Pune, July 17, 2020 (GLOBE NEWSWIRE) -- 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. Growing utilization of 3D printing technology in the production of weapons systems worldwide is expected to aid the market make considerable gains, finds Fortune Business Insights in its report, titled Rocket and Missile Market Size, Share and COVID-19 Impact Analysis, By Type (Missile and Rocket) By Platform (Airborne, Naval, and Ground) By Launch Mode (Surface-to-Surface, Surface-to-Air, Air-to-Air, Air-to-Surface, and Subsea-to-Surface,) By Propulsion (Solid, Liquid, Hybrid, Scramjet, Cryogenic, and Ramjet), and Regional Forecast, 2020-2027. 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.

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For example, US-based Lockheed Martin announced its plans in 2017 to develop the countrys next generation of intercontinental ballistic missiles (ICBMs) using 3D printing. In the space domain, NASA and Space X are aggressively experimenting with 3D printing to produce rocket engines for spacecraft. Thus, widening application of additive manufacturing techniques in the aerospace and defense industry will augur well for this market in the near future.

According to the report, the market value was at USD 52.54 billion in 2019. Its other highlights include:

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Market Restraint

Supply Chain Disruptions Caused by the COVID-19 Outbreak to Stall Market Growth

The rocket and missile market growth is likely to get hampered throughout 2020 by the outbreak of the COVID-19 contagion. The pandemic has led to unforeseen shocks to supply chains worldwide, crippling defense manufacturing activities around the globe. For instance, the Italian shipbuilding company, Fincantieri, was forced to halt its operations in March 2020 as the coronavirus spread like wildfire around the world. Accentuating these disruptions is the suspension of business development activities in the defense sector.

For example, planned expos such as the EUROSATORY 2020, where procurement contracts are finalized, now face an uncertain future, further affecting this industry. Moreover, major players in rockets and missiles domain are also witnessing a sharp fall in their stock prices. For instance, between February and March, stock value of the Thales Group fell by 33%, while Leonardos declined by 55%. The cascading effect of the coronavirus pandemic is, therefore, expected to negative on this growth in the immediate future.

Regional Insights

High Military Expenditure to Favor Market Growth in North America

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 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 regions market size was at USD 15.03 billion.

Asia Pacific is expected to exhibit notable growth in the market owing to 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.

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Competitive Landscape

Close Collaborations between Governments and the Private Sector to Characterize the Market

The competitive landscape of this market is highly charged up as a result of the increasing number of collaborations between private defense contractors and government defense agencies. This is represented through frequent awarding of contracts and other deals to top market players by the US Armed Forces.

Industry Developments:

List of the Leading Companies Profiled in the Rocket and Missile Market Research Report are:

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Rocket and Missile Market Size to Hit USD 71.79 Billion by 2027; Staggering Advancements in Warfare Technologies to Positively Impact the Market:...