The Rocket and missile market is estimated to be USD 57.7 billion in 2023 and is projected to reach USD 77.4 billion by 2028, at a CAGR of 6.1% from 2023 to 2028. The market growth can be attributed to the improved adoption of intelligent unmanned vehicles and increasing threats of cyber-attacks.
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), MBDA (France) and General Dynamics Corporation (US) are some of the leading companies in the Rocket and missile market. To strengthen their position in this market, these companies have implemented various growth strategies, including high R&D investment, new product and service launches, collaborations & expansions, contracts, partnerships, and agreements.
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Northrop Grumman Corporation
Northrop Grumman Corporation has earned its profitability through its strong customer base and geographical presence. The company has invested in the development and procurement of new military platforms and defense systems, along with Integrated Air and Missile Defense system, to enhance the capabilities of its existing individual systems and provide real-time integration of multi-function defense systems. Northrop Grumman also strives to increase its market share through contracts worldwide in the defense systems market. At December 31, 2022, a total backlog of USD 78.7 Billion was found out which represents the future sales that is expected to recognize to firm orders received by the company.
Lockheed Martin Corporation
Lockheed Martin Corporation is a leading manufacturer of rockets and missiles. The company offer wide range of product portfolio for various application and has a strong global distribution network across the globe. In 2022, Lockheed martin’s USD 66.0 billion in net sales were generated from the U.S. Government that in total 73% of total net sale. The company focusing on strengthening and expanding its core businesses with constant product developments and targeted acquisitions. Lockheed Martin Corporation develops products majorly for the defense forces of the US.
In 2022, international customers accounted for 31% of Lockheed Martin’s Missile and Fire Control (MFC) segment’s net sales. There MFC business segment continued to generate significant international interest, most notably in the air and missile defense product line, which produces the Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) systems. Fourteen nations have chosen PAC-3 Cost Reduction Initiative (CRI) and PAC-3 Missile Segment Enhancement (MSE) to provide missile defense capabilities.
Additionally, there is an international demand for tactical and strike missile products, where MFC have received orders for precision fires systems from Germany and Taiwan and for Long Range Anti-Ship Missiles (LRASM) from Australia.
Raytheon Technologies Corporation
Raytheon Technologies Corporation has sales & service affiliates and business partner networks across North America, Europe, Asia Pacific, the Middle East, and Latin America. This allows it to provide customer support and consultation across the world. It primarily concentrates on missile defense, electronic warfare, precision weapons, cybersecurity, and training. The company will continue to explore growth opportunities to develop affordable solutions and make them readily available to its international customers through its robust distribution network. With a strong orderbook of USD 1.0 billion to manufacture and deliver Guidance Enhanced Missile (GEM-T) for an international customer, USD 698 million for National Advanced Surface-to-Air Missile System (NASAMS) for Ukraine, USD 415 million for Evolved Seasparrow Missile (ESSM) production for the U.S. Navy and international customers, and $317 million for AIM-9X Sidewinder production lot 23 for the U.S. Air Force and international customers keeps the company in a strong position in the market.
MBDA is a European multinational developer and manufacturer of missiles. MDBA was formed by a joint venture of the 3 European leaders in aerospace and defense: Airbus (37.5%), BAE Systems (37.5%), and Leonardo (25%), with a multi-national group with more than 14000 employees working together across France, Germany, Italy, Spain and the United Kingdom and a broad customer base world. It is the only integrated defense company to provide missiles and missile systems for each branch of the armed forces (air, sea, land). MBDA is a leading supplier of missiles and missile systems to the armed forces of France, the United Kingdom, Germany, Italy, Spain, Sweden, Belgium, the Netherlands, and Qatar. The company's products include air-to-air missiles, air-to-surface missiles, anti-tank missiles, and surface-to-air missiles. The company is continuously investing in research and development to develop new and innovative missiles and missile systems to continue to grow its market share in the years to come.
General Dynamics Corporation
General Dynamics Corporation focuses on contracts and agreements from the US government and other defense agencies, which helps generate revenue. The company follows the back-to-basics approach, which helps it improve its performance through margin expansions, cash generation, and return on invested capital. It has adopted these strategies to improve its operational effectiveness. It earns more than 75% of its revenue from the US government. It focuses on becoming the best manufacturer of defense products globally. General Dynamics OTS’s munitions portfolio covers a full breadth of land, naval and air forces applications across all calibers and weapon platform. The company maintains being a market leading position to suppy Hydra-70 rockets, and providing missile subsystems in support of US tactical and strategic missiles.
Rocket and Missile Market by Product (Missiles, Rockets & Torpedoes), Speed (Subsonic, Supersonic, Hypersonic), Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Launch Mode, Guidance Mechanism & Region - Forecast to 2028
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