The Global Rocket and Missile Market is on track for substantial growth, with projections indicating an increase from $57.7 billion in 2023 to $77.4 billion by 2028, at a robust CAGR of 6.1%. This expansion is fueled by escalating global security concerns, rising insurgency threats, and the demand for precision strikes to minimize collateral damage.
Key Market Insights:
Ballistic Missiles Lead the Way: The ballistic missile segment is expected to grow at the highest CAGR during the forecast period. Known for their long-range capabilities and strategic importance, ballistic missiles are crucial in achieving military objectives with precision.
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Subsonic Missiles Dominate: In 2023, the subsonic segment registered the largest market share. Despite being slower and easier to intercept, subsonic missiles like the US Tomahawk and French Exocet remain vital due to their cost-effectiveness, fuel efficiency, and strategic loitering capability near targets.
Scramjet Propulsion on the Rise: The scramjet propulsion segment is anticipated to witness the highest growth from 2023 to 2028. As an advanced version of the ramjet engine, scramjets enable hypersonic speeds, making them pivotal in the next generation of missile technology.
Regional Market Dynamics:
North America Leads: In 2023, North America accounted for the largest share of the rocket and missile market. Home to major defense contractors like Lockheed Martin, Raytheon Technologies, and Northrop Grumman, the region continues to innovate and invest in cutting-edge defense solutions.
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Key Market Players:
The competitive landscape of the Rocket and Missile market includes key players such as Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France). These companies are at the forefront of developing advanced missile technologies, ensuring their global leadership in defense.
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