The global rocket and missile market is projected to grow from $57.7 billion in 2023 to $77.4 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.1%. This market expansion is driven by increasing insurgency threats that highlight the necessity for precision attacks and stand-off surgical strikes. Consequently, the demand for advanced weaponry that minimizes collateral damage has significantly boosted the market for rockets and missiles.

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Key Market Segments and Growth Drivers

Product Segmentation:
Missiles: Includes ballistic and cruise missiles, known for their long-range capabilities and precision.
Rockets: Typically unguided and used for shorter range attacks.
Torpedoes: Specialized for naval warfare.
Speed Categories:
Subsonic Missiles: Represent the largest market share as of 2023. Examples include the US Tomahawk and the French Exocet. These missiles travel below the speed of sound (Mach 0.9), offering cost-effective production and strategic flexibility.
Supersonic Missiles: Faster than sound, they enable quicker response times.
Hypersonic Missiles: The fastest category, traveling at speeds greater than Mach 5.
Propulsion Types:
Solid and Liquid Propulsion: Traditional methods used in a wide range of missiles.
Hybrid Propulsion: Combines elements of both solid and liquid systems.
Ramjet and Turbojet: Utilize air-breathing engines for sustained high-speed flight.
Scramjet (Supersonic Combustion Ramjet): Expected to grow at the highest CAGR, scramjets maintain supersonic combustion, providing higher speeds and efficiency.
Launch Modes:
Surface-to-Surface: Includes anti-ship and anti-tank missiles, tactical ballistic missiles, and intercontinental ballistic missiles (ICBMs).
Surface-to-Air: Designed to target aircraft and other aerial threats.
Air-to-Air and Air-to-Surface: Deployed from aircraft for versatile offensive operations.
Subsea-to-Surface: Primarily used in naval warfare.
Guidance Mechanisms: Various advanced technologies ensure precision targeting, reducing the risk of collateral damage.
Regional Insights

North America: Dominates the market with major players such as Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation, and General Dynamics Corporation leading the development of next-generation defense solutions. The region's robust defense budget and technological advancements contribute to its market leadership.
Europe and Asia Pacific: Also significant contributors to market growth, with countries like the UK, France, Russia, China, and India investing heavily in missile and rocket technologies.
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Key Market Players

The rocket and missile market includes prominent defense contractors:

Northrop Grumman Corporation (US)
Lockheed Martin Corporation (US)
BAE Systems (UK)
Thales Group (France)
These companies are focused on innovations and expanding their presence globally to cater to the growing defense needs of various nations.

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