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Rocket and Missile Market Worth $85.22 Billion by 2029 at a CAGR of 6.4%

(IT-NEWSWIRE.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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About MarketsandMarkets™



MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.



Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.



Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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