PUBLISHER: The Business Research Company | PRODUCT CODE: 1245916
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245916
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“Hypersonic Missiles Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hypersonic missiles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hypersonic missiles? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hypersonic missiles market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the hypersonic missiles market are: Lockheed Martin, Raytheon Technologies, Northrop Grumman, Boeing, Saab AB, Systima Technologies, Mitsubishi Heavy Industries Ltd., Tactical Missiles Corporation, China Aerospace Science and Industry Corporation, Thales Group, and Denel Dynamics.
The global hypersonic missiles market grew from $112.02 million in 2022 to $125.04 million in 2023 at a compound annual growth rate (CAGR) of 11.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hypersonic missiles market is expected to grow to $181.87 million in 2027 at a CAGR of 9.8%.
The hypersonic missiles market consists of sales of hypersonic missiles such as aero-ballistic missiles. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The hypersonic missiles refer to missiles powered by high-speed, air-breathing engines, or scramjets. The hypersonic missiles travel five times faster than sound, which is roughly 1 mile per second and can reach speeds of up to 7672 miles per hour or more. Hypersonic weapons reduce the time it takes to pursue a target, the time warnings are available to an enemy, and the time defense systems have to deal with an imminent threat.
North America was the largest region in the hypersonic missiles market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hypersonic missiles report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products in hypersonic missiles are hypersonic glide vehicles and hypersonic cruise missiles. The hypersonic glide vehicles are a type of hypersonic missile that utilizes a re-entry vehicle to breach the speed of sound which is enough to overcome existing missile defense systems. It is used in wire guidance, command guidance, terrain contour matching, terrestrial guidance, inertial guidance, beam rider guidance, laser guidance, and radiofrequency, and GPS reference and is implemented in various verticals such as military and civil.
The increase in initiatives and funding from the governments and defense forces is contributing to the growth of the hypersonic missiles market. Governments and defense sectors started funding the research on the hypersonic area to strengthen the forces. For instance, the Pentagon, the headquarters building of the United States Department of Defense, requested a $3.8 billion budget for hypersonic research for the fiscal year 2022. Furthermore, according to the Stockholm International Peace Research Institute report in 2021, global military spending increased to $2 trillion in 2020, a 2.6% increase over 2019. Therefore, the increase in initiatives and funding from governments and defense forces is expected to drive the growth of the hypersonic missiles market over the coming years.
The development of new hypersonic cruise missiles is a key trend gaining popularity in the hypersonic missiles market. Major companies operating in the hypersonic missiles sector are focused on developing hypersonic missiles to strengthen their position. For example, Boeing, Lockheed Martin, and Raytheon announced plans in August 2020 to develop a new solid-rocket air-breathing hypersonic standard cruise missile for launch from current fighter-bomber aircraft. According to Air Force authorities, these businesses are the only reliable sources of hypersonic cruise missiles. Hypersonic weapons move at speeds ranging from Mach 5 to Mach 10 - or 3,840 to 7,680 miles per hour.
In December 2020, Lockheed Martin, a US-based aerospace company acquired Aerojet Rocketdyne for a deal amount of $4.4 billion. The acquisition is expected to enhance Lockheed Martin's allied security missions, space, and hypersonic technology. Aerojet Rocketdyne is a US-based rocket and missile, propulsion manufacturer.
The countries covered in the hypersonic missiles market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hypersonic missiles market research report is one of a series of new reports from The Business Research Company that provides hypersonic missiles market statistics, including hypersonic missiles industry global market size, regional shares, competitors with a hypersonic missiles market share, detailed hypersonic missiles market segments, market trends and opportunities, and any further data you may need to thrive in the hypersonic missiles industry. This hypersonic missile market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.