The global rocket missile market size is projected to reach USD 71.79 billion by 2027, exhibiting a CAGR of 4.52% during the forecast period. Growing utilization of 3D printing technology in the production of weapons systems worldwide is expected to aid the market make considerable gains, finds Fortune Business Insights™ in its report, titled “Rocket and Missile Market Size, Share and COVID-19 Impact Analysis, By Type (Missile and Rocket) By Platform (Airborne, Naval, and Ground) By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, and Subsea-to-Surface,) By Propulsion (Solid, Liquid, Hybrid, Scramjet, Cryogenic, and Ramjet), and Regional Forecast, 2020-2027”. Many governments and private defense manufacturers are exploring the potential of additive manufacturing techniques in the designing and engineering of rockets and missiles for space exploration and military purposes. This rising interest is owing to the ability of 3D printers to produce virtually any kind of three-dimensional metallic and plastic objects.
List of the Leading Companies Profiled in the Rocket and Missile Market Research Report are:
- Thales Group (France)
- ROKETSAN A.S. (Turkey)
- Rafael Advanced Defense Systems Ltd. (Israel)
- MESKO (Poland)
- Lockheed Martin Corporation (The U.S.)
- General Dynamics Corporation (The U.S.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
- Nammo AS (Norway)
- MBDA (France)
- KONGSBERG (Norway)
- Denel Dynamics (South Africa)
For example, US-based Lockheed Martin announced its plans in 2017 to develop the country’s next generation of intercontinental ballistic missiles (ICBMs) using 3D printing. In the space domain, NASA and Space X are aggressively experimenting with 3D printing to produce rocket engines for spacecraft. Thus, widening application of additive manufacturing techniques in the aerospace and defense industry will augur well for this market in the near future.
Worldwide COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
According to the report, the market value was at USD 52.54 billion in 2019. Its other highlights include:
- In-depth analysis of the key factors driving and restraining the market growth;
- Comprehensive study of all segments of the market;
- Identification of upcoming market opportunities; and
- Detailed evaluation of the impact of the changes in the regional and competitive dynamics on the market.
Market Restraint:
Supply Chain Disruptions Caused by the COVID-19 Outbreak to Stall Market Growth
The rocket and missile market growth is likely to get hampered throughout 2020 by the outbreak of the COVID-19 contagion. The pandemic has led to unforeseen shocks to supply chains worldwide, crippling defense manufacturing activities around the globe. For instance, the Italian shipbuilding company, Fincantieri, was forced to halt its operations in March 2020 as the coronavirus spread like wildfire around the world. Accentuating these disruptions is the suspension of business development activities in the defense sector.
For example, planned expos such as the EUROSATORY 2020, where procurement contracts are finalized, now face an uncertain future, further affecting this industry. Moreover, major players in rockets and missiles domain are also witnessing a sharp fall in their stock prices. For instance, between February and March, stock value of the Thales Group fell by 33%, while Leonardo’s declined by 55%. The cascading effect of the coronavirus pandemic is, therefore, expected to negative on this growth in the immediate future.
Regional Insights
High Military Expenditure to Favor Market Growth in North America
One of the prominent factors supporting the growth of this market in North America is the consistently high levels of military spending in the US. This coupled with rapid adoption of advanced military technologies in the US and Canada will aid the region command the rocket and missile market share in the foreseeable future. In 2019, the region’s market size was at USD 15.03 billion.
Asia Pacific is expected to exhibit notable growth in the market owing to rising uptake of multiple independent re-entry vehicles (MIRV) by the Chinese army. On the other hand, in Europe, the market is set to experience promising growth on account of increasing investment by private defense companies in ballistic missiles to cater to the military needs of European countries.
Competitive Landscape:
Close Collaborations between Governments and the Private Sector to Characterize the Market
The competitive landscape of this market is highly charged up as a result of the increasing number of collaborations between private defense contractors and government defense agencies. This is represented through frequent awarding of contracts and other deals to top market players by the US Armed Forces.
Rocket & Missiles Market report Focus on:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
Key Questions Answered:
- Why Choose Fortune Business Insights?
- What are the key demands and trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth
Industry Developments:
- March 2020: Raytheon Company secured a USD 1 billion-worth agreement to buy propulsion systems for their standard missile products from Aerojet Rocketdyne. The agreement will span five years and is focused on optimizing supply chain dynamics between the two companies.
- April 2020: The US Army awarded a contract of estimated value of $6.07 billion to Lockheed Martin to produce and deliver Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement interceptors over three years till 2023. This will bolster US’s position as a major supplier of missile interceptors among other leading world economies.
Browse Detailed Research Report with Impact of COVID-19:
https://www.fortunebusinessinsights.com/industry-reports/rocket-and-missiles-market-101822
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Rocket and Missile Market
- Impact of COVID-19 Pandemic on Global Rocket & Missile Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
Have a Look at Related Research Insights:
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Air and Missile Defense Radar Market Size, Share & Industry Analysis By Range (Short, Medium, Long), By Platform (Airborne, Naval, Land), By Application (Ballistic Missile Defense (BMD), Conventional)and Regional Forecast, 2019-2026
Electronic Warfare Market Size, Share & COVID-19 Impact Analysis, By Domain (Electronic Attack, Electronic Protection, and Electronic Support), By Equipment (Jammers, Antennas, Radar Warning Receiver, Anti-radiation Missiles, Directed Energy Weapons, and Others), By Platform (Air-based, Sea-based, Land-based), and Regional Forecast, 2020-2027
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