Lockheed Martin Corp.’s LMT Missiles and Fire Control unit recently secured a modification contract involving Phased Array Tracking Radar to Intercept on Target (PATRIOT) - Advanced Capability-3 (PAC-3) missiles. The award has been provided by the U.S. Army Contracting Command, Redstone Arsenal, AL.Valued at $97.1 million, the contract is projected to be completed by May 19, 2023. Per the terms of the deal, Lockheed will provide highly specialized technical support for the PAC-3 Missile Field Surveillance Program and missile post-production activities.A Brief Note on PAC-3 Missile SystemThe PAC-3 is a long-range, air-defense and medium- to high-altitude guided missile system. It is designed to counter tactical ballistic missiles, cruise missiles and advanced aircraft. The system’s radar set provides tactical functions of airspace surveillance, target detection, identification, classification, tracking, missile guidance and engagement support.The PAC-3 Missile is a high-velocity interceptor that defeats incoming targets by a direct, body-to-body impact. PAC-3 missiles, when deployed in a Patriot battery, significantly increase the Patriot system’s firepower. The company anticipates demand for this advanced missile system to be high, particularly in politically tense regions of the Middle East.What’s Favoring Lockheed Martin?Increasing geopolitical and socioeconomic turmoil worldwide has prompted nations, both developed and developing, to expand their respective military arsenal, with missiles constituting a significant portion of that inventory.Lockheed’s Missiles and Fire Control business unit develops, manufactures and supports advanced combat missiles and rockets for military customers, including the U.S. Army, Navy, Air Force, Marine Corps, NASA and dozens of foreign allies. Some of its prominent products include the PAC-3 missile, Terminal High Altitude Area Defense missile, JASSM, LRASM and many more.Lockheed frequently wins contracts from Pentagon and other U.S. allies involving its variant missile programs, like the latest one, which boost its revenue growth.Growth ProspectsThe global rocket and missiles market is projected to reach $82.0 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031, per a report by Allied Market Research firm.Such projections reflect increased growth opportunities for major missile players like Lockheed Martin, Raytheon RTX, Northrop Grumman NOC and Boeing BA in the aforementioned market.Notably, Raytheon offers a variety of combat-proven missile defense systems, including the Patriot missile, Standard Missile-6, Standard Missile-3, Advanced Medium-Range Air-to-Air Missile, Evolved Seasparrow Missile, Tomahawk cruise missile and a few more.Raytheon boasts a long-term earnings growth rate of 9.5%. The Zacks Consensus Estimate for its 2022 sales implies an improvement of 4.3% from the 2021 reported figure.Northrop manufactures a variety of air-, sea- and land-based missile systems propulsion control systems that support the U.S. Missile Defense Agency. It also produces airborne missile warning systems as well as medium-class solid rocket motors for the U.S. Navy's Trident II Fleet Ballistic Missile program.Northrop boasts a long-term earnings growth rate of 2.9%. The Zacks Consensus Estimate for its 2022 sales suggests an improvement of 1.9% from the 2021 reported figure.Boeing’s missile defense capabilities provide defensive and strategic systems that protect the homeland and deployed forces. The company’s systems within the Integrated Air & Missile Defense portfolio include Arrow 3, which offers regional missile defense capabilities to enable an effective response to short and medium-range ballistic missiles.BA boasts a long-term earnings growth rate of 4%. The Zacks Consensus Estimate for its 2022 sales suggests an improvement of 6% from the 2021 reported figure.Price Movement and Zacks RankShares of Lockheed have gained 38.2% in the past year against the industry's decline of 9.2%.Image Source: Zacks Investment ResearchThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. One Tiny Company Could Shake the EV Industry Zacks Aggressive Growth expert Brian Bolan has pinpointed a U.S. manufacturer with an under-$5 stock price that's gearing for a monster ride. It's ramping up production of an affordable, "working man's" rival to Tesla just as soaring gas prices and desire for energy independence are set to drive the EV market to $1 trillion in 5 years.See This Stock Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research