Market Research Report
Supersonic and Hypersonic Weapons Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||910357|
|Published||Content info||84 Pages
Delivery time: 2-3 business days
|Supersonic and Hypersonic Weapons Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 84 Pages||
The market for supersonic and hypersonic weapons is projected to grow with a CAGR of more than 6% during the forecast period.
Missile Segment had the Highest Revenue Share in the Market in 2018.
By the end of 2018, the Missile segment had the highest share in the market. This is mainly due to the increasing procurement of missiles by various countries in the world. While cruise missiles are among the most procured missiles, research is also in progress for developing advanced ballistic missiles, especially hypersonic. Several countries have developed their own missile defense programs to counter threats from other countries. For instance, as a part of the Indian Ballistic Missile Defence Programme, an initiative to develop and deploy a multi-layered ballistic missile defense system to protect India from ballistic missile attacks, the country is procuring supersonic and hypersonic missiles from various countries, in addition to developing its own ballistic missiles. Also, countries in Middle-East, like Israel and Iran are testing and including supersonic and hypersonic missiles in their armory in the wake of rising political tensions in the region.
As of 2019, Europe is the Largest Market for Supersonic and Hypersonic Weapons in the World.
Due to major developments in supersonic and hypersonic weapon technologies by many countries in the region, Europe remained the largest revenue generator for the region. Russia has been the main demand generating country in the region. The country is progressing forward with the development of many advanced missile systems. In March 2018, Russia unveiled a new prototype missile that can travel anywhere on the earth and a supersonic weapon that the country claims cannot be tracked by anti-missile systems. The country announced that the production of the cruise missile has started in the same year. Also, in August 2019, Russia showcased its Kh-47M2 Kinzhal ("Dagger") Nuclear-Capable, Air-Launched Ballistic Missile (ALBM) at an airshow in central Russia. The hypersonic missile can attain speeds of more than Mach 10. Likewise, France has also joined the race to develop 'hypersonic' weapons, after China, Russia, and the United States. The country, in January 2019, announced its Project V-MaX, which aims to create a hypersonic glider that has a speed of more than Mach 5 (i.e. nearly 3,700 miles per hour), by 2021.
Raytheon Company, Roscosmos, MBDA, Tactical Missiles Corporation, Northrop Grumman Corporation are some of the major players in the market. Joint ventures like the Ariane Group (between Airbus SE and Safran), MBDA (between Airbus SE, Leonardo Company and BAE Systems) in the market are predominant. There are also partnerships between companies that are aimed at developing technologies tailored to the specific requirements of the militaries. For instance, Raytheon Company and Kongsberg Gruppen partnered for co-producing a new Naval Strike Missile for the United States, and the production has started in 2018. In addition, another partnership, comprising of Raytheon Company and Northrop Grumman Corporation is developing air-breathing hypersonic weapons for the United States military. Research is also in progress for developing advanced technologies in hypersonic weapons, especially in hypersonic glide vehicles, but only a few companies have the technology at their disposal. Thus players can target the countries which are aiming to get equipped with these technologies, and thereby grab new opportunities to gain a better market share.