The global rocket and missile market is expected to experience substantial growth in the coming years, driven by increasing demand for missiles and rockets from various industries, such as defense, space exploration, and commercial transportation. According to VynZ Research, the rocket and missile market is projected to grow at a CAGR of 6% from 2022 to 2030, reaching a value of $ 80.5 billion by 2030.
One of the key drivers of the rocket and missile market is the growing need for advanced defense systems, particularly in regions with high geopolitical tensions. As countries increase their defense spending, the demand for missiles and rockets with advanced capabilities, such as precision strike and long-range capabilities is also increasing. Additionally, the commercial space industry is expected to drive demand for rockets and launch vehicles, as companies seek to launch satellites and other payloads into orbit.
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In terms of missile type, the surface-to-air missile segment is expected to hold the largest share of the market due to its widespread use in defense applications. Meanwhile, the air-to-surface missile segment is projected to grow at the highest CAGR during the forecast period, driven by increasing demand for precision strike capabilities.
Key Players:
• Kongsberg Gruppen ASA
• Lockheed Martin Corporation
• Saab
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Thales
• MBDA
• Leonardo S.p.A.
• BAE Systems
• Denel Dynamics
Regionally, North America is expected to hold the largest share of the rocket and missile market, driven by high defense spending and a strong commercial space industry. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, driven by increasing geopolitical tensions and a growing defense industry in countries like China and India.
Conclusion
The rocket and missile market is expected to experience significant growth in the coming years, driven by increasing demand from the defense, space, and commercial transportation industries. With advanced capabilities such as precision strike and long-range capabilities, missiles and rockets are becoming an increasingly important part of defense systems and space exploration efforts. As geopolitical tensions continue to rise and the commercial space industry grows, the rocket and missile market is expected to remain a key player in the global aerospace and defense industry.
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