According to a new report published by Allied Market Research, titled, “Rocket and Missiles Market," The rocket and missiles market was valued at $54.8 billion in 2021, and is estimated to reach $82.0 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

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Rockets and missiles are heavy weapon systems designed to destroy any adversary's or terrorist group's missiles or rockets, including planes, tanks, artillery, ships, helicopters, armored vehicles, and other adversaries. Furthermore, rockets and missiles are designed to deliver an explosive warhead with high speed and accuracy. Such weapons are mostly used in military activities, particularly to defend their countries from any enemy assaults. The fundamental difference between a missile and a rocket is that missiles are self-propelled.

The rockets and missiles market has witnessed significant growth in recent years, owing to rise in border disputes and the consequent increase in procurement and development of state of the art rockets missiles to strengthen the modern combat capabilities. For instance, in April 2022, Russia expanded the scale of its missile strikes on Kyiv in response to Ukrainian forces' attacks or sabotage on Russian territory. In addition, in September 2020, the conflict between Armenia and Azerbaijan over the disputed Nagorno-Karabakh region included the heavy use of missiles, drones, and rocket artillery.

The key players profiled in this rockets and missiles market report include BAE Systems Plc, Elbit Systems Ltd., Israel Aerospace Industries Ltd. (IAI), Kongsberg Gruppen, LIG Nex1, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Thales Group, and the Boeing Company.