Posing a roadblock to the healthy growth of the global market for rocket and missiles is the steep cost of technologically advanced defense equipment.
Albany, NY -- (SBWIRE) -- 05/12/2017 -- Global Rockets and Missiles Market: Overview
The demand for rockets and missiles is expected to rise steadily in the years to come on account of the increasing defense budgets, particularly in developing countries. Used to annihilate enemy aircrafts, artilleries, helicopters, incoming missiles or rockets, tanks, submarines, ships, armored vehicles, etc., their market can be broadly divided into two segments - rockets and missiles.
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Among the two, the missiles segment accounts for maximum market share and is forecasted to outshine the rocket segment in terms of growth rate between 2017 and 2025. Rockets again can be classified into artillery rockets and air to ground rockets. While the artillery rockets hold a dominant share in the market at present, in the upcoming years the air to ground rockets are predicted to surpass them in terms of growth rate.
The missiles in the global rockets and missiles market can also be segregated into anti-ship missiles, air missiles, anti-tank missiles, cruise missiles, anti-submarine missiles, etc. Missiles can also be segmented into intercontinental ballistic missiles, air to air missiles, air to ground missiles, surface to air missiles, and anti-radiation missile. The surface to air missile, among them, leads the market with most of the share in it and going forward too is expected to clock maximum growth.
Global Rockets and Missiles Market: Trends and Opportunities
Primarily fuelling growth in the global rockets and missiles market is the constant spends by defense troops across the world on latest and enhanced equipment to bolster their land, air, and naval forces. Both developed and developing nations across the world are upping their allocations on cutting-edge ammunitions such as short range, long range, or mid-range rockets. In an increasingly tensed geo-political environment, they are pulling out all stops to bulwark themselves against both external and internal threats.
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Posing a roadblock to the healthy growth of the global market for rocket and missiles is the steep cost of technologically advanced defense equipment. This has hobbled demand in cost conscious emerging economies mostly.
In the near future, however, the global rockets and missiles market is poised to grow, overcoming roadblocks, owing to constant thrust on product development. Currently manufacturing companies are expending money on designing smokeless missiles. Such types of missiles can be fired from land, sea, and air without alerting the enemy camp. They are also capable of travelling long distances – anything between 300 meters and 1000 meters – which is greater than other existing missiles can cover.
Global Rockets and Missiles Market: Regional Outlook
Geographically, the key segments of the global rockets and missiles market are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America, among them, dominates the market because of the defense companies in the U.S. focused on developing new rockets and missiles or upgrading existing ones. Besides, the U.S. Department of Defense is also collaborating with manufactures to develop better models of rockets and missiles.
North America is trailed by Asia Pacific in the global rockets and missiles market. Fast-expanding economies of India and China spending huge amounts on defense are primarily driving the market in the region. Europe in another key rockets and missiles market due to substantial amounts funneled into research and development, especially in the countries of Russia and the U.K.
Companies Mentioned in the Report
Some of the key players competing in the global rockets and missiles market are Lockheed Martin Corporation, BAE Systems, Northrop Grumman Corporation, Raytheon Company, General Dynamics Corporation, Boeing, Thales Group, Leonardo, Rafael Advanced Defense Systems, and MBDA Missiles Systems.