Hypersonic Missiles Market Forecast 2024-2033: Growth Rate, Drivers, And Trend|Raytheon Technologies, Boeing Company, Lockheed Martin Corp., Hanwha Corporation, China Aerospace Science and Industry Corporation

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The Hypersonic Missiles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hypersonic Missiles Global Market Report 2024, 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.

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.

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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

Major companies operating in the hypersonic missile market are increasing their focus on getting military contracts to gain a competitive edge in the market. Military contracts refer to legally binding agreements between a government or military entity and a private defense contractor. These contracts outline the terms and conditions for the provision of goods or services related to military needs, such as the manufacturing and supply of weapons, equipment, and technology. For instance, in February 2023, Lockheed Martin Corporation, a US-based aerospace company, was awarded a $1.1 billion initial contract to provide the US with its first sea-based hypersonic strike capability. The contract involves integrating the Conventional Prompt Strike (CPS) weapon system onto the ZUMWALT-class guided missile destroyers. The CPS is a hypersonic boost-glide weapon system that allows for long-range missile flight at high speeds while being highly survivable against enemy defenses.

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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  1. Global      Hypersonic Missiles Market   Competitive Benchmarking
  2. Global      Hypersonic Missiles Market   Competitive Dashboard
  3. Key Mergers And Acquisitions In      Hypersonic Missiles Market
  4.      Hypersonic Missiles Market   Future Outlook and Potential Analysis
  5. Appendix

 

Top Major Players :

  • Raytheon Technologies
  • Boeing Company
  • Lockheed Martin Corp.
  • Hanwha Corporation
  • China Aerospace Science and Industry Corporation

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