Global Rocket and Missile Market 2020

"Close Collaborations between Governments and the Private Sector to Characterize the Market"

The competitive landscape of this market is highly charged up as a result of the increasing number of collaborations between private defense contractors and government defense agencies. This is represented through frequent awarding of contracts and other deals to top market players by the US Armed Forces.

The global rocket and missile market size is projected to reach USD 71.79 billion by 2027, exhibiting a CAGR of 4.52% during the forecast period.

"High Military Expenditure to Favor Market Growth in North America"

One of the prominent factors supporting the growth of this market in North America is the consistently high levels of military spending in the US. This coupled with the rapid adoption of advanced military technologies in the US and Canada will aid the region command the rocket and missile market share in the foreseeable future. In 2019, the region’s market size was at USD 15.03 billion.

Asia Pacific is expected to exhibit notable growth in the market owing to the rising uptake of multiple independent re-entry vehicles (MIRV) by the Chinese army. On the other hand, in Europe, the market is set to experience promising growth on account of increasing investment by private defense companies in ballistic missiles to cater to the military needs of European countries.

According to the report, the market value was USD 52.54 billion in 2019. Its other highlights include:

• In-depth analysis of the key factors driving and restraining the market growth;
• A comprehensive study of all segments of the market;
• Identification of upcoming market opportunities; and
• A detailed evaluation of the impact of the changes in the regional and competitive dynamics on the market.

ndustry Developments:

March 2020: Raytheon Company secured a USD 1 billion-worth agreement to buy propulsion systems for their standard missile products from Aerojet Rocketdyne. The agreement will span five years and is focused on optimizing supply chain dynamics between the two companies.

April 2020: The US Army awarded a contract of the estimated value of $6.07 billion to Lockheed Martin to produce and deliver Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement interceptors over three years till 2023. This will bolster the US’s position as a major supplier of missile interceptors among other leading world economies.

List of Companies Profiled in the Rocket and Missile Market Report:

• Thales Group (France)
• ROKETSAN A.S. (Turkey)
• Rafael Advanced Defense Systems Ltd. (Israel)
• MESKO (Poland)
• Lockheed Martin Corporation (The U.S.)
• General Dynamics Corporation (The U.S.)
• Saab AB (Sweden)
• Raytheon Technologies Corporation (The U.S.)
• Nammo AS (Norway)
• MBDA (France)
• KONGSBERG (Norway)
• Denel Dynamics (South Africa)

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. US: +1 424 253 0390 UK: +44 2071 939123 Email: sales@fortunebusinessinsights.com