Pune: A report on “Rocket and Missile Market by Type & Region – Global Forecast to 2022”, published by MarketsandMarkets, projects the global rocket and missile market to grow from USD 55.53 Billion in 2017 to USD 70.00 Billion by 2022, at a CAGR of 4.74% during the forecast period. This growth can be attributed to the increasing geopolitical conflicts, war, and terrorism, which are driving the demand for rockets and missiles globally.
Based on type, the rocket and missile market was dominated by the missile segment in 2017 and is expected to continue its dominance till 2022. Missiles are versatile weapons and can be fired in various modes, angles, and platforms. To inflict maximum damage on adversaries, missiles are now equipped with guidance technologies which enable them hit targets with precision.
Developing countries such as China and India, among others, are investing more in ballistic missiles. These countries are investing more in advanced technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, in May 2017, China tested its DF-26 missile which can attack aircraft carriers and air defense batteries with precision. India recently signed a contract with Israel to acquire more than 275 launchers and 5,500 spike missiles. The deal includes transfer of technology to build another 1500 launchers and 30,000 missiles.
The U.S., China, and India are expected to be the largest rocket and missile markets in the coming years. The U.S. is estimated to dominate the market during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the region for the development of advanced technology-based designs of man portable warfare systems. The China rocket and missile market is projected to grow at the highest CAGR from 2017 to 2022. China has been investing heavily in the design and development of guided man-portable air defense systems over the last five years.
The rocket and missile market has been analyzed and segmented based on launch mode into surface-to-surface, surface-to-air, air-to-air, air-to-surface, and subsea-to-surface. The rocket and missile market is dominated by the surface-to-surface segment. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by the upgrade and modernization programs, procurement of cruise as well as ballistic missiles, and use of advance guidance systems.