Guided Missile and Space Vehicle Market Size, Share, Growth, and Industry Growth, By Type (Guided Missiles, Rockets, Space Vehicles, and Others), By Application (Military and Commerce), Regional Forecast (2022-2028)

Updated On: 13 March 2023

REPORT OVERVIEW

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The global guided missile and space vehicle market size was USD 121.37 billion in 2021 and the market is projected to touch USD 159.34 billion by 2028, exhibiting a CAGR of 3.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with guided missile and space vehicle experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Guided missile and space vehicle are spacecraft designed to fly to outer space. It is a spacecraft or man-made satellite that is investigated to accomplish a variety of activities, including planetary exploration, navigation, communications, and transportation. Due to a sharp increase in space exploration missions, both established and emerging economies have been placing major demand on the worldwide spacecraft industry. Leading nations are using their superiority in space missions and projects to defend their competitive competition. In order to promote the expansion and effectiveness of space missions, new space programs often demand new joint venture agreements between governments and commercial firms. Additionally, the global spacecraft industry is expanding due to developments in spacecraft technology.

Rising spending on the research and development operations of the guided missile and space vehicle has increased as a result of the worldwide race among many nations to explore space. As a result, variables that are happening globally are anticipated to provide the worldwide spacecraft industry with a boost. The worldwide spacecraft market is projected to have profitable expansion chances as a result of quick technical advancement and the miniaturization of spacecraft components.

COVID-19 Impact: Shutdown of Manufacturing Industries Impeded Market Growth

The world was affected by the COVID-19 outbreak and its dissemination. Supply chain disruptions it has had a significant impact on the global industrial sector. The pandemic has had a substantial impact on all image recognition end users. Global demand for image sensors has declined as a result of the decline in smartphone and auto production. Because of this, there is now less production of image sensors, which presents a challenge to the expansion of the market. The manufacturing of missiles and space vehicle was also put on hold to avoid human interaction and virus spread.

LATEST TRENDS

"Steady Adoption of Unmanned Spacecraft to Drive Market Growth "

The unmanned spacecraft is expected to gain maximum growth in the market ascribing to its dominance in the global market. Revenues from satellite launches, cargo spacecraft, and spacecraft for the deployment of land rovers for planetary exploration missions are all included in this part. Satellite launches have grown in recent years to support a variety of uses. Additionally, more satellite launches are anticipated in the upcoming years to support a variety of services, such as military, commercial (including telecommunication), space exploration, and others. The adoption of unmanned guided missiles and space vehicle is anticipated to foster maximum growth in the market. 

Segmentation

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• By Type Analysis

By type, the market is segmented into rockets, space vehicles, guided missiles, and others.

• By Application Analysis

Based on application, the market is classified into commerce and military.

DRIVING FACTORS

"Rising Programs of Space Exploration to Fuel Product Demand"

Major countries are consolidating their hold on the global guided missile and space vehicle market by defending their space capabilities, and interest in space exploration programs has risen quickly. Additionally, the expansion of space R&D initiatives has fueled the expansion of the world market for spacecraft. Additionally, the demand for both manned and unmanned spacecraft is forecasted to be fueled by the quickening cooperation among international space institutions for the integration of technologies and investment. The increase in government spending and the space budget may be responsible for the increase in space exploration missions. The application and demand for the global spacecraft market are also projected to be driven by the shrinking of spacecraft components.

"Rapid Technological Advancements to Boost Market Growth"

The demand for guided missile and space vehicles is anticipated to grow in the foreseeable future owing to the steady technological advancements in the vehicles. Various countries are introducing their own guided missile and space vehicle to stay ahead of other competing countries. However, the government is putting a major emphasis on research and development activities of the spacecraft. The government is focusing on developing and buying advanced spacecraft to enhance the army and space industry of the country. The steady technological progress made in the industry is most likely to boost guided missile and space vehicle market growth. Additionally, the demand for Nano and microsatellites is forecasted to fuel market growth. 

RESTRAINING FACTORS

"High Prices Associated With the Vehicle to Impede Growth in the Market"

The prices of spacecraft vehicles are high, which hinders the adoption of guided missile and space vehicle in the market. Additionally, the lack of property rights in outer space may discourage corporations from investing in space vehicles. These factors may affect guided missile and space vehicle market growth.

REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market Ascribing to the Presence of Maritime and Navy Self-Defense"

Asia Pacific is anticipated to hold a dominating part in the guided missile and space vehicle market share due to the presence of Navy and Maritime self-defense. It uses various independent re-entry vehicles to facilitate growth in the industry.

North America is estimated to hold a prominent share in the global market, ascribing to the escalating use of fiber optic guidance systems by various countries coupled with the rising investment in the modernization of the military. 

Europe is expected to show commendable growth under the aegis of escalated demand for automatic target and precision-guided recognition technology.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. Companies engaged in manufacturing fully guided missile and space vehicle and developing prototypes of guided space vehicles or missiles. The marketplace is competitive as a result of the existence of numerous huge firms. The entry of various private players entering into the industry is making the market innovative and dynamic. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• SpaceX (U.S.)
• Virgin Galactic (U.S.)
• Blue Origin (U.S.)
• Lockheed Martin (U.S.)
• Kratos Defense & Security Solutions (U.S.)
• United Launch Alliance (U.S.)
• United Space Alliance (U.S.)

INDUSTRY DEVELOPMENT

• August 2018: the Boeing Company, one of the World’s largest aerospace companies, acquired a satellite company to lift up its Arlington-bases defense and space business. The company acquired by Boeing and Millennium Space Systems is El Segundo, which is a California-based company. This acquisition is anticipated to bring down the access cost to space. 

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.

Significant players and their business offices are also covered in the article.