Multiple Launch Rocket Systems (MLRS) Market
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The multiple launch rocket systems market is projected to reach USD 797.4 Million by 2022, at a CAGR of 6.19% from 2017 to 2022. The growth of the market can be attributed to various technological developments taking place across the globe, including the development of the guided-multiple launch rocket systems by Lockheed Martin (US), among others.
The multiple launch rocket systems market has been segmented by launch vehicle, caliber, range, pod capacity, and region. Among launch vehicle types, the tracked MLRS segment is projected to grow at the highest CAGR during the forecast period; the caliber segment is projected to lead the multiple launch rocket systems market during the forecast period. Factors such as military artillery upgrade programs and new system acquisitions are expected to drive the market.
Market size estimations for various segments and subsegments of the multiple launch rocket systems market were arrived at through extensive secondary research and government sources (Ministry of Defense, Globalsecurity.org, Global Fire Power, SIPRI), company websites, corporate filings such as annual reports, investor presentations and financial statements, and trade, business, and professional associations, among others. Corroboration with primaries and further market triangulation with the help of statistical techniques using econometric tools were carried out. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets, and presented in this report.
Major players in the multiple launch rocket systems market are Lockheed Martin (US), Roketsan A.S. (Turkey), and NPO Splav (Russia). The manufacturers mostly adopted new product launches as their key growth strategy. Lockheed Martin (US) is the leading company in the multiple launch rocket systems market.