Multiple Launch Rocket Systems (MLRS) Market Size, Share, Growth, and Industry Analysis, By Type (Tracked Type Launch, Wheeled Type Launch), By Application (Government, Company), Regional Forecast To 2031

Updated On: 15 April 2024

Multiple Launch Rocket Systems (MLRS) Market REPORT OVERVIEW

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The global multiple launch rocket systems (MLRS) market size was 582 million in 2022 and is projected to touch USD 872.4 million by 2031, at a CAGR of 4.6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, multiple launch rocket systems (MLRS) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A sort of rocket artillery framework with advanced capabilities is the multiple rocket system. Compared to artillery weapons, multiple rocket systems have larger and heavier payload-capable rockets. But compared to artillery, rocket systems were incredibly slow and inaccurate. The development of the machinery has solved this problem.

The framework can increase target accuracy by using internal guidance or GPS. The machinery serves as a flexible weapon that supports conventional weapon artillery fires by delivering a significant amount of firepower in a short amount of time against important and time-sensitive targets. These include enemy people, mechanized units, air defense systems, and artillery. Moreover, with an increase in the terrestrial dispute between several countries the multiple launch rocket systems (MLRS) market growth will advance.

COVID-19 Impact: Supply and Isolation Limitations to Deplete Market Advancement

The COVID-19 scenario has hindered research and development at numerous rocket system businesses throughout the world because of the government's ban on public meetings and the stated lockdowns. Due to the COVID-19 outbreak, governments' investment is shifting to the economic recovery, which could result in a decrease in the number of orders to purchase multiple launch rocket systems (MLRS).The general scarcity in demand for defense equipment as a result of the COVID-19 outbreak has negatively impacted the potential for business development for numerous rocket system firms.

Moreover, due to the COVID-19 problem, the production pace of numerous rocket system manufacturing businesses has been negatively impacted. Due to COVID-19, several military drills between countries were cancelled, and there was a worldwide decrease in military activity. This had a negative effect on the market for multiple rocket systems because there was a lack of demand for the necessary spare components. Since several nations have either already acquired or are planning to buy sophisticated systems as part of their defense modernization plans, the market for multiple rocket systems can experience significant expansion following COVID-19.

LATEST TRENDS 

"Increment in Demand for Ready-to-Use Weapon to Stimulate Market Development "

According to predictions, original equipment manufacturers will control the overall usage of multiple launch rocket systems (MLRS) the throughout the upcoming years due to the rising demand for finished and ready-to-use weapon assemblies. The requirement from ammunition manufacturers increased by 6.3% in the second half of this century due to a surge in the percentage of competitors in the weapons production marketplace who are working to buy used machinery and refurbish it with the intention of selling it to developing and underdeveloped nations.

Multiple Launch Rocket Systems (MLRS) Market SEGMENTATION

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• By Type

Based on type; the market is divided into tracked type launch, wheeled type launch

Tracked type launch is the leading part of the type segment.

• By Application

Based on the application; the market is divided into government, company

Government is the leading part of the application segment.

DRIVING FACTORS

"Growing Popularity of Guerrilla Warfare Market to Aid Market Expansion "

The desire for weapons that can cover a vast area has increased as a result of the evolution of fighting tactics and the growing popularity of guerrilla warfare. Many system have the ability to launch many rockets precisely and quickly, which overcomes the limitations of the lock, load, and fire system that is often used to shoot rockets. The requirement for the machinery has increased due to their capacity to precisely cover the largest death zone.

When choosing wartime strategy and tactics, geographic factors are a key factor. Long-range precision weapons are in greater demand as a result of challenging weather conditions and the difficulty of using heavy vehicles in difficult terrain. The machinery is in greater demand as a result of rising demand for weapons as an option to cutting logistics and shipping expenses.

"Growing Desire for Guided Assembly Weapon to Foster Industry Progress "

The multiple launch rocket systems (MRLS) market share is expected to be dominated by artillery with width specifications in the range of 180 mm to 300 mm due to the growing preference for modern machinery with increased destructive capacity. Low budgets and a growing desire for guided assembly weapons to replace conventional ammunition have caused underdeveloped and developing countries to boost their demand for artillery with a breadth of 70 mm to 180 mm by 3.5% in 2018 compared to the period from 2015 to 2017.

RESTRAINING FACTORS

"High Maintenance Cost to Hinder Market Advancement"

The main barrier limiting the market expansion is the considerable upkeep cost for maintaining barrels ready to fire. The worldwide multiple launch rocket systems (MLRS) industry share expansion is being constrained by this product's dual-use nature.

Multiple Launch Rocket Systems (MLRS) Market REGIONAL INSIGHTS

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"Need for Sophisticated Launching Vehicle in North America to Support Market Advancement  "

In North America, the need for sophisticated launching vehicles including multiple launch rocket systems (MLRS) increased 6.6% from 2016 to 2018 due to the spread of military sites around the globe and the escalating tensions with nations. 

The requirement of systems in North America increased by 4.3% when compared to the period from 2015 to 2018 due to the presence of a significant defense manufacturing sector and rising defense budgets.  It is predicted that the demand for the systems will increase during the forecasted period as a result of an increase in domestic insurgencies and it will benefit the multiple launch rocket systems (MLRS) market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Lockheed Martin (U.S.)
• Roketsan (Turkey)
• Imi Systems (Israel)
• Avibras Industria Aeroespacial (Brazil)
• Norinco (China)
• Npo Splav (Russia)
• Hanwha (South Korea)
• Bae Systems (U.K.)
• Tata Power (India)
• Larsen & Toubro (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.