The hypersonic missiles market is growing rapidly, projected to increase from $122.72 billion in 2023 to $135.4 billion in 2024, with a CAGR of 10.3%. This growth is influenced by military modernization and geopolitical tensions. By 2028, the market is expected to reach $193.88 billion, driven by advancements in hypersonic technology and increased military investments.
Major Driver In The Hypersonic Missiles Market
The hypersonic missiles market is witnessing growth driven by increased initiatives and funding from governments and defense forces. Governments and defense sectors are investing in hypersonic research to enhance their military capabilities. The Pentagon, headquarters of the United States Department of Defense, allocated a $3.8 billion budget for hypersonic research in the fiscal year 2022. Additionally, in April 2023, the Stockholm International Peace Research Institute reported a record-high world military expenditure of $2,240 billion in 2022, marking a 3.7% increase compared to the previous year. The top three spenders, the United States, China, and Russia, accounted for 56% of the global total, with the U.S. leading at $877 billion. This surge in initiatives and funding is expected to drive the growth of the hypersonic missiles market in the coming years, shaping market sizes for 2023, 2024, and 2028.
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Hypersonic Missiles Market Competitive Landscape
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
Key Hypersonic Missiles Market Trend
Major countries in the world are increasing their focus on introducing long-range hypersonic programs to gain a competitive edge in the market. Long-Range Hypersonic Programs refer to military or aerospace initiatives focused on the development, research, and implementation of hypersonic missile systems with extended operational ranges. For instance, in October 2022, the United States Department of Defense successfully conducted a flight test of hypersonic weapon components. The test was carried out by the United States Navy and Army at NASA's Wallops Flight Facility in Virginia. The purpose of the test was to validate future aspects of the Navy's Conventional Prompt Strike (CPS) and the Army's Long Range Hypersonic programs. The test assessed hypersonic weapon communications and navigation equipment, as well as advanced glide vehicles. These hypersonic glide vehicles are launched from a rocket in the upper atmosphere and glide toward the target at speeds of about 3,853 miles (6,200 km) per hour.
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Hypersonic Missiles Market Segmentation
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
By Geography:The regions covered in the hypersonic missiles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hypersonic missiles market in 2023.
The Hypersonic Missiles Global Market Report 2024 furnishes information about the global hypersonic missiles market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
