Defense Innovation Fuels Rocket and Missile Market Growth, Reaching $85.22 Billion by 2029 at a CAGR of 6.4%

The global Rocket and Missile Market is estimated at USD 62.50 billion in 2024 and is projected to reach USD 85.22 billion by 2029, growing at a CAGR of 6.4% during the forecast period. The expansion is being driven by rising defense budgets, cross-border security threats, and the growing demand for advanced guided weapon systems across multiple regions.

Market Overview

The Rocket and Missile Industry plays a critical role in modern warfare, supporting deterrence, precision strikes, and long-range capabilities. With rapid advancements in propulsion systems, guidance technologies, and warhead designs, countries are accelerating procurement and modernization of missile and rocket systems to maintain battlefield superiority and strengthen defense readiness.

Key Segments Covered in the Report

• By Type: Rockets and Missiles (Cruise Missiles, Ballistic Missiles, Anti-aircraft Missiles, Anti-ship Missiles, Anti-tank Missiles, and others)

• By Propulsion: Solid Propulsion, Liquid Propulsion, Hybrid Propulsion, and Ramjet/Scramjet Propulsion

• By Launch Mode: Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, and Subsea-launched

• By Guidance: Guided and Unguided (with guided systems dominating due to demand for precision strike capabilities)

• By Region: North America, Europe, Asia Pacific, Middle East, Latin America, and Africa

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Growth Drivers

• Increasing geopolitical tensions and cross-border conflicts driving procurement of advanced missiles and rockets

• Rising defense expenditure globally with focus on missile defense and strike capabilities

• Advancements in propulsion and guidance technologies enabling longer range, greater accuracy, and survivability

• Growing emphasis on indigenous defense manufacturing and modernization of existing inventories

• Integration of AI, machine learning, and real-time data processing in missile guidance and targeting systems

Challenges & Restraints

• High R&D and production costs associated with advanced missile technologies

• Stringent arms control regulations and export restrictions limiting international sales and collaborations

• Countermeasure development such as missile defense shields that reduce effectiveness and increase development complexity

• Supply chain bottlenecks for critical raw materials and high-performance propulsion systems

• Ethical and strategic concerns regarding missile proliferation and arms escalation

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Opportunities

• Growing demand for missile defense systems to counter evolving aerial and hypersonic threats

• Collaborations and joint ventures among allied nations for co-development and technology sharing

• Expansion of space-based missile detection and tracking systems supporting integrated defense networks

• Adoption of modular missile systems offering flexibility and cost-effectiveness in production and deployment

• Emerging markets in Asia Pacific and the Middle East presenting strong procurement opportunities for global players

Key Players in the Market

Leading Players shaping the global Rocket and Missile Companies include:

• Lockheed Martin Corporation (US),
• RTX (US),
• BAE Systems (UK),
• Northrop Grumman (US),
• Boeing (US)
• Israel Aerospace Industries (Israel),
• Thales (France),
• LIG Nex1 (South Korea),
• Saab AB (Norway),
• MBDA (France),
• KONGSBERG (Norway),
• Hanwha Aerospace (South Korea),
• Elbit Systems Ltd. (Israel),
• RAFAEL Advanced Defense Systems Ltd. (Israel),
• General Atomics (US) and
• Denel Dynamics (South Africa).

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