The global rockets and missiles market was US$ 58.1 billion in 2021. The global rockets and missiles market is forecast to grow to US$ 81.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The rising demand for new-generation air and missile defense system will primarily drive the growth of the global rockets and missiles market. Furthermore, the rising number of incidents related to terrorist attacks and growing cross-border tensions will fuel the growth of the global rockets and missiles market during the study period.
Growing government support to strengthen the military sector will contribute to the growth of the rockets and missiles market. For instance, the data from the Missile Defense Agency (MDA) estimates that nearly 1,200 ballistic missiles have been added in the previous years. Thus, it will drive the rockets and missiles market forward. On the contrary, the high cost of the technology may impede the market growth during the study period.
COVID-19 Impact Analysis
Even as the world grapples with the COVID- 19 pandemic, military procurement, maintenance, and manufacturing related to defense remained one of the top priorities all across the world.
Cessation or reduction of military exercises would reduce engagement time, informal testing, and equipment evaluation, as well as the latest rocket and missile market development potential. Supply-side shocks are among the most visible effects of the pandemic’s consequences on the defense sector.
Regional Analysis
North America is forecast to dominate the rockets and missiles market, owing to the growing research & development activities in the region aiming at developing cost-effective propulsion technologies. In addition to that, the high defense budget in the United States will offer ample growth opportunities for the rockets and missiles market during the study period.
The Asia-Pacific rockets and missiles market is forecast to record a considerable growth rate, owing to the rising investments in this sector. Investments in the defense sector in China, India, and Russia are growing steeply, which will create lucrative growth opportunities for the rockets and missiles market. Moreover, growing technological advancements will also benefit the Asia-Pacific rockets and missiles market. For instance, Defence Research and Development Organization (DRDO) unveiled its Agni-Prime missile in 2021 in India. Such efficient advancements will benefit the overall rockets and missiles market during the study period.
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Competitors in the Market
? BAE Systems
? Bharat Dynamics
? Boeing
? Denel Dynamics
? Frontier Electronic Systems
? General Dynamics
? Israel Aerospace
? Leonardo
? Lig Nex1.
? Lockheed Martin
? MBDA Missiles Systems
? Northrop Grumman Corporation
? Rafael Advanced Defense Systems
? Raytheon Technologies
? Thales Group
? The Boeing Company
? Other Prominent Players
Market Segmentation
The global rockets and missiles market segmentation focuses on Speed, Product, Propulsion Type, Launch Mode, and Region.
By Speed
? Subsonic
? Supersonic
? Hypersonic
By Product
? Cruise
? Ballistic
? Rockets
? Torpedoes
By Propulsion Type
? Solid
? Liquid
? Hybrid
? Ramjet
? Turbojet
? Scramjet
By Launch Mode
? Surface to Surface
? Surface to Air
? Air to Air
? Air to Surface
? Subsea to Surface
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By Regional Outlook
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
How are the key players in the market assessed?
?This report provides a comprehensive analysis of leading competitors in the market.
?The report includes information about the key vendors in the market.
?The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
?The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
?A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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