Global Rocket and Missile Market Projected to Reach $73.91 Billion by 2027 Amidst Growing Geopolitical Instabilities
Rocket and Missile Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Rocket and Missile Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Bussiness Research Company
LONDON, GREATER LONDON, UK, November 10, 2023 /EINPresswire.com/ — The global rocket and missile market are slated to witness substantial growth, surging from $56.84 billion in 2022 to $60.39 billion in 2023, at a robust CAGR of 6.2%. Despite the lingering effects of the Russia-Ukraine conflict and the COVID-19 pandemic, the market is anticipated to further expand, reaching an impressive valuation of $73.91 billion by 2027, maintaining a steady CAGR of 5.1%.
Rising Terrorism and Geopolitical Instabilities Fueling Market Growth
The escalating instances of terrorism and geopolitical instabilities are serving as pivotal drivers for the burgeoning demand in the rockets and missiles market. As acts of terrorism continue to pose significant threats worldwide, the use of rockets and missiles as border security measures to safeguard international land borders from illicit activities is witnessing a sharp uptick. Notably, the surge in enforcement actions, as indicated by the US Customs and Border Protection Enforcement Statistics 2022, underscores the critical need for enhanced security measures.
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Technological Advancements Driving Market Trends
Noteworthy advancements in technology, particularly in radar seeker technologies, are becoming increasingly prevalent in the rockets and missiles market. Industry leaders such as Raytheon Missiles & Defense are leveraging radar seeker technology to introduce innovative solutions like the SM-2TM missile, offering enhanced capabilities in tracking threats near the water’s surface. Such technological breakthroughs are pivotal in fortifying the market position of key industry players.
Rocket and Missile Market Segments:
•By Type: Missile, Rocket
•By Guidance Type: Guided, Self-Guided
•By Propulsion Type: Ramjet, Turbojet, Scramjet, Liquid Propulsion, Solid Propulsion, Hybrid Propulsion
•By Platform: Air-to-Air, Air-to-Surface, Surface-to-Air, Surface-to-Surface, Air-to-Marine, Marine-to-Air
North America Leads the Way, Expansive Opportunities in Asia-Pacific
With North America taking the lead in the rocket and missile market analysis in 2022, the Asia-Pacific region is poised to emerge as a significant growth hub, presenting promising prospects for market expansion during the forecast period.
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Rocket and Missile Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Rocket and Missile Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on rocket and missile market size, rocket and missile market drivers and trends, rocket and missile market major players, rocket and missile market competitors’ revenues, rocket and missile market positioning, and rocket and missile market growth across geographies. The rocket and missile market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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