U.S. Rockets and Missiles Market Share Will Reach USD 34,338.18 Million By 2032, at 5.9% CAGR Growth: Polaris Market Research
The U.S. rockets and missiles market size and share was valued at USD 20,476.11 million in 2023 and is anticipated to generate an estimated revenue of USD 34,338.18 million by 2032, with a CAGR of 5.9% from 2024 to 2032.
New York, NY, March 15, 2024 (GLOBE NEWSWIRE) -- The U.S. rockets and missiles market size and share was valued at USD 20,476.11 million in 2023 and is anticipated to generate an estimated revenue of USD 34,338.18 million by 2032, with a CAGR of 5.9% from 2024 to 2032.
Rockets and missiles are versatile weapons that are widely used by the defense sector. They’re primarily designed to act as systems that can neutralize various threats, including ships, aircraft, and helicopters. While rockets are attached to jets for launch, missiles come with their propulsion system. Both rockets and missiles are precision tools for precision attacks in wars, protecting countries against adversaries.
Along with military use, these systems are key to scientific pursuits like space exploration. The multifaceted role of rockets and missiles also encompasses national security and the ongoing commercialization of space. With one of the world’s most advanced arsenals, the U.S. leads the realm of missile technology. Technological advancements and rising concerns over national security primarily drive the U.S. rockets and missiles market demand.
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*Competitive Landscape *
The U.S. rockets and missiles industry is fragmented and is projected to witness competition due to the presence of several key players. The top industry participants are constantly upgrading their technologies to stay ahead of the curve. Besides, these players focus on strategies such as partnerships and collaborations to gain a competitive advantage.
*The U.S. rockets and missiles market key players are:*
· Lockheed Martin
· Frontier Electronic Systems
· L3Harris Technologies
· Raytheon
· Northrop Grumman Corporation
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*Report Metric* *Details *
Market value in 2024 USD 21,670.62 million
Market value in 2032 USD 34,338.18 million
CAGR 5.9%
Base year 2023
Historical data 2019-2022
Forecast period 2024-2032
*Key Findings of the Report *
· Escalating geopolitical tension and rising government support are the major factors spurring the U.S. rockets and missiles market growth.
· Increased support for space exploration initiatives is anticipated to have a favorable impact on the market.
· The U.S. rockets and missiles industry is segmented based on speed, product, propulsion type, and region.
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*Industry Dynamics *
*Growth Drivers: *
· The proliferation of hypersonic missiles, which have the ability to travel at five times the speed of sound, is transforming the U.S. defense sector. Major nations worldwide, including the US, UK, and Australia, are coming together to develop these advanced systems. Besides, ongoing research and development initiatives are spurring innovation in hypersonic systems.
· The burgeoning space explorations and commercial endeavors across the globe are other factors propelling the exponential growth of the U.S. rockets and missiles market share. The top private firms, such as Blue Origin and SpaceX lead in the development of reusable rockets, thereby democratizing access to space.
*Trends:*
· The U.S. Department of Defense makes significant investments in the development and procurement of missile systems. The top players in missile technology, which includes the likes of Boeing and Lockheed Martin, provide rocket and missile systems to both the U.S. military and international customers. Rising spending on the defense sector is likely to boost market sales over the forecast period.
*Restraints:*
· The high development costs and stringent regulations present significant challenges for the rocket and missile sector. Regulatory frameworks such as the Missile Control Technology Regime (MCTR) place restrictions on the export of advanced missile technology. These restrictions are in place to limit the proliferation of weapons of mass destruction. Besides, national export adds further sophistication, delaying procurement and limiting access to the U.S. rockets and missiles market.
Browse the Detail Report *“U.S. Rockets and Missiles Market Share, Size, Trends, Industry Analysis Report, By Speed (Subsonic, Supersonic, And Hypersonic); By Product; By Propulsion Type; By Launch Mode; Segment Forecast, 2024 - 2032”* with in-depth TOC: *https://www.polarismarketresearch.com/industry-analysis/us-rockets-and-missiles-market*
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*Polaris Market Research has segmented the U.S. Rockets and Missiles report based on speed, product, propulsion type, and launch mode:*
*By Speed Outlook*
· Subsonic
· Supersonic
· Hypersonic
*By Product Outlook*
· Cruise Missiles
· Ballistic
· Rockets
· Torpedoes
*By Propulsion Outlook *
· Solid
· Hybrid
· Turbojet
· Others
*By Launch Mode Outlook*
· Surface to Surface
· Surface to Air
· Air to Air
· Air to Surface
· Subsea to Surface
*About Polaris Market Research:*
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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