Guided rocket is an assisted self-propelled flight, airborne range weapon, which is powered by a rocket motor or a jet engine combined of an explosive material and the guidance system capable to carry out attack on an intended target and being launched by different launch platforms. Guided rocket comprises engine, guidance/targeting system, warhead, and flight system. Primary objective of guided rockets is to attack either air or surface targets. Moreover, guided rockets are piloted by ground-based transmission system and are unmanned rocket vehicle.
COVID-19 scenario analysis
COVID-19 pandemic forced the governments to shift the budget priorities toward healthcare sector and reduced defense spending.
Lockdown implemented at rocket station by the incidence of COVID-19 positive cases on the facility to evade further transmissions and contact tracing led to fall in research and development of guided rockets.
COVID-19 outbreak declined in-person interactions with the defense industry and thus provided greater areas to exploit and probe for the cyberattacks.
Financial losses incurred by the defense industry due to postponement of product launch and fabrication schedules of guided rockets and loss in private funding forced guided rocket manufacturing firms to re-evaluate business strategy as business viability for defense sector is in a turmoil.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Improvement in technology of advanced warfare, increase in adoption of automatic target recognition (ATR) rocket systems, and rise in utilization of self-propelled guided missile are the factors that drive the guided rocket market. However, major constraints of the guided rocket market growth include cooling of combustion chamber and high development costs of rockets. Contrarily, increase in use of laser-guided rockets and rise in use of solid fuel & additive manufacturing technology present new opportunities for the industry.
The guided rocket market trends are as follows:
Improvement in technology of advanced warfare
Globally, several defense forces have started the adoption of advanced warfare technique to combat the growing threats of terrorism and extortion. Advanced technologies such as command & control, communications, computers, cyber defense, intelligence, surveillance and reconnaissance (C5ISR) have observed rise in adoption for enhancement of warfare techniques. For instance, Lockheed Martin received a contract from the U.S. Army for Guided Multiple Launch Rocket System (GMLRS) rocket and associated equipment worth $828 million in 2018. Hence, continuous advancement in technology to enhance the effectiveness of warfare is expected to drive the guided rocket market.
Increase in adoption of automatic target recognition(ATR) rocket systems
Automatic target recognition (ATR) rockets use data derived from the sensors to differentiate between target and irrelevant objects. Main function of ATR system is to ascertain rival targets such as howitzers, military tanks, and personnel carriers by employment of laser/radar sensors. For instance, in 2020, Leidos Inc., Reston, Virginia was awarded $12 million by Space Development Agency SETA Support for research and development of Compact Automatic Target Recognition and Sustainable Environment technology foundation to provide ground and air target combat identification systems. Adoption of ATR rocket systems aids in subsequent growth of guided rocket market.
Key benefits of the report
- This study presents the analytical depiction of the guided rocket industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the guided rocket market share.
- The current market is quantitatively analyzed to highlight the guided rocket market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed guided rocket market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the guided rocket market research report:
- Which are the leading players active in the guided rocket market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Guided Rocket Market Report Highlights
By Launch Mode
Key Market Players
Leonardo, MBDA Inc., General Dynamics Corporation, Boeing, Northrop Grumman Corporation, Raytheon Company, Roketsan A.S., Lockheed Martin Corporation, Rafael Advanced Defense Systems Ltd, Thales Group