Global Hypersonic Weapons Market Analysis (2023 - 2030)
The Global Hypersonic Weapons Market was worth $4.56 billion in 2022, and it is estimated to increase at a CAGR of 6.52% from 2023 to 2030.
The COVID-19 pandemic has had a tremendous influence on the market for hypersonic weapons. The pandemic disrupted defence firms' supply chains and manufacturing processes, causing delays and cancellations in the development and deployment of hypersonic weapons. Furthermore, the pandemic has shifted government priorities, with some countries diverting their emphasis and resources to combatting the virus and its economic consequences. Despite these obstacles, the market for hypersonic weaponry has grown throughout the pandemic. Several nations see hypersonic weapons as an important component of their national security strategy and are investing in their development and deployment. The pandemic has emphasised the significance of retaining strategic capabilities and readiness, which has increased interest in hypersonic weapons. Another effect of the pandemic on the hypersonic weapons industry is a shift in how military contractors operate. Numerous firms have embraced remote work rules and are continuing to develop and test hypersonic weapons utilising digital technology. This has allowed development to continue despite the pandemic, but it has also resulted in some delays and difficulties in organising and performing testing and assessment. Nevertheless, while the COVID-19 pandemic has had some negative effects on the hypersonic weapons business, it has not affected the market expansion much. Since governments continue to see hypersonic weapons as an important component of their strategic capabilities, the market is projected to grow rapidly in the coming years.
Defense researchers and politicians have grown more concerned in recent years about the prospect of a new arms race involving hypersonic weapons. A number of nations, including the US, Russia, and China, have already started testing and using these weapons, and others are anticipated to do the same. Research and development spending has increased dramatically as a result of nations trying to get an edge in this new field.
However, these technologically complicated, hypersonic weapons take up a lot of research and development. They also need sophisticated materials and manufacturing techniques, which might raise the price of manufacture. Due to their higher price than conventional ballistic missiles and cruise missiles, hypersonic weapons may not be as affordable or available to nations with limited military resources.
KEY MARKET INSIGHTS
- Based on Application, the market for hypersonic weapons has room for both military and commercial uses to expand, but the former is anticipated to do so faster. For defence and national security goals, such as deterrence, reconnaissance, and precision attack capabilities, hypersonic weapons are used in the military segment. This market is anticipated to expand as nations look to acquire an edge in strategic competitiveness and frighten off prospective rivals. Although it is predicted to confront considerable obstacles, the commercial sector, which includes the use of hypersonic vehicles for space transportation, freight delivery, and other uses, has the maximum potential to flourish.
- Based on Type, the boost-glide systems segment is likely to grow the most in the hypersonic weapons market. Boost-glide systems use rockets to boost the weapon to a high altitude, after which it glides unpowered to its target. These systems are relatively mature and have been developed by several countries, including the United States and Russia. The scramjets segment, or supersonic combustion ramjets, uses air flowing through the engine to generate thrust, allowing the weapon to sustain hypersonic speeds. Other types of hypersonic weapons, such as wave riders and hypersonic cruise missiles, have the potential for growth but are still in the early stages of development and face technical and regulatory challenges.
- Based on Range, the long-range section of the hypersonic weapons industry is predicted to increase the most. Long-range hypersonic missiles may travel up to 8,000 km or more, making them appealing for strategic goals such as deterrence and precision attack capabilities against faraway targets. The medium-range category, which has a range of up to 3,000 km, offers development potential as governments aim to create hypersonic weapons that can span regional distances. The short-range sector, which has a range of up to 1,000 km, is projected to have limited development potential due to the availability of various types of missiles and weapons that can traverse shorter distances.
- Based on region, the Asia-Pacific region is predicted to expand the highest in the hypersonic weapons industry. Given its sophisticated research and development skills and large defence budget, North America is likewise projected to be a key competitor in the hypersonic weapons industry. Europe's hypersonic weapons industry is likely to grow more slowly, owing its part to its legislative environment and the difficulties of coordinating research and development activities across numerous nations. Growing geopolitical competition, territorial conflicts, and worries about regional security define the Asia-Pacific area, boosting demand for upgraded missile defence systems and hypersonic weapons capabilities.
- Aerojet Rocketdyne Holdings, Inc., Boeing Company, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Tactical Missiles Corporation, Thales Group, and Wuhan Guide Infrared Co., Ltd are a few of the major companies that dominate the Hypersonic weapons market.
Market Segmentation
Hypersonic Weapons Market - By Type:
Hypersonic Weapons Market - By Application:
- Defense
- Non-Defense
- Space exploration
- Transportation
Hypersonic Weapons Market - By Range:
- Short Range
- Medium Range
- Long Range
Hypersonic Weapons Market - By Region:
- North America
- Europe
- Asia- Pacific
- Rest of the World
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