The Rockets and Missiles market is projected to grow from USD 58.3 billion in 2021 to USD 73.8 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. The rising need for precision weapons to minimize collateral damage, the increasing number of conflicts, and high defense spending are some of the major factors driving the market globally.
Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), and Thales Group (France) are some of the leading players operating in the Rockets and Missiles market. These companies secure contracts from governments of different countries to carry out various Rockets and Missiles programs.
Northrop Grumman develops and builds some of the world’s most advanced Rockets and Missiles technologies from command systems to advanced interceptors, powerful space sensors, and directed energy weapons, as well as systems that test and verify their efficacy. The company is a leading provider of interceptors and seekers used in the test and verification of Rockets and Missiles and interceptor boosters employed in the defense.
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The Lockheed Martin’s Missile and Fire Control (MFC) segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. Its major programs include Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs.
General Dynamics Corporation is a leading provider of aircraft flight control systems, auxiliary ships, business jets, combat vehicles, communications systems, IT systems, ships munitions, nuclear-powered submarines, stealth ship tanks, vision systems, and watercraft weapon systems. General Dynamics has a very good global presence as well, and Its scientists and engineers are continuously working on enabling technologies in guided-missile destroyers for sea defense.
Rockets and Missiles Market by Speed (Subsonic, Supersonic, Hypersonic), Product, Propulsion Type (Solid, Liquid, Hybrid Propulsion, Ramjet, Turbojet and Scramjet), Guidance Mechanism (Guided and Unguided), Launch Platform & Region - Forecast to 2026
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