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LONDON, GREATER LONDON, UNITED KINGDOM, June 17, 2025 /EINPresswire.com/ -- The Business Research Company’s Latest Report Explores Market Driver, Trends, Regional Insights - Market Sizing & Forecasts Through 2034
Will The Multiple Launch Rocket Systems Market Continue To Experience Strong Growth?
The multiple launch rocket systems market size has experienced significant growth in recent years. It will soar from $1.01 billion in 2024 to $1.08 billion in 2025, with a compound annual growth rate CAGR of 7.8%. This growth during the historic period can be attributed to multiple factors including rising geopolitical tensions, increasing cross-border conflicts, an increase in modernization programs, a rise in asymmetric warfare, and growth in joint military exercises.
What Will Be The Expected Multiple Launch Rocket Systems Market Size By 2029?
Looking ahead, the multiple launch rocket systems market is expected to see robust growth in the coming years, growing to $1.45 billion in 2029 at a compound annual growth rate CAGR of 7.6%. The growth in the forecast period is anticipated to be triggered by rising demand for precision-guided munitions, an increase in defense budgets, a rise in the adoption of AI and autonomous targeting systems, and a growing need for rapid-deployment weapon systems.
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How Do Growing Defense Budgets Contribute To Expected Multiple Launch Rocket Systems Market Growth?
A key driver in this growth is marked to be rising military expenditure, which is expected to propel the progress of the multiple launch rocket systems market moving forward. Military expenditure alludes to the amount of financial resources a nation allocates for maintaining and equipping its armed forces, defense operations, and related activities. In fact, increasing military expenditure primarily originates from rising geopolitical tensions, as nations allocate more resources to defense in response to perceived threats, regional conflicts, and the necessity to strengthen national security and deterrence capabilities.
Who Are Some Of The Major Companies In The Multiple Launch Rocket Systems Market?
Significant players operating in the multiple launch rocket systems market include The Boeing Company, Lockheed Martin Corporation, China North Industries Group Corporation Limited, General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Larsen & Toubro Limited, L3Harris Technologies Inc., Leonardo Società per azioni, Thales S.A., Rheinmetall AG, Elbit Systems Ltd., Hanwha Aerospace Co. Ltd., PT Pindad, Saab Aktiebolag, Denel SOC Ltd, Tata Advanced Systems Limited, Firefly Aerospace Inc., Arnold Defense and Electronics LLC, and Solar Industries India Limited.
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What Are The Emerging Trends In This Multiple Launch Rocket Systems Market Industry?
Prominent companies operating in the multiple launch rocket systems market are particularly focusing on developing innovative solutions such as advanced fire control technologies to augment targeting accuracy and operational efficiency. This evolving trend is creating a significant impact on the estimated growth of the market during the forecast period.
How Is This Multiple Launch Rocket Systems Market Segmented?
The multiple launch rocket systems market is segmented as follows:
1 By Type: Wheeled, Tracked
2 By Range: Short Range, Medium Range, Long Range
3 By Caliber: 70-180 Millimeters, 180-300 Millimeters, Above 300 Millimeters
4 By Application: National Defense, Homeland Security, Other Applications.
Subsegments include:
1 Wheeled: 4x4 Wheeled Multiple Launch Rocket Systems MLRS, 6x6 Wheeled Multiple Launch Rocket Systems MLRS, 8x8 Wheeled Multiple Launch Rocket Systems MLRS
2 Tracked: Light Tracked Multiple Launch Rocket Systems MLRS, Medium Tracked Multiple Launch Rocket Systems MLRS, Heavy Tracked Multiple Launch Rocket Systems MLRS.
What About The Regional Insights In The Multiple Launch Rocket Systems Market?
In 2024, North America held the position of being the largest region in the multiple launch rocket systems market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. Other regions covered in the market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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