The global solid rocket motor market was valued at USD 5,867.2 million in 2024 and is expected to grow from USD 6,345.9 million in 2025 to USD 11,067.7 million by 2032, registering a compound annual growth rate (CAGR) of 8.27% during the forecast period. In 2024, North America led the market, accounting for a dominant share of 42.32%.
The solid rocket motor market is analyzed based on various factors such as platform, stage, component, end user, and region. Key platforms include missiles, rocket artillery, space launch vehicles and boosters, as well as model and sounding rockets. The market is further segmented by stage into single-stage and multi-stage motors. Components such as propellant, igniter, thruster/nozzle, motor casing and insulation, among others, play a crucial role in motor performance and reliability. End users of solid rocket motors primarily include space agencies, research institutes, and defense organizations. This comprehensive market analysis provides insights into regional trends and forecasts from 2025 to 2032, highlighting growth opportunities across diverse application areas.
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
The solid rocket motor market is comprehensively segmented to provide detailed insights across multiple dimensions. By platform, the market includes missiles, rocket artillery, space launch vehicles and boosters, and model and sounding rockets. It is further divided by stage into single-stage and multi-stage motors. Key components analyzed in the market include propellant, igniter, thruster/nozzle, motor casing and insulation, and others. End users of solid rocket motors span across space agencies, research institutes, and defense sectors. Regionally, the market covers North America, Europe, Asia Pacific, and the Rest of the World, with further country-level analysis in major markets such as the U.S., Canada, the U.K., Germany, France, Russia, China, India, and Japan. Each region is assessed by platform, stage, component, and end user to offer a comprehensive forecast and market evaluation from 2025 to 2032.
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.