https://www.fortunebusinessinsights.com/industry-reports/rocket-and-missiles-market-101822
Rocket and Missile Market Size, Growth,
Share, Analysis, and Insights, 2022–2029
According to Fortune Business Insights™, the global rocket and missile market size is
projected to reach USD 84.77 billion by 2029, growing at a CAGR of 4.58% during the
forecast period. The market expansion is primarily driven by the increasing adoption of 3D
printing technology in the production of advanced weapon systems, enabling faster
prototyping and cost-efficient manufacturing of rockets and missiles for both military and
space applications.
The integration of additive manufacturing techniques has transformed the aerospace and
defense sectors. Governments and private defense manufacturers are leveraging 3D
printing to design and engineer rockets and missiles with complex geometries. For instance,
Lockheed Martin announced plans to develop the U.S.’s next-generation intercontinental
ballistic missiles (ICBMs) using 3D printing. Similarly, NASA and SpaceX are exploring
additive manufacturing for rocket engines, further driving market growth.
Key Companies in the Market
The report profiles several prominent players, including:
Thales Group (France)
ROKETSAN A.S. (Turkey)
Rafael Advanced Defense Systems Ltd. (Israel)
MESKO (Poland)
Lockheed Martin Corporation (U.S.)
General Dynamics Corporation (U.S.)
https://www.fortunebusinessinsights.com/industry-reports/rocket-and-missiles-market-101822
https://www.fortunebusinessinsights.com/industry-reports/rocket-and-missiles-market-101822
Saab AB (Sweden)
Raytheon Technologies Corporation (U.S.)
Nammo AS (Norway)
MBDA (France)
KONGSBERG (Norway)
Denel Dynamics (South Africa)
Information Source:
https://www.fortunebusinessinsights.com/industry-reports/rocket-and-missiles-market-
101822
Market Segmentation
By Type:
The market is divided into rockets and missiles. Among missiles, ballistic missiles (including
SRBMs, MRBMs, IRBMs, and ICBMs) and cruise missiles (subsonic, supersonic, and
hypersonic) dominate the landscape. Hypersonic cruise missiles, with speeds exceeding
Mach 5, are witnessing increasing development in China and India. The rocket segment is
expected to record strong growth due to rising artillery and air-launched systems across
Europe and Asia Pacific.
By Platform:
The market is categorized into airborne, naval, and ground platforms. Ground platforms
dominate due to the widespread deployment of land-attack cruise missiles. Airborne
platforms launch missiles from fighter aircraft, while naval platforms enhance offensive
capabilities via aircraft carriers, corvettes, and other vessels. The naval segment is expected
to grow significantly, holding a 23.12% share in 2021.
By Launch Mode:
Launch modes include surface-to-surface, surface-to-air, air-to-air, air-to-surface, subsea-to-
surface, and sea-to-sea. Surface-to-surface missiles dominate due to their extensive use in
ground-based attacks. Air-to-air missiles are employed for aerial combat, and submarine-
launched missiles target terrestrial sites.
By Propulsion:
The propulsion segment includes solid, liquid, hybrid, scramjet, cryogenic, and
others (ramjet, turbojet, pulsejet). Solid-fueled propulsion leads the market, benefiting from
storage advantages and high thrust generation. Liquid fuel systems provide high impulse
rates, while hybrid propulsion combines the benefits of both solid and liquid systems.
Latest Trends
The market is witnessing rapid transformation, primarily driven by the adoption of 3D-
printed missile components. Advanced 3D printers enable the creation of single-piece
structures such as warheads and engines, reducing production complexity and costs. In May
2022, AgniKul Cosmos filed a patent for its Agnilet, the world’s first single-piece 3D-printed
second-stage engine.
Technological advancements in warfare are also key drivers. Countries like the U.S., China,
and Russia are developing hypersonic missiles capable of reaching Mach 5 speeds. India is
expanding its adoption of C5ISR systems to improve battlefield efficiency. In April 2022,
North Korea tested a new tactical guided weapon enhancing its nuclear capability.
Automatic Target Recognition (ATR) missile systems are gaining prominence due to rising
demand. ATR systems detect and identify enemy assets, including armored personnel
carriers, tanks, and artillery, using artificial neural networks combined with Imaging Infrared
(IR) technology. For instance, BAE Systems received a USD 7 billion contract to advance ATR
and multi-source fusion algorithms, improving target recognition capabilities.
Regional Insights
North America is the largest market, valued at USD 19.29 billion in 2021, driven by
extensive military modernization programs, fiber optic guidance systems, and the
presence of key players such as Lockheed Martin, General Dynamics, and Raytheon.
Asia Pacific is expected to grow at the fastest CAGR, supported by China, Japan, and
Australia’s increased defense spending, as well as initiatives like India’s Tejas MK-1A
and South Korea’s KF-21 integrating advanced missile systems.
Europe is witnessing growth through private sector investments in precision-guided
and autonomous targeting technologies. For instance, Russia signed a contract
for 3M22 Zircon hypersonic missiles in August 2021.
Middle East growth is fueled by Saudi Arabia and Turkey’s missile deployments and
regional defense modernization programs.
Rest of the World is expected to expand due to rising defense budgets in Latin
America and Africa, focusing on fleet modernization and anti-poaching or
surveillance operations.
Competitive Landscape
The rocket and missile market is highly competitive, driven by collaborations between
governments and private defense contractors. Frequent awarding of contracts for missile
development, modernization, and deployment underscores the market’s dynamic nature.
Key Focus Areas:
Hypersonic missile development
Integration of 3D printing in missile and rocket production
Advanced propulsion systems (solid, liquid, hybrid)
Precision-guided and autonomous targeting technologies
Recent Industry Developments
January 2022: The U.S. Air Force awarded SpaceX a USD 102 million contract for
rocket transport of military supplies and humanitarian aid—the largest cargo
contract to date.
February 2022: The U.S. Missile Defense Agency granted Raytheon, Lockheed
Martin, and Northrop Grumman contracts of approximately USD 20 million each to
develop hypersonic missile interception prototypes.