Overview and Scope
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.
Sizing and Forecast
The hypersonic missiles market size has grown rapidly in recent years. It will grow from $122.72 billion in 2023 to $135.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to military modernization programs, geopolitical tensions and arms race, strategic deterrence and national security, rising threat perception, increasing defense budgets.
The hypersonic missiles market size is expected to see strong growth in the next few years. It will grow to $193.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increased focus on offensive and defensive capabilities, global military alliances and collaborations, growing demand for precision strike capabilities, focus on scalability and affordability, integration with multi-domain operations. Major trends in the forecast period include rapid technological advancements, advancements in aerospace technology, advancements in hypersonic technology, increased military investments, rise in hypersonic glide vehicles.
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Segmentation & Regional Insights
The hypersonic missiles market covered in this report is segmented –
1) By Product: Hypersonic Glide Vehicle, Hypersonic Cruise Missile
2) By Application: Wire Guidance, Command Guidance, Terrain Comparison Guidance, Terrestrial Guidance, Inertial Guidance, Beam Rider Guidance, Laser Guidance, Radio Frequency (RF) And GPS Reference
3) By End-Users: Military, Civil
North America was the largest region in the hypersonic missiles market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hypersonic missiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based specialized institute, world military expenditure reached a new record high of $2,240 billion in 2022, which is an increase of 3.7% in real terms compared to the previous year. The top three spenders in 2022 were the United States, China, and Russia, accounting for 56% of the world total. The United States remained the world’s largest military spender, with a budget of $877 billion, which was 39% of the total global military spending. 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.
Key Industry Players
Major companies operating in the hypersonic missiles market report are Raytheon Technologies, Boeing Company, Lockheed Martin Corp., Hanwha Corporation, China Aerospace Science and Industry Corporation, General Dynamics Corporation, Northrop Grumman, Mitsubishi Heavy Industries Ltd., Rostec State Corporation, BAE Systems PLC, Safran S.A., Thales Group, L3Harris Technologies Inc., Leidos, Israel Aerospace Industries Ltd., Saab AB, Rafael Advanced Defense Systems Ltd., Bharat Dynamics Limited, Aerojet Rocketdyne Holdings Inc., Avio S.p.A., Blue Origin LLC, Rocket Lab Inc., Systima Technologies, Virgin Galactic Holdings Inc., Skyrora Ltd., Denel SOC Ltd., Tactical Missiles Corporation, BrahMos Aerospace, CASIC Rocket Technology Company, Kongsberg Gruppen
The hypersonic missiles market report table of contents includes:
1. Executive Summary
2. Hypersonic Missiles Market Characteristics
3. Hypersonic Missiles Market Trends And Strategies
4. Hypersonic Missiles Market – Macro Economic Scenario
5. Global Hypersonic Missiles Market Size and Growth
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31. Hypersonic Missiles Market Other Major And Innovative Companies
32. Global Hypersonic Missiles Market Competitive Benchmarking
33. Global Hypersonic Missiles Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hypersonic Missiles Market
35. Hypersonic Missiles Market Future Outlook and Potential Analysis
36.Appendix
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