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 increase observed in the historical period can be ascribed to military modernization programs, geopolitical tensions and arms race, strategic deterrence and national security considerations, a rising threat perception, and 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 expansion anticipated in the forecast period can be linked to an increased focus on offensive and defensive capabilities, global military alliances and collaborations, a growing demand for precision strike capabilities, emphasis on scalability and affordability, and integration with multi-domain operations. Major trends projected for the forecast period encompass rapid technological advancements, advancements in aerospace technology, developments in hypersonic technology, increased military investments, and a rise in hypersonic glide vehicles.

The hypersonic missiles market is experiencing growth due to increased initiatives and funding from governments and defense forces. The Pentagon's $3.8 billion budget request for hypersonic research in fiscal year 2022 and the record-high world military expenditure in 2022, reaching $2,240 billion, demonstrate the significant investments in hypersonic technology. The top three spenders, the United States, China, and Russia, collectively accounted for 56% of the total global military spending.

The growth of the hypersonic missile market is expected to be fueled by increasing security concerns. Security concerns encompass potential threats, risks, or issues that pose a danger or challenge to the safety, well-being, and stability of individuals, organizations, or nations. Hypersonic missiles play a crucial role in addressing security concerns by rapidly reaching targets, reducing reaction time for defenses, and possessing the ability to maneuver unpredictably, making them challenging to track and intercept. According to the Institute for Economics and Peace, the number of terrorist attacks increased by 17% from 4,458 in 2020 to 5,226 in 2021. Consequently, the growth of the hypersonic missile market is driven by escalating security concerns.

Countries worldwide are intensifying their focus on Long-Range Hypersonic Programs to gain a competitive edge. An example is the United States Department of Defense's successful flight test in October 2022, conducted at NASA's Wallops Flight Facility in Virginia. The test aimed to validate aspects of the Navy's Conventional Prompt Strike and the Army's Long Range Hypersonic programs, assessing hypersonic weapon communications, navigation equipment, and advanced glide vehicles launched from the upper atmosphere at speeds of about 3,853 miles per hour.

Major companies are intensifying their efforts to secure military contracts for a competitive edge. Military contracts involve legally binding agreements between governments or military entities and private defense contractors, specifying terms for the supply of goods or services related to military needs. For instance, in February 2023, US-based aerospace company Lockheed Martin Corporation was awarded a $1.1 billion initial contract to provide the US with its first sea-based hypersonic strike capability. This contract involves integrating the Conventional Prompt Strike (CPS) weapon system onto ZUMWALT-class guided missile destroyers. The CPS is a hypersonic boost-glide weapon system offering long-range, high-speed missile flight with exceptional survivability against enemy defenses.

In June 2023, US-based defense technology company Anduril Industries acquired Adranos Inc. for an undisclosed amount. This acquisition positions Anduril to supply solid rocket motors for crucial Department of Defense programs involving missiles, hypersonics, and propulsion systems. Adranos Inc. is a US-based aerospace and defense company known for providing high-performance solid rocket fuel called ALITEC for missile and hypersonic applications.

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.

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. The countries covered in the hypersonic missiles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products in hypersonic missiles include hypersonic glide vehicles and hypersonic cruise missiles. Hypersonic glide vehicles breach the speed of sound using a re-entry vehicle, making them effective against existing missile defense systems. These missiles are employed in various guidance systems and find applications in military and civil sectors.

The hypersonic missiles market research report is one of a series of new reports that provides hypersonic missiles market statistics, including hypersonic missiles industry global market size, regional shares, competitors with a hypersonic missiles market share, detailed hypersonic missiles market segments, market trends and opportunities, and any further data you may need to thrive in the hypersonic missiles industry. This hypersonic missiles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hypersonic missiles market consists of sales of hypersonic missiles such as aero-ballistic missiles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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