Rocket and Missile Market Share, Regional Analysis and Manufacturing Industry Insights 2020
In the space domain, NASA and Space X are aggressively experimenting with 3D printing to produce rocket engines for spacecraft. Thus, the widening application of additive manufacturing techniques in the aerospace and defense industry will augur well for this market in the near future. Many governments and private defense manufacturers are exploring the potential of additive manufacturing techniques in the designing and engineering of rockets and missiles for space exploration and military purposes. This rising interest is owing to the ability of 3D printers to produce virtually any kind of three-dimensional metallic and plastic objects. For example, US-based Lockheed Martin announced its plans in 2017 to develop the country’s next generation of intercontinental ballistic missiles (ICBMs) using 3D printing. The global rocket and missile market size is projected to reach USD 71.79 billion by 2027, exhibiting a CAGR of 4.52% during the forecast period.
According to the report, the market value was USD 52.54 billion in 2019. Its other highlights include:
- In-depth analysis of the key factors driving and restraining the market growth;
- A comprehensive study of all segments of the market;
- Identification of upcoming market opportunities; and
- A detailed evaluation of the impact of the changes in the regional and competitive dynamics on the market.
One of the prominent factors supporting the growth of this market in North America is the consistently high levels of military spending in the US. This coupled with the rapid adoption of advanced military technologies in the US and Canada will aid the region command the rocket and missile market share in the foreseeable future. In 2019, the region’s market size was at USD 15.03 billion.
Asia Pacific is expected to exhibit notable growth in the market owing to the rising uptake of multiple independent re-entry vehicles (MIRV) by the Chinese army. On the other hand, in Europe, the market is set to experience promising growth on account of increasing investment by private defense companies in ballistic missiles to cater to the military needs of European countries.
List of Companies Profiled in the Rocket and Missile Market Report:
- Thales Group (France)
- ROKETSAN A.S. (Turkey)
- Rafael Advanced Defense Systems Ltd. (Israel)
- MESKO (Poland)
- Lockheed Martin Corporation (The U.S.)
- General Dynamics Corporation (The U.S.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
- Nammo AS (Norway)
- MBDA (France)
- KONGSBERG (Norway)
- Denel Dynamics (South Africa)
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