Industria
Rocket and Missile Market worth $85.22 billion by 2029 - Exclusive Report by MarketsandMarkets™
The missile segment is estimated to capture largest share during the forecast period due to the precision and versatility of missiles in modern defense make them significant to the rocket and missile industry. There is an increasing demand for precision, speed, and adaptability due to increasing concerns regarding global safety and evolving tactics in warfare. Missiles, particularly those with precise guidance systems, offer militaries the capacity to strike crucial targets with precision and effectiveness. They are crucial for both active conflict and deterrence because of their capacity to minimize collateral damage while delivering powerful, targeted responses. This capacity also encourages ongoing investment and innovation in the market.
The Surface-to-Surface segment is forecasted to grow at the highest CAGR during the forecast period. This segment is expanding due to their versatility and cost-efficiency. These systems, designed to launch rockets or missiles from the ground to strike land or sea targets, offer nations a lower-cost alternative to aircraft and complex launch systems. Their ability to deliver targeted strikes, along with advancements that reduce production and maintenance costs, makes them accessible to countries with limited defense budgets. This affordability supports mass deployment and regular upgrades, maintaining military capabilities and driving demand in the global defense market.
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The rocket and missile industry in North America is expected to lead in 2024. The US is the largest market for rockets and missiles in North America . With increased military expenditure, defense contracts, and advanced rocket and missile programs, the region is leading the market. Many key players are present in this region, working on advanced rocket and missile technologies.
The major players in rockets and missiles companies include Lockheed Martin Corporation (US), RTX (US), BAE Systems (UK), Northrop Grumman (US), Boeing (US) Israel Aerospace Industries ( Israel ), Thales ( France ), LIG Nex1 ( South Korea ), Saab AB ( Norway ), MBDA ( France ), KONGSBERG ( Norway ), Hanwha Aerospace ( South Korea ), Elbit Systems Ltd. ( Israel ), RAFAEL Advanced Defense Systems Ltd. ( Israel ), General Atomics (US) and Denel Dynamics ( South Africa ).
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