The global hypersonic missile market is predicted to display commendable progress during the forecast period of 2024-2032. A hypersonic missile is a sophisticated, self-propelled, maneuverable, precision-guided weapon that achieves the minimum velocity of Mach 5, making it a significant advancement in the aerospace & defense sector. The hypersonic missile’s distinct advantage over ballistic missiles is its ability to maneuver at high speeds over traditional ballistic trajectories, enabling it to strike any designated target. These missiles employ kinetic energy generated by their motion to engage targets, including underground structures, without requiring explosives. This unique capability makes them a formidable force in modern warfare. The escalating threats of terrorist activities, coupled with advancements in technologies and growing demand for rapid response attacks, are propelling the global hypersonic missile market growth in the foreseeable future.
Fortune Business Insights presents this information in a report titled “Hypersonic Missile Market, 2024-2032.”
Informational Source:
https://www.fortunebusinessinsights.com/hypersonic-missile-market-108333
Russia-Ukraine War Impact:
Emerging Opportunities for Expansion of Business to Propel Product Demand
The ongoing conflict between Russia and Ukraine has had a significant impact on the hypersonic missile market. In March 2023, Russia deployed six hypersonic missiles known as “Kinzhal” in the ongoing strike with 81 missiles on Ukraine. This led to a surge in the demand for hypersonic missiles in developed and emerging economies. Recent announcements by the Indian and Russian governments regarding their joint collaboration to develop the hypersonic cruise missile BrahMos 2K has further highlighted the growing interest in the hypersonic industry. Furthermore, the war has opened up new opportunities for other countries in this market. Countries, such as China and South Korea have seized this opportunity to expand their business in this industry.
Major Players Profiled in the Report:
- Aerojet Rocketdyne Holdings Inc. (U.S.)
- SAAB (Sweden)
- The Boeing Company (U.S.)
- General Dynamics Corporation (U.S.)
- Brahmos Aerospace Pvt. Ltd. (India)
- Lockheed Martin Corporation (U.S.)
- S.C. Tactical Missiles Corporation (Russia)
- Denel Dynamics (South Africa)
- Northrop Grumman Corporation (U.S.)
- Thales Group (France)
- Raytheon Technologies (U.S.)
Segments:
By type, the market is classified into glide vehicle, cruise missile, and ballistic missile.
By launching platform, the market is segregated into air launched, land launched, and marine launched.
By range, the market is segmented into long range (above 2000 km) and short range (up to 1000 km).
By propulsion engine, the market is divided into liquid & solid-fueled rockets, turbojets, ramjet, ducted rocket, scramjet, and dual combustion ramjet.
By overhead, the market is classified into conventional and nuclear.
With respect to geography, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report analyzes the market in depth and highlights several key areas, such as leading types, launching platforms, and key market players. It also focuses on the top market developments and the latest industry trends. Besides the aforementioned factors, the report covers many other factors that have helped the market grow.
Drivers and Restraints:
Growing Demand for Rapid Response Attack to Spur Market Growth
The U.S. military is currently developing hypersonic missiles that integrate the high-speed and long-range capabilities of ballistic missiles with the maneuverability and midcourse missile defense of subsonic cruise missiles. Many nations, including the U.S., Russia, China, and Germany are allocating substantial resources to fortify their defense capabilities to safeguard their national security. These countries are heavily investing in research and development of the hypersonic missile, scrum jet technology, and other emerging technologies, thereby fostering a positive growth trajectory for this market.
However, the primary restraints on the advancement of hypersonic missiles are managing the intense heat generated by it and designing propulsion systems that are capable of efficient operation at hypersonic speed.
Regional Insights:
North America to Dominate Market Due to Growing Demand to Counter Military Threats
North America is poised for substantial growth driven by the growing demand to counter military threats. The U.S. conducted a threat test to test a hypersonic air-breathing weapon missile in March 2023 to prevent tensions with Russia.
Countries, such as China and India are emerging as key players in Asia Pacific, with India’s advancements evident with its operation of 12 successful hypersonic wind tunnels and its forthcoming tests of Mach 13 cruise missiles under the Hypersonic Technology Demonstrator Vehicle Program.
The Middle East, represented by Iran and Israel, also made substantial investments in missile technology, positioning the region as a key player in the future landscape of hypersonic weaponry.
Competitive Landscape:
Leading Market Players to Focus On Partnerships to Remain Competitive
Some of the leading players operating in this market include Aerojet Rocketdyne Holdings Inc., SAAB, The Boeing Company, General Dynamics Corporation, Brahmos Aerospace Pvt. Ltd., Lockheed Martin Corporation, J.S.C. Tactical Missiles Corporation, Denel Dynamics, Northrop Grumman Corporation, Thales Group, Raytheon Technologies, and others. These firms are increasing their efforts by engaging in partnerships to remain competitive.
Key Industry Development:
- February 2023: The U.S. Department of Defense, in collaboration with the Navy, entered a contractual agreement with Lockheed Martin, a prominent American provider of advanced and continually evolving mission capabilities. This agreement, valued at over USD 2 billion, focuses on integrating hypersonic strike capabilities with surface vessels.
- October 2022: Raytheon Technologies secured a contract from the U.S. Air Force by involving an investment of USD 985 million for the development and demonstration of the U.S.’s newest weapon system, the air-launched hypersonic attack cruise missile.
- April 2022: The U.S., the U.K., and Australia jointly announced their collaboration with the newly created security alliance AUKUS to develop hypersonic missiles.
- February 2022: It was reported that the U.K. and France had formalized a government agreement and signed a contract within the FC/ASW program. This development coincided with the initiation of the assessment phase for the design of hypersonic missiles under the program.
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