Global Rocket and Missile Market Assessment, By Product Type [Missiles, Rockets, Torpedoes], By Propulsion [Solid Propulsion, Hypersonic Propulsion, Liquid Propulsion], By Speed [Hypersonic, Supersonic], By Region, Opportunities and Forecast, 2018-2032F

Global rocket and missile market is projected to witness a CAGR of 6.52% during the forecast period 2025-2032, growing from USD 70.58 billion in 2024 to USD 116.99 billion in 2032. The rocket and missile market globally are quickly transforming, influenced by increasing global security issues, technological advancements, and expanding interest in space exploration. Historically led by defense-focused projects, the sector is now experiencing more crossover with commercial space initiatives, forming a more active and varied marketplace.

Report Attribute	Details
Base Year	2024
Forecast Period	2025-2032F
Historical Period	2018-2023
Projected Growth Rate	CAGR of 6.52% between 2024 and 2032
Revenue Forecast in 2032	USD 116.99 billion

Missiles remain a primary focus in their national defense programs, with most countries making efforts to reach capable systems with improved precision, speed, and range. Their next-generation technologies, hypersonic missiles and precision-guided systems are important to maintain a strategic advantage. As worldwide tensions fluctuate, investment in missile systems fluctuates, demonstrating they are relevant to modern military planning.

The space launch industry is growing rapidly, with rockets becoming cheaper, more responsive, and more customizable for deploying satellites and other payloads into orbit. The result is heightened demand for flexible launch capabilities to serve anything from climate monitoring and communications networks to scientific research and navigation. Another key trend is the growing demand, particularly from defense and commercial sectors, for faster and on-demand launch capabilities. Improvements in propulsion, materials, and automation will allow for faster turnaround cycles and better reliability. This reflects a broader industry trend toward rapid, cost-effective launch solutions supporting advanced space missions.

For instance, in June 2024, Firefly Aerospace Inc. entered a multi-launch deal with Lockheed Martin Corporation for a maximum of 25 Alpha rocket missions through the year 2029. The agreement includes 15 firm launches and an additional 10 optional launches to launch Lockheed Martin's spacecraft into low-Earth orbit.

Space Exploration and Satellite Deployment Drives Global Market Growth

Space exploration continues to evolve, while rocket launches have been in steady but accelerating demand to maintain uninterrupted services through the satellites, since satellite launches have been in demand from both governmental space agencies and commercial entities. From human communication to weather forecasting, to GPS navigation, environmental monitoring, and weather organizations, satellites presently serve several crucial roles in everyday life. Satellite potentials for national security, climate studies, and scientific mission support are on the government's end, whereas commercial entities increase access to the internet, satellite Earth imagery, and data services worldwide.

Technological advancements enable the launch of smaller, lighter and cheaper satellites into orbit. Reusable rocket technology, together with enhanced launch frequency, works together to reduce the overall costs of space missions. The development of advanced technology has led to the creation of satellite constellations, which provide increased coverage through multiple satellite cooperation systems.

For instance, in May 2025, Vast Space LLC, a United States space company, planned to use Indian rockets for rides to its upcoming commercial space station, Haven-1, projected to launch in 2026. The company also expressed an interest in the transportation of scientific payloads from India to space.

Modernization of Armed Forces Propels Market Growth

The global market for rockets and missiles continues to grow because multiple nations are enhancing their military capabilities for modern warfare. Current missile systems remain operational yet lack sufficient velocity and precision, and operational flexibility to defend against fast-developing threats. Nations worldwide dedicate resources to developing new missile technologies that provide better operational range alongside enhanced precision while being adaptable to various combat scenarios.

Modernization encompasses the integration of advanced targeting systems and improved propulsion methods and the ability to function together with cutting-edge command systems. The implementation of these enhancements enables military forces to execute operations with quicker and better results for both attack and defense purposes. The modernization of missile defense systems remains a priority during these times since these systems are built to detect and eliminate incoming danger.

For instance, in June 2024, Lockheed Martin Corporation, together with Rheinmetall AG, extended their strategic partnership for boosting rocket and missile manufacturing operations throughout Europe. The new strategic partnership will create a specialized manufacturing center named "Center of Excellence” to produce GMARS launchers while enhancing regional defense capabilities through cutting-edge system development.

Missiles Dominate the Global Rocket and Missile Market

In the global missile and rocket market, the missiles category is dominating. The main reason behind this dominance is the extensive deployment of missiles by modern defense systems for performing essential functions during attack and defense operations. Also, the advanced guidance systems of missiles provide enhanced precision and operational capability in different environments, which differentiates them from rockets and torpedoes. National security strategies rely heavily on missiles because they can take three forms, including surface-to-air and air-to-air, as well as cruise missiles. National defense spending has escalated together with advanced missile technology investments, because global tensions alongside regional disputes continue to grow. Routine missile tests form the cornerstone of defense system validation and readiness confirmation for nations. Through these tests, nations discover areas for technical enhancement while they verify the operating standards of missile systems.

For instance, in October 2024, an Intercontinental ballistic missile launched by North Korea recently surpassed previous altitude records.  The missile test demonstrates North Korea's expanding missile power, which has made global leaders anxious about regional security and stability.

North America Dominates the Global Rocket and Missile Market

Rocket and missile market is dominated by North America because of its major spending on defense and its advanced technology, coupled with strategic military programs. The defense funding levels in this region support the development of new missile technology and the improvement of missile infrastructure. The leading companies in this region are at the forefront of missile technology development through their work on better propulsion systems and advanced guidance technologies. The region strengthens its position through continuous modernization programs, which include the development of new missile systems. North America remains the global leader in the rocket and missile market through its dual strategy of capability enhancement and production expansion to meet market growth. Strategic partnerships with allied nations further enhance North America’s standing and capacity to conduct collaborative research and shared advocacy on missile defense capabilities and strike systems. North America’s emphasis on establishing a posture for the conduct of multi-domain warfare is increasingly influencing the design and procurement of missile systems from land, air and sea, so that those systems address the context of the threat.

For instance, in May 2025, RTX Corporation’s subsidiary, Raytheon Technologies Corporation, delivered the 250th Rolling Airframe Missile (RAM) launcher to the U.S. Navy, marking a key milestone in naval defense. The RAM system provides advanced ship protection against anti-ship missiles, enhancing fleet security.

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Impact of U.S. Tariffs on Global Rocket and Missile Market

• Tariffs on key materials such as aluminum and certain steels have pushed up the price of missile parts. This could lead to budget issues and possible delays in getting things delivered.
• Limits on sourcing have forced manufacturers to change how they buy materials, which might cause delays and make them lean more on domestic suppliers.
• Big defense companies are seeing potential losses from these tariffs that could reach hundreds of millions, impacting their profits and future planning.
• Allies, dealing with higher costs and uncertainties, are speeding up their missile programs to rely less on U.S. supplies, which could change global defense ties.

Report Scope

“Global Rocket and Missile Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global rocket and missile market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Segments Covered	Product Type, Propulsion, Speed
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profiled	RTX Corporation, MBDA SAS, BAE Systems plc, Northrop Grumman Systems Corporation, Saab AB, Israel Aerospace Industries Ltd., Thales Group, Lockheed Martin Corporation, Hanwha Corporation, The Boeing Company
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, the global rocket and missile market has been segmented into the following categories: 

• By Product Type
  • Missiles
    • Cruise
    • Ballistic
    • Hypersonic
  • Rockets
    • Artillery
    • Tactical
  • Torpedoes
• By Propulsion
  • Solid Propulsion
  • Hypersonic Propulsion
  • Liquid Propulsion
• By Speed
  • Hypersonic
  • Supersonic
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Key Players Landscape and Outlook

The rocket and missile market has a few major players who stand out in the defense and aerospace industries. These companies work on a range of missile technologies, such as precision-guided systems, hypersonic weapons, air defense systems, and space-launch vehicles. They have strong research and development teams that keep pushing the limits of things such as propulsion and targeting. These companies offer different types of missile platforms, including air-to-ground, air-to-air, surface-to-air, and naval systems. They provide affordable solutions for regional needs while also working on more complex strategic defense systems. There's been a lot of money flowing into new tech, especially in areas such as autonomous systems and smart targeting, which shows that the market is moving towards more flexible and quick-response options. Partnerships across different regions are also boosting technology sharing and helping companies reach broader markets.

For instance, in March 2025, MBDA SAS, Europe's leading missile manufacturer, announced plans to invest in its Italian unit to boost production capacity and accelerate delivery timelines. It aims to boost its competitive edge in the global defense market.

Key Players Operating in Global Rocket and Missile Market are:

• RTX Corporation
• MBDA SAS
• BAE Systems plc
• Northrop Grumman Systems Corporation
• Saab AB
• Israel Aerospace Industries Ltd.
• Thales Group
• Lockheed Martin Corporation
• Hanwha Corporation
• The Boeing Company

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