Rockets and missiles are fired by militaries to engage moving as well as stationary targets in air, land, and sea. Rockets are smaller in size as compared to missiles and are mainly used for land warfare operations. Missiles are versatile weapons and can engage targets at thousands of kilometers away, with high accuracy and can travel at hypersonic speed.
The Remote Sensing Services vendors are placed into 4 categories based on their performance and reviews in each criterion: “visionary leaders,” “innovators,” “dynamic differentiators,” and “emerging companies".
The companies that fall under this category generally receive high scores for most of the evaluation criteria. They have a well-established product portfolio and a very strong market presence. They offer mature and reputable products and services and have strong business strategies.
Dynamic differentiators are the established vendors of radar simulators with strong business strategies. However, they have weaker product portfolios as compared to their competitors. They generally focus on a specific type of technology related to a particular product.
Innovators are the vendors that have demonstrated substantial product innovations as compared to their competitors. They have an extensive product portfolio. However, they do not have very strong growth strategies for their overall business.
Vendors with niche product offerings, who have started to gain their foothold in the radar simulator market, fall under this category. They do not have strong business strategies as compared to other established vendors. They might be new entrants in the market and require some time before gaining significant traction in the market. North America is estimated to account for the largest share of the rocket and missile market. This large share can be attributed to the need to counter rising terrorist activities, geopolitical conflicts, and the various military equipment modernization programs, which enable major defense manufacturers of the region to develop more techno-efficient rockets and missiles. The U.S. is estimated to account for majority of the North American rocket and missile market. The U.S. is also expected to drive the growth of the North American rocket and missile market, owing to the increased conflicts with North Korea, Syria, and Afghanistan. The U.S. missile strike on Syria, which is supported by Canada, has worsened its relationship with Syria. The Russian presence in Syria, on the other hand, not only creates a challenge for the U.S.’ policy on Syria but also affects the U.S.-Russia relationship. In Asia, North Korea’s ballistic missile test has presented an increasing threat to the U.S. Europe is estimated to account for third largest share of the rocket and missile market. The major factors expected to drive the growth of the European rocket and missile market include the huge military expenditure of European countries, such as Russia, France, the U.K., and Germany, and the presence of a large number of rocket and missile manufacturers in the region. Numerous contracts have been awarded to European manufacturers of rockets and missiles in the recent years. The Asia-Pacific region is estimated to accounts for third largest share of the global rocket and missile market. China is estimated to account for the largest share of the Asia-Pacific rocket and missile market. The defense spending of China and India has been increasing in recent years. China ranked second, India ranked fifth in defense expenditure, globally. The increased defense spending by emerging countries of the Asia-Pacific region is one of the major factors expected to drive the growth of the Asia- Pacific rocket and missile market. The increasing demand for military equipment from emerging nations and rising terrorist activities in South Asia are some of the factors fueling the demand for rockets and missiles in the region.