The global rockets and missiles market was US$ 58.1 billion in 2021. The global rockets and missiles market is forecast to grow to US$ 81.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market
The rising demand for new-generation air and missile defense system will primarily drive the growth of the global rockets and missiles market. Furthermore, the rising number of incidents related to terrorist attacks and growing cross-border tensions will fuel the growth of the global rockets and missiles market during the study period.
Growing government support to strengthen the military sector will contribute to the growth of the rockets and missiles market. For instance, the data from the Missile Defense Agency (MDA) estimates that nearly 1,200 ballistic missiles have been added in the previous years. Thus, it will drive the rockets and missiles market forward. On the contrary, the high cost of the technology may impede the market growth during the study period.

COVID-19 Impact Analysis
Even as the world grapples with the COVID- 19 pandemic, military procurement, maintenance, and manufacturing related to defense remained one of the top priorities all across the world.
Cessation or reduction of military exercises would reduce engagement time, informal testing, and equipment evaluation, as well as the latest rocket and missile market development potential. Supply-side shocks are among the most visible effects of the pandemic's consequences on the defense sector.

Regional Analysis
North America is forecast to dominate the rockets and missiles market, owing to the growing research & development activities in the region aiming at developing cost-effective propulsion technologies. In addition to that, the high defense budget in the United States will offer ample growth opportunities for the rockets and missiles market during the study period.
The Asia-Pacific rockets and missiles market is forecast to record a considerable growth rate, owing to the rising investments in this sector. Investments in the defense sector in China, India, and Russia are growing steeply, which will create lucrative growth opportunities for the rockets and missiles market. Moreover, growing technological advancements will also benefit the Asia-Pacific rockets and missiles market. For instance, Defence Research and Development Organization (DRDO) unveiled its Agni-Prime missile in 2021 in India. Such efficient advancements will benefit the overall rockets and missiles market during the study period.

Competitors in the Market
BAE Systems
Bharat Dynamics
Boeing
Denel Dynamics
Frontier Electronic Systems
General Dynamics
Israel Aerospace
Leonardo
Lig Nex1.
Lockheed Martin
MBDA Missiles Systems
Northrop Grumman Corporation
Rafael Advanced Defense Systems
Raytheon Technologies
Thales Group
The Boeing Company
Other Prominent Players

Market Segmentation
The global rockets and missiles market segmentation focuses on Speed, Product, Propulsion Type, Launch Mode, and Region.
By Speed
Subsonic
Supersonic
Hypersonic
By Product
Cruise
Ballistic
Rockets
Torpedoes
By Propulsion Type
Solid
Liquid
Hybrid
Ramjet
Turbojet
Scramjet
By Launch Mode
Surface to Surface
Surface to Air
Air to Air
Air to Surface
Subsea to Surface
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America