PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1887166
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1887166
The global solid rocket motor (SRM) market continues to expand as defense and space programs worldwide increase investments in high-performance propulsion technologies. According to the Fortune Business Insights report, the market was valued at USD 5,867.2 million in 2024, is projected to rise to USD 6,345.9 million in 2025, and is expected to reach USD 11,067.7 million by 2032, reflecting an impressive CAGR of 8.27% over the forecast period. This trajectory underscores the growing reliance on SRMs for missile systems, tactical rockets, commercial launch vehicles, and satellite deployment missions.
Market Insights and Key Drivers
Solid rocket motors are integral to modern defense and aerospace systems due to their high thrust output, rapid ignition capabilities, long storage life, and operational simplicity. Their extensive use in surface-to-air missiles, ballistic missiles, air-to-air interceptors, and space launch boosters continues to drive global demand. The Russia-Ukraine conflict has further accelerated investments in missile modernization and domestic propulsion manufacturing, particularly in North America and Europe.
Government-industry collaborations remain a major market driver. The U.S. Department of Defense has expanded SRM procurement programs to strengthen missile stockpiles, while players such as Northrop Grumman and Aerojet Rocketdyne continue advancing next-generation materials and propellant formulations. Meanwhile, escalating geopolitical tensions across Asia Pacific, the Middle East, and Eastern Europe have spurred countries to fortify military readiness, boosting SRM demand globally.
Additionally, the rise of commercial space ventures is creating new opportunities for SRMs. These motors remain a preferred choice for small-satellite launchers, reusable first-stage boosters, and high-reliability propulsion systems for orbital insertion.
Regional Market Highlights
North America dominated the market in 2024 with a 42.32% share, supported by a robust defense industrial base and advanced space programs from NASA and private players. The regional market was valued at USD 2,482.9 million in 2024, reflecting strong demand for missile defense systems, hypersonic weapons, and next-generation SRM technologies. Continued U.S. investments in domestic SRM manufacturing-such as Anduril's new propulsion facilities and Northrop Grumman's booster modernization-ensure sustained growth through 2032.
Asia Pacific is projected to record the highest growth rate, driven by expanding defense budgets and ambitious space missions from China, India, South Korea, and Japan. China's successful Lijian-1 solid-propellant rocket launch and India's Next-Generation Launch Vehicle (NGLV) development demonstrate the region's growing commitment to solid propulsion technology.
Europe remains an important market, supported by the European Space Agency's Ariane 6 program, which relies on advanced P120C and P160C solid boosters. Collaborative defense initiatives within the EU and increased NATO investments are further elevating SRM demand.
Middle East & Africa and Latin America, though smaller in scale, continue adopting SRM-based missile systems due to defense modernization efforts in Saudi Arabia, UAE, Turkey, Brazil, and Mexico.
Market Trends and Opportunities
A key trend shaping the market is rapid technological innovation, including new propellant chemistries, improved composite motor casings, and eco-friendly materials designed to reduce emissions. In December 2023, Northrop Grumman's SMART Demo showcased SRM manufacturing processes that reduce production lead times by up to 75%, highlighting a major shift toward more agile production.
Reusable launch vehicles are also boosting SRM deployment, as seen in ESA's Themis program and ongoing commercial projects. At the same time, ongoing investments in green propulsion, hybrid engines, and nano-enhanced propellants offer significant future opportunities.
By platform, missiles remain the largest segment, supported by rising geopolitical tensions and increased procurement of solid-propelled tactical missiles. The space launch vehicle & booster segment is also growing rapidly due to expanding satellite deployment missions.
By stage, single-stage SRMs dominate the market because of their simple design and widespread use in artillery rockets, MANPADS, and short-range missiles. Multi-stage motors continue to gain relevance for ICBMs and orbital launch vehicles.
By component, motor casing & insulation holds the largest share, reflecting the demand for lightweight composite materials that enhance thrust-to-weight ratios.
By end user, defense remains the dominant sector, followed by commercial space programs and research institutions.
Conclusion
With its market value rising from USD 5,867.2 million in 2024 to USD 11,067.7 million by 2032, the solid rocket motor industry is set for robust long-term expansion. Driven by global defense modernization, renewed space exploration efforts, and technological innovation, SRMs will continue to play a pivotal role in the future of missile systems and launch vehicle propulsion.
Segmentation By Platform
By Stage
By Component
By End User
By Region