increase in global military spending, reaching around USD 1.82 trillion between 2017 and 2019 which rose by 3.7% in real terms in 2022, to reach a record high of USD 2.24 trillion. In addition, the miniaturization of missiles and their components and the rising adoption of AI in military operations are creating new opportunities for market growth. However, stringent regulations for arms transfer, high operational complexity, and the need for periodic maintenance stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Rocket and Missile Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market player included in this report are:
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
Recent Developments in the Market:
In May 2023, The U.S. Army has awarded the Javelin Joint Venture (JJV) an indefinite-delivery, indefinite-quantity (IDIQ) production contract, spanning fiscal years 2023 to 2026, with a maximum contract value of USD 7.20 billion. This comprehensive agreement covers the Javelin weapon system, including related equipment and services. The contract begins with a base year, allocated with up to USD 1.02 billion in approved funding. It incorporates provisions for production ramp support, to increase Javelin All Up Round (AUR) production to 3,960 units annually by the end of 2026.
Global Rocket and Missile Market Report Scope:
Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Speed, Product, Guidance, Platform, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Speed:
Subsonic
Supersonic
Hypersonic
By Product:
Cruise Missiles
Ballistic Missiles
Rockets
Torpedoes
By Guidance:
Guided
Unguided
By Platform:
Naval
Ground
Airborne
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa