Global Rocket and Missile Market.
Global Rocket and Missile Market is expected to be valued at USD 79.6 Billion and register a 4.2% CAGR between 2020 and 2026.
The increasing defense expenditure and increasing cross border disputes are primarily driving the growth of the market. Additionally, the increasing development of advanced weapon systems is driving the growth of the market.
Development of guided missile systems
Growth Opportunities in the Market
The air-to-surface segment is expected to record the highest growth in the market: The air-to-surface segment is expected to register the highest CAGR during the review period. This is due to the increasing development of air to surface missiles that can be launched by fighter jets and helicopters.
The surface-to-surface segment accounted for the largest market share in 2019. This is due to the high demand for surface-to-surface missiles during warfare situations.
The solid propulsion segment accounted for the largest share in 2019: The solid propulsion segment accounted for the largest share of the global rocket and missile market in 2019 primarily due to the extensive use of solid-state propulsion in many rockets globally.
The turbojet segment is expected to register the highest CAGR during the forecast period due to the wide use of turbojet in missiles.