North America Dominates Rocket and Missile Market's Growth at 6.1% CAGR in 2028

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North America Dominates Rocket and Missile
Market's Growth at 6.1 CAGR in 2028
The Rocket and Missile Market is poised for
substantial growth, with a projected increase
from USD 57.7 billion in 2023 to USD 77.4 billion
by 2028, reflecting a robust CAGR of 6.1
during this period. This growth is fueled
by the escalating demand for advanced weaponry,
primarily driven by the rising
threats threats critical
of insurgency. These have underscored the need
for precision
attacks and stand-off surgical strikes to
minimize collateral
and equip military with cutting-edge
damage forces weapons.
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ets.com/pdfdownloadNew.asp?id203298804 Key
Market Insights Ballistic Missiles Lead Growth
The ballistic missile segment is anticipated to
exhibit the highest Compound Annual Growth Rate
(CAGR) throughout the forecast period. Ballistic
missiles are renowned for their long-range
capabilities and ability to carry diverse
warheads. They follow a ballistic trajectory and
can be guided to precise locations, making them
strategically invaluable. This segment
encompasses short- range ballistic missiles
(SRBM), medium-range ballistic missiles (MRBM),
intermediate-range ballistic missiles (IRBM), and
intercontinental ballistic missiles
(ICBM). Subsonic Speed Dominance Subsonic
missiles, characterized by speeds slower than
the sound barrier, constitute the largest
market share in 2023. Examples include the US
Tomahawk cruise missile and the AGM-114 Hellfire.
Subsonic missiles, with a speed of approximately
Mach 0.9 (around 1134.59 kmph), are
cost-effective and offer strategic advantages
due to their loitering capability and slower
speed, providing decision-makers with ample time
to assess strike feasibility. Scramjet
Propulsion's Rapid Growth The scramjet
propulsion segment is expected to register the
highest CAGR between 2023 and 2028. Scramjets, or
Supersonic Combusting Ramjets, represent an
advanced version of the Ramjet engine. These air-
breathing engines achieve supersonic combustion
and maintain high-speed capabilities throughout
their cycle. Notably, the US, Russia, China, and
India have successfully conducted
scramjet-powered hypersonic flights.
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Surface-to-Surface Dominance In terms of launch
mode, the surface-to-surface segment is
projected to hold the largest market share in
2023. Surface-to-surface rockets and missiles
are launched from ground or sea platforms,
including hand- held, vehicle-mounted, or fixed
installations. This category encompasses diverse
missile types, such as anti-ship, anti-tank,
tactical ballistic, theater ballistic,
intermediate range ballistic missile (IRBM),
intercontinental ballistic missile (ICBM), and
submarine-launched ballistic missile
(SLBM). North America's Market Supremacy North
America is the dominant region in the rocket and
missile market in 2023. Leading players such as
Lockheed Martin Corporation, Raytheon
Technologies Corporation, Northrop Grumman
Corporation, and General Dynamics Corporation
have a significant presence in North America.
These companies continually invest in research
and development to deliver cutting- edge defense
solutions. Key Players The prominent players in
the Rockets and Missiles market include Northrop
Grumman Corporation (US), Lockheed Martin
Corporation (US), BAE Systems (UK), and Thales
Group (France). These companies have expanded
their global footprint, serving markets in North
America, Europe, Asia Pacific, and the Rest of
the World. Ask for Sample Report
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