US Rocket and Missile Market

The US rocket and missile market is set for significant growth, driven by record-high defense spending, advancements in hypersonic weapons, and major contracts with leading defense firms.

The US rocket and missile market is one of the largest and most advanced in the world, driven by substantial government investment, ongoing technological innovation, and a robust defense industry. The US Department of Defense (DoD) plays a critical role in funding the development and procurement of cutting-edge missile systems, ranging from tactical short-range rockets to long-range strategic missiles. The US missile defense programs, such as the Ground-based Midcourse Defense (GMD) and Aegis Ballistic Missile Defense System, are integral to the nation’s defense strategy. These systems are designed to protect the US and its allies from a range of threats, including ballistic, cruise, and hypersonic missiles. Additionally, the US has a strong partnership with NATO and other international allies, further bolstering the global demand for its missile systems. The US missile industry also benefits from collaboration with Israel, as both countries have worked together to develop and deploy advanced missile defense systems, such as the Iron Dome.

The US rocket and missile market is expected to experience significant growth, driven by substantial investments in hypersonic weapons and other advanced defense systems. In 2023, US military expenditure reached approximately USD 916.01 billion, accounting for 37.5% of global military spending, reinforcing the country's dominant position as the largest military spender globally. Technological innovation in the US rocket and missile market is a key driver of growth, with both the military and private defense contractors investing heavily in research and development (R&D). The US has led the way in hypersonic missile technology, with several military programs currently underway to develop missiles capable of traveling at speeds greater than Mach 5. These technologies aim to counter emerging threats from adversaries such as Russia and China, who are also developing similar capabilities.

Furthermore, the US continues to improve its missile defense systems, with initiatives to enhance interception accuracy, speed, and multi-layered defense capabilities. The development of systems like the Terminal High Altitude Area Defense (THAAD) and the Standard Missile-3 (SM-3) are critical in addressing evolving missile threats in both regional and global contexts. Additionally, in June 2024, Israel Aerospace Industries (IAI) launched Air Lora, an air-launched ballistic missile, while the US continued to advance its own long-range strike capabilities, indicating the broader context of defense collaboration and competition.

The US missile and rocket market also benefits from a strong export sector, with American missile defense systems being sold to numerous countries worldwide. Key players such as Lockheed Martin, Raytheon, and Northrop Grumman lead the market, offering a wide range of missile products from anti-tank and air-to-air missiles to advanced ballistic missile defense systems. In September 2024, Raytheon, a subsidiary of RTX, secured a USD 1.19 billion contract modification from the US Air Force to produce advanced medium-range air-to-air missiles (AMRAAM) for domestic and international clients, including the provision of telemetry systems, spare parts, and engineering support.

Additionally, in April 2023, the US Army awarded Lockheed Martin Corporation a multi-year contract valued at USD 4.53 billion to procure and produce joint-air-to-ground missiles (JAGM) and HELLFIRE missiles, serving both US and international customers. The increasing global security concerns, including regional instability and the rise of advanced missile technologies by rival nations, have contributed to the growing demand for US missile systems. These contracts, along with increased investments, position the US rocket and missile market for growth and stiff competition in the defense sector. As the market expands, the US missile industry continues to solidify its position as a global leader, driving both domestic and international missile defense advancements. In June 2024, Israel also tested a new missile engine to develop hypersonic capabilities, a move that further highlights the competitive and collaborative nature of the global rocket and missile market.

About MarketsandMarkets™

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.

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.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com