Rockets and Missiles Market worth $73.8 billion by 2026

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Rockets and Missiles Market worth 73.8
billion by 2026 According to a research report
"Rockets and Missiles Market by Speed (Subsonic,
Supersonic, Hypersonic), Product, Propulsion Type
(Solid, Liquid, Hybrid Propulsion, Ramjet,
Turbojet and Scramjet), Guidance Mechanism
(Guided and Unguided), Launch Platform Region
- Forecast to 2026" published by
MarketsandMarkets, the rockets and missiles
market size is projected to grow from USD 58.3
billion in 2021 to USD 73.8 billion by 2026, at a
CAGR of 4.8 from 2021 to 2026. The demand for
these weapons has witnessed significant growth
recently due to rising threats of insurgencies
that have highlighted the need for
precision attacks and stand-off surgical
strikes. Thus, it is imperative to avoid
collateral damage and provide combatants with
advanced weapons have led to the growth of
Rockets and Missiles market. Browse 250
market data Tables and 51 Figures spread
through 245 Pages and in-depth TOC on
"Rockets and Missiles Market Global
Forecast to 2026" Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id203298804 The Rockets and Missiles
market includes major players Northrop
Grumman Corporation (US), Lockheed Martin
Corporation (US), BAE Systems (UK), and Thales
Group (France). These players have spread their
business across various countries includes North
America, Europe, Asia Pacific, and Rest of the
World. COVID-19 has impacted their businesses
as well. Industry experts believe that
COVID-19 has affected missile defense system
production and services globally in 2020. Defense
programs to defend nations against various
threats The performance of US weapon systems is
unmatched, ensuring that the US defense forces
have a tactical combat advantage over any
adversary in any weather condition. The Fiscal
Year (FY) 2020 acquisition (Procurement and
Research, Development, Test, and Evaluation
(RDTE)) funding requested by the US Department
of Defense (DoD) totals USD 247.3 billion, which
includes funding in the Base budget and the
Overseas Contingency Operations (OCO) fund,
totaling USD 143.1 billion for Procurement and
USD 104.3 billion for RDTE. The funding
in the budget request represents a
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balanced portfolio approach to implement the
military force objective established by the
National Defense Strategy. Of the USD 247.3
billion in the request, USD 83.9 billion finances
Major Defense Acquisition Programs (MDAPs), which
are acquisition programs that exceed a cost
threshold established by the Under Secretary of
Defense for Acquisition and Sustainment. According
to the Missile Defense Agency, there has been an
increase of over 1,200 additional ballistic
missiles over the last 5 years. The total of
ballistic missiles outside the US, the North
Atlantic Treaty Organization, Russia, and China
has risen to over 5,900. Hundreds of launchers
and missiles are currently within the range of US
deployed forces. Hence, the increasing need for
defense programs by nations to defend against
various threats is driving the ROCKETS AND
MISSILES market. The missile segment is projected
to grow at the highest CAGR rate for the ROCKETS
AND MISSILES market during the forecast period. A
missile plays an important role in ROCKETS AND
MISSILES majorly for land, air, and marine
platforms. The missile segment has been further
sub-segmented further segmented into cruise
missiles and ballistic missiles. The missile
segment is projected to reach USD 57.1 billion by
2026. In the Asia Pacific region, this segment is
projected to register the highest CAGR during the
forecast period. The hypersonic segment is
projected to register the highest CAGR of
6.6 during the forecast period Based on speed,
the ROCKETS AND MISSILES market has been
segmented into subsonic, supersonic, and
hypersonic. Hypersonic rockets and missiles are
equipped with a propulsion system to enable them
to attain a speed of Mach 5 or higher, which is
five times faster than the speed of sound.
Hypersonic precision-guided weapons are difficult
to counter due to their high speed.
Currently, these weapons are in a
development phase and are expected to be
operational in the near future. The solid
propulsion segment is projected to grow at the
highest CAGR rate for the ROCKETS AND MISSILES
market during the forecast period. Based on
propulsion type, the ROCKETS AND MISSILES market
has been segmented into Solid, Liquid, Hybrid
Propulsion, Ramjet, Turbojet, and Scramjet.
Solid propulsion uses solid propellants to boost
missiles and rockets. Solid propellants consist
of a homogenous mixture of various composites,
which are easier to store and handle. These
systems cost less and offer a large amount of
thrust to the missiles. High-performance
propellants and modified grains enhance the
capability of solid propulsion.
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By launch mode, the surface-to-surface segment is
estimated to account for the largest share (31)
of the ROCKETS AND MISSILES market in 2021 Based
on launch mode, the ROCKETS AND MISSILES market
has been segmented into surface to surface,
surface to air, air to air, air to surface, and
subsea to surface. Surface to surface rockets and
missiles are fired from the ground or the sea.
They can be launched from hand-held or
vehicle-mounted devices or fixed installations.
These missiles used in land warfare operations
are designed to hit ground or sea targets. Hence,
they are also known as ground to ground rockets
and missiles. The North American market is
projected to contribute the largest share from
2021 to 2026 North America is projected to
be the largest regional share of ROCKETS
AND MISSILES market during the forecast period.
Major companies such as Northrop Grumman
Corporation, Lockheed Martin, Raytheon
Technologies, and General Dynamics Corporation
are based in the US. These players continuously
invest in the RD of new and advanced technology
used in rocket and missile market. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/reques
tsampleNew.asp?id203298804
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