Solid Rocket Motors Market worth $10.00 billion by 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Jan. 16, 2025 /PRNewswire/ -- The Solid rocket motors market is valued at USD 6.79 billion in 2024 and is projected to reach USD 10.00 billion by 2029, at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Solid rocket motors are one of the most important parts in aerospace and defense applications, offering reliability and high thrust. Solid rocket motors differ from liquid rocket engines because they have a pre-loaded propellant that burns completely within the motor, providing simplicity in design and operation. Such characteristics make them highly suitable for missions that demand rapid deployment and low maintenance. Solid rocket motors are necessary for missiles for use in strategic deterrence, air defense, and tactical operations due to their ability to offer reliable performance under the most adverse conditions. In the missile systems designed to engage targets at extended ranges with high accuracy, solid rocket motors are preferred due to their long shelf life, which ensures readiness for rapid deployment in critical missions.

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212 – Tables
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232 – Pages

Solid Rocket Motors Market Report Scope:

Solid rocket motors are used in launch vehicles to carry payloads into space efficiently in the space sector. They provide the initial thrust needed to launch satellites and other cargo into space, beyond the Earth's atmosphere. In this regard, with the developments of reusable space technology, these motors are being more and more adopted for sustainable space exploration.

Based on Platform, the space launch vehicles segment is estimated to account for the fastest growth in the Solid Rocket Motors market from 2024 to 2029.

Space launch vehicles will be a growing market for solid rocket motors, largely due to the expanding applications in satellite deployments, deep space exploration, and commercial space ventures. Solid rocket motors play a crucial role in launch vehicles, particularly as boosters or as first-stage propulsion, because of their ability to provide high thrust with simplicity and reliability in harsh environments.

As telecommunication, internet services, and Earth observation continue to increase at a rapid pace, the launch requirements are expanding fast. Companies like SpaceX and Rocket Lab, and also ISRO in India and CNSA in China are highly launching missions, most of which rely on SRMs because such missions are small- to medium-payload and economical to conduct. Small satellite constellations for IoT and 5G applications are increasing at a faster rate, pushing demand further.

Based on Missiles, the ballistic missiles segment is estimated to account for the largest share of the Solid Rocket Motors market from 2024 to 2029.

Ballistic missiles are likely to dominate the solid rocket motor market since they play a very important role in the national defense and strategic deterrence of any nation. Solid rocket motors are very well suited for ballistic missiles due to their high thrust, reliability, and simplicity, making them ideal for long-range, high-speed trajectories in any operational scenario. Such features are required in modern defense strategies to rapidly deploy with accuracy.

The rising geopolitics and security issues worldwide are forcing many countries to enhance their missile capabilities. Ballistic missile programs, including short-range tactical systems to intercontinental ballistic missiles, take precedence due to their strategic value. SRMs are highly prized for the purposes of ballistic missiles mainly because they are low maintenance, come with a long shelf life, and can be kept in a ready-to-launch condition, thereby making them very efficient for deterrence purposes.

Based on End Use, Government and Defense segment is estimated to account for the largest share of the Solid Rocket Motors market from 2024 to 2029.

Government and defense sectors, with the programs of space exploration, will lead the market for SRMs, as these sectors rely heavily on such propulsion systems for national security and scientific development. Solid rocket motors are used in all types of defense applications such as ballistic missiles, tactical weapons, missile defense systems, and space launch vehicles, among others, as well as exploratory missions.

These qualities are, therefore, given more prominence in defending with solid rocket motors by the government, given their reliability and long-term storage capabilities with quick deployability. Such systems comprise ICBMs, hypersonic missiles, and sophisticated tactical arms. The rise in global geopolitics is putting more focus on heavy investments for countries to modernize missile arsenals, mostly SRMs dependent for reliable performance in high-performance applications.

In the space field, government departments such as NASA, ISRO, ESA, and CNSA employ SRMs for their simplicity and cost-effectiveness and to produce high thrust at launch vehicle stages. Some of the important heavy launch vehicles employing SRMs have been the Space Launch System (SLS) at NASA and the Polar Satellite Launch Vehicle (PSLV) of India, the latter enabling the placing of satellites and deep-space missions.

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The North American market is projected to contribute the 2nd largest share from 2024 to 2029 in the solid rocket motors market.

North America is expected to account for the second largest share of the solid rocket motor industry, given its mature aerospace and defense industries, high investment by the government, and a well-established ecosystem of giants and start-ups. With a history of leadership in missile defense, space exploration, and military technology, which highly depend on SRM, the region, led by the United States, shall dominate the market.

Defense is another area where North America has a high requirement for high-performance missile systems, like ballistic missiles, hypersonic missiles, and interceptors. Some of the major SRM using programs include the modernization of the U.S. Department of Defense's strategic deterrence systems, Ground-Based Strategic Deterrent (GBSD). All these applications have led to a rising interest in hypersonic missile development, thereby triggering demand for solid propulsion systems to withstand high stresses.

The United States is ahead in satellite deployment, space exploration, and commercial space ventures in space. Organizations such as NASA, private companies, include SpaceX, Blue Origin, Northrop Grumman use SRMs as part of their launch vehicle like the Space Launch System SLS and solid rocket boosters that are utilized in their missions for space exploration.

Key Players

Key Players in solid rocket motor companies such as Northrop Grumman (US), Nammo AS (Norway), L3Harris Technologies Inc (US), China Aerospace Science and Technology corporation (China), IHI Corporation (Japan), Rafael Advanced Defense Systems Ltd (France), Kratos Defense & Security Solutions (US), Anduril Industries (US), United Launch Alliance (US).

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