Rocket and Missile Market to Grow at 6.4% CAGR by 2029 - Technological Advancements & Growth Factors

/EIN News/ -- Delray Beach, FL, March 10, 2025 (GLOBE NEWSWIRE) -- The rocket and missile market are projected to reach USD 85.22 billion by 2029, from USD 62.50 billion in 2024, at a CAGR of 6.4%. In terms of volume, the market will likely grow from 138,808 units in 2024 to 183,672 units by 2029.

This growth can be primarily attributed to the rise in defense programs worldwide and the development of advanced missile systems to mitigate increasing security threats. Exports and sales of rocket artilleries, missiles, and torpedoes are pivotal to national security, and governments are closely monitoring these trades. This helps the government prevent security threats, support allies, and maintain geopolitical stability.

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Explore the Key Players in the Rocket and Missile Industry:

• Lockheed Martin Corporation (US)
• RTX (US)
• BAE Systems (UK)
• Northrop Grumman (US)
• Boeing (US)
• Israel Aerospace Industries (Israel)

Rocket and Missile Market Segmentation Analysis:

By speed, supersonic segment to be dominant during forecast period

The supersonic segment is expected to hold the largest share of the rocket and missile market in 2029. Supersonic rockets and missiles, with speeds ranging between Mach 1 and 5, can engage targets quickly. This makes them suitable for various military applications, both offense and defense. These rockets also play a crucial role in space exploration and research activities, which require high speed and thrust to achieve desired altitudes or orbits. With the changing dynamics of global security, nations increasingly focus on handling emerging threats and maintaining strategic supremacy, which gives rise to the demand for advanced weaponry.

By region, North America to be Largest Market for Rockets and Missiles During Forecast Period

The North American rocket and missile market is expected to remain dominant during the forecast period, subject to strong defense budgets and advanced military capabilities in the region. Defense agencies in North America are developing and integrating advanced rocket and missile technologies. This enhances the region’s importance in the global defense sector. For instance, the US Department of Defense (DoD) requested USD 310.7 billion for fiscal year 2025. This includes USD 167.5 billion for procurement and USD 143.2 billion for research and development. The funding supports the National Defense Strategy (NDS) with allocations of USD 13.5 billion for the Missile Defense Program and USD 29.8 billion for missiles and munitions. Similarly, the US military is investing heavily in hypersonic weapons and advanced defense systems.

By guidance mechanism, guided segment to record fastest-growth during forecast period

The guided segment is expected to exhibit the fastest growth in the rocket and missile market during the forecast period. This growth can be mainly attributed to the advanced targeting and operational capabilities of guided systems. These systems use technologies such as GPS, radar, infrared, and laser guidance, which help them navigate complex flight paths and accurately strike targets with minimal collateral damage. Effectiveness in various military operations further propels the demand for guided rockets and missiles.

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What are some of the technological advancements in the market?

Key technological advancements include:

• Propulsion Systems: Advancements in propulsion systems improve the performance of rockets and missiles. These upgrades focus on longer ranges, higher payloads, and faster speeds. Innovations include scramjet engines for hypersonic flight, solid rocket motors, and hybrid systems that use both solid and liquid propellants.
• Next-Generation Missile Seekers: Next-generation missile seekers enhance missile accuracy and guidance. They use technologies such as proportional navigation, radar homing, passive homing, active homing, semiactive homing, and retransmission homing. Companies aim to miniaturize these seekers to cut costs and improve effectiveness.
• Hypersonic Technology: Hypersonic technology enables missile systems to travel faster than Mach 5, allowing rapid strikes. This includes hypersonic cruise missiles and glide vehicles, which need special propulsion for high speeds and manoeuvrability.
• Warheads: Warheads are designed to neutralize targets using different fuzing methods. These methods include high-explosive and shaped charge fuzing to penetrate armor. Nuclear and cluster munitions cover large areas, while magnetic warheads target ships by detecting their magnetic signatures.

What are the driving factors for the growth of the rocket and missile market?

• Increasing defense programs in US for security against threats
• Surge in demand for missiles and rockets due to ongoing conflicts
• Rising global defense expenditure
• Indigenous development of missile defense systems
• Evolving nature of warfare

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