Rockets and missiles are usually used to wipe out the enemy helicopters, aircraft, tanks, incoming missiles or rockets, ships, armored vehicles, submarine, artilleries, and so on. Rockets are self-propelled, unguided weapons, and powered by rocket motors or jet engines. On the other hand, missiles are self-propelled, guided weaponry that is used for air-to-surface combat, surface-to-air combat, and air-to-air combat. The rising year-on-year defense budget in the developing economies is the key factor for the growth of the global rockets and missiles market.
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The defense forces all around the world are continuously equipping their individual troops with the enhanced and latest rockets and missiles so as to fortify their air force, armed forces, and naval force. Therefore, there is a high demand for enhancing the defense forces worldwide, which in turn is boosting the global market growth. In addition, the demand for advanced weapons in terms of technology is gaining pace in the defense sector all around the world. Rockets and missiles play a crucial role in any war mainly due to their availability in long-range, mid-range, or short-range rockets and missiles. Due to this, the defense forces in developed economies and developing economies are a having high demand for advanced rockets and missiles in terms of technology in order to protect the country during war situations. Rising demand for robust and technologically enhanced rockets and missiles is propelling the global market. The global market for rockets and missiles is driven by several factors; however, the market growth is hampered due to few factors such as soaring cost of advanced technologies. The rockets and missiles manufacturers are continually making efforts to upgrade missiles and rockets by incorporating various new technologies. These new technologies are very expensive as compared with the old technologies. Owing to this, the cost of the end product is increasing, further hampering the growth of the global rockets and missiles market in developing countries.
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The global rockets and missiles market is segmented on the basis of product type and geography. Based on the product, the global market is segmented as rockets and missiles. Further, the rocket segment is sub-segmented as air-to-ground rockets and artillery rockets. The missiles segmented is further categorized as cruise missiles, anti-ship missiles, surface-to-air missiles, anti-submarine missiles, and anti-tank missiles.
Region-wise, the global rockets, and missiles market is segmented as Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the global market mainly owing to advancements in the defense sector in this region. This trend is followed by Asia Pacific and is anticipated to continue its dominance in the near future.
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Major players in the global rockets and missiles market include BAE Systems, Lockheed Martin Corporation, Northrop Grumman Corporation, General Dynamics Corporation, Raytheon Company, Boeing, Leonardo, Thales Group, MBDA Missiles Systems, and Rafael Advanced Defense Systems.