ALBANY, New York, May 16, 2017 /PRNewswire/ --
The global market for rockets and missiles demonstrates a consolidated structure, finds a research report by Transparency Market Research (TMR). The top four players, namely, Raytheon Co., Lockheed Martin Corp., Northrop Grumman Corp., and Thales Group, collectively, held more than 65% of this market in 2016.
With the leading players aggressively focusing on mergers, acquisitions, and partnerships in the current scenario to gain better visibility, the competition within this market is likely to intensify further in the coming years, reports the research study.
As per TMR's estimations, the global market for rockets and missiles, which was worth US$32.10 bn in 2016, is projected to expand at a CAGR of 3.20% during the period from 2017 to 2025, increasing the market's opportunity to US$43.01 bn by the end of the period of the forecast. The missiles segment has emerged as the key product types of rockets and missiles market and is expected to retain its position over the next few years.
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Demand for Artillery Rockets to Continue Growing at Substantial Rate
In this report, the global market for rockets and missiles has been analyzed on the basis of the type of rockets and missiles available in this market. Artillery rockets and air to ground rockets have been considered as the main types of rockets in this report. Based on missiles, the market is segmented into surface to air missiles, cruise missiles, anti-ship missiles, anti-tank missiles, and anti-submarine missiles. Thanks to the effectiveness of artillery rockets in destroying enemy tanks, armored vehicles, naval ships, and submarines, their demand is anticipated to increase substantially over the forecast period. Among missiles, the demand for surface to air missiles is likely to remain higher than others in the years to come.
Geographically, the research study categorizes the global market for rockets and missiles into North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. Among these, North America occupied the leading position in this market with a share of more than 30% in 2016. The increasing focus of the U.S. based companies on developing new rockets and missiles and upgrading the existing ones is expected to boost this regional market in the near future, ensuring its dominance, states the report.
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Increase in Defense Budget to Fuel Demand
"The global market for rockets and missiles is heavily propelled by the significant rise defense budgets in the developed and developing countries," says the author of this study. The rise in the defense budget in various countries across the world is enabling the governments to equip their defense forces with technologically advanced rockets and missiles, strengthening them.
The growth of the global rockets and missiles market is also driven by various other factors, such as the increasing need to safeguard countries from terrorists. However, the high cost of the advanced technologies and the increasing risk of malfunction of rocket or missile launchers may hinder the market growth in the coming years, notes the research study.
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The study presented here is based on a report by Transparency Market Research (TMR), titled "Rockets and Missiles Market (Product - Rockets and Missiles; Rocket - Artillery Rockets and Air to Ground Rockets; Missiles - Surface to Air Missiles, Cruise Missiles, Anti-Ship Missiles, Anti-Tank Missiles, and Anti-Submarine Missiles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025."
The segments covered in the global rockets and missiles market are as follows:
By Product Types
- Artillery Rockets
- Air to Ground Rockets
- Surface to Air Missiles
- Cruise Missiles
- Anti-Ship Missiles
- Anti-Tank Missiles
- Anti-Submarine Missiles
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research