CHICAGO, June 15, 2023 /PRNewswire/ — The Hypersonic weapons Market is estimated to be USD 6.8 billion in 2023 and is projected to reach USD 14.5 billion by 2030, at a CAGR of 11.4% during the forecast period according to a new report by MarketsandMarkets™. The hypersonic weapons market is experiencing rapid growth, driven by several key factors. Firstly, the increasing global security threats and the need for advanced defense capabilities have prompted nations to invest heavily in hypersonic weapon systems. The exceptional speed and maneuverability of these weapons provide a significant advantage in countering evolving threats and ensuring national security. Secondly, advancements in propulsion and materials technology have made hypersonic weapons more feasible and cost-effective to develop, leading to increased research and development efforts. Additionally, the potential for hypersonic weapons to penetrate and overcome existing missile defense systems has created a sense of urgency among defense forces worldwide, further propelling market growth.
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230 – Tables
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250 – Pages
Hypersonic Weapons Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$6.8 billion |
|
Estimated Value by 2030 |
$14.5 billion |
|
Growth Rate |
Poised to grow at a CAGR of 11.4% |
|
Market Size Available for |
2019–2030 |
|
Forecast Period |
2023–2030 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type, Domain, Range, Subsystem and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Overheating and complex manufacturing |
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Key Market Opportunities |
Compact hypersonic weapons create new growth avenues |
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Key Market Drivers |
Military modernization programs and arms races to accelerate demand for hypersonic weapons |
Based on Type, hypersonic glide vehicles segment is expected to grow at the highest CAGR during the forecast period.
The platform segment has been segmented into hypersonic missiles and hypersonic glide vehicles. The growth of hypersonic glide vehicles segment can be attributed to enhanced maneuverability compared to traditional ballistic missiles. Hypersonic glide vehicles can perform sharp turns, change altitude, and adjust their flight path during the glide phase, making them more difficult to track and intercept. This maneuverability increases their survivability by evading enemy defenses and provides a higher chance of successfully reaching their intended targets.
Based on Domain, the airborne segment is projected to grow at the highest CAGR during the forecast period.
Based on domain, the hypersonic weapons industry has been segmented into Land, naval and airborne. Hypersonic weapons are growing in airborne domain. Hypersonic weapons can achieve extra distance by being used from a fighter aircraft, UAV or a bomber which can travel up to few more kilometers. With their high speeds and advanced propulsion systems, these weapons can cover thousands of kilometers or even traverse continents in relatively short periods of time. This extended range capability provides nations with the ability to project power, strike targets in distant locations, and rapidly respond to emerging threats.
Based on Range segment, the short-range segment acquires largest market share in market during the forecast period.
Short Range hypersonic weapons currently have the largest market share in the hypersonic weapons industry due to several reasons. Short-range hypersonic weapons are often designed to operate within a few hundred kilometers. This range allows for rapid response capabilities, quick target engagement, and the ability to strike targets within a specific operational theater or immediate vicinity. The shorter range of these weapons offers several advantages, including reduced flight times, enhanced responsiveness, and improved precision for regional or time-sensitive missions. They can be particularly effective in scenarios where rapid strike capabilities, target interdiction, or localized defense are crucial.
Based on Subsystem, the propulsions segment projected to lead market during the forecast period.
The propulsion systems in hypersonic weapons are projected to lead the hypersonic weapons market due to several reasons. The primary objective of a hypersonic weapon is to achieve speeds that are faster than Mach 5 (five times the speed of sound). Propulsion systems provide the necessary thrust to propel the weapon at such high speeds. The propulsion system must generate sufficient power and thrust to overcome aerodynamic drag and propel the weapon through the atmosphere at hypersonic velocities. Propulsion systems enable the necessary adjustments in speed, altitude, and trajectory to perform manoeuvres and achieve precise target engagement. The ability to change direction, altitude, or perform evasive manoeuvres during flight enhances the weapon’s survivability and mission success.
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Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.
The hypersonic weapons market is anticipated to register the highest growth rate in the Asia Pacific region in 2023. China, India, Japan, South Korea, and the rest of Asia-Pacific are the regions that were looked at in this market. One of the primary international players operating in the Asia Pacific region is China, India, and Japan, which makes significant investments in the creation of hypersonic weapons technologies.
Key Players
Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumann Corporation (US), L3Harris Technologies Inc. (US), Leidos (US), Thales Group (UK), General Dynamics Corporation (US), Boeing (US), Israel Aerospace Industries (Israel), Bae Systems (UK) are some of the leading companies in the hypersonic weapons companies. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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