The global solid rocket motor market was valued at USD 5,867.2 million in 2024. It is projected to grow from USD 6,345.9 million in 2025 to USD 11,067.7 million by 2032, registering a CAGR of 8.27% during the forecast period. North America led the global market in 2024, accounting for a commanding 42.32% share, driven by robust defense programs and consistent advancements in space technologies.
Solid rocket motors (SRMs) are integral to modern defense systems and space exploration missions. Their high thrust, rapid response capability, and design simplicity make them indispensable for a wide range of applications—from guided missile systems to satellite launch platforms. As governments expand their defense budgets and space agencies ramp up exploratory and commercial missions, the global demand for advanced and efficient solid propulsion systems is on the rise.
Northrop Grumman Corp (U.S.)
Nammo AS (Norway)
L3Harris Technologies Inc. (U.S.)
Anduril (U.S.)
China Aerospace Science and Technology Corporation (China)
IHI Corporation (Japan)
Rafael Advanced Defense Systems Ltd. (Israel)
Avio S.p.A. (Italy)
Bayern-Chemie (Germany)
Ursa Major (U.S.)
Kratos Defense & Security Solutions (U.S.)
X-Bow (U.S.)
https://www.fortunebusinessinsights.com/solid-rocket-motors-market-112761
Missile Segment to Dominate the Platform Segment
By platform, the market is segmented into missiles, rocket artillery, space launch vehicles & boosters, and model & sounding rockets. Among these, the missiles segment is projected to dominate due to rising geopolitical tensions, increased defense modernization programs, and demand for tactical and strategic missile systems worldwide.
Multi-Stage Motors to Exhibit Strong Growth
In terms of stages, the market is divided into single-stage and multi-stage motors. Multi-stage SRMs are gaining momentum, particularly in space applications, where multiple stages allow for greater payload flexibility and orbital precision.
Propellant Segment Leads Component Demand
Based on component, the propellant segment leads due to continuous advancements in composite propellants that offer improved energy density and thermal stability. Other key components include igniters, thrusters/nozzles, motor casings, and insulation materials.
Defense Sector Remains the Top End User
The defense segment accounts for the largest market share by end user, fueled by growing missile procurement programs. However, space agencies and research institutes are increasingly deploying SRMs for exploratory missions, suborbital research, and micro-launch vehicles.
Drivers:
Government-Industry Collaborations Fueling Growth
The SRM market is witnessing significant traction due to joint ventures between governments and private firms aimed at enhancing missile and launch vehicle capabilities. Collaborative R&D accelerates innovation, reduces time-to-deployment, and strengthens national security.
Continuous Space Exploration Boosts Demand
Solid rocket motors play a critical role in launch vehicles and booster stages for satellite deployment and space missions. Their simplicity, lower cost, and reliability make them a preferred propulsion system in both government-led and commercial space endeavors.
For instance, SRMs are frequently used in boosters for polar satellite launch vehicles (PSLVs), suborbital rockets, and missile-based intercept systems.
Restraints:
High Development and Manufacturing Costs
The production of SRMs involves precision engineering, high-grade materials, and stringent safety measures—resulting in elevated costs. Budget constraints, especially in emerging economies, may limit adoption despite rising defense and space aspirations.
North America to Maintain Market Dominance
North America will continue to lead due to strong defense procurement in the U.S., NASA's continued investment in space exploration, and the presence of major SRM manufacturers like Northrop Grumman and L3Harris. The region’s robust supply chain and early-stage investments in hypersonics and solid propulsion further enhance market potential.
Asia Pacific to Witness Accelerated Growth
Asia Pacific is poised to register one of the fastest growth rates during the forecast period. Countries like India, China, and Japan are expanding their defense capabilities and space programs, contributing to increasing demand for SRMs. China's frequent satellite launches and India’s cost-effective space missions underscore this trend.
Major Companies Focus on R&D, Strategic Contracts, and Advanced Prototypes
Key players are engaging in government partnerships, developing next-gen solid propulsion technologies, and expanding production facilities to meet surging global demand. There is a growing focus on eco-friendly solid propellants and modular designs for rapid deployment.
May 2025 – Raytheon Technologies (RTX) awarded Northrop Grumman and Nammo preliminary contracts to develop the MK72 solid rocket motor. These contracts involve confirmation of design requirements and conducting Systems Requirements Reviews to support future defense deployments.