Hypersonic Missiles Market Growth Analysis, Outlook Report 2024-2033: Strategic Insights

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Hypersonic Missiles Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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 growth in the historic period can be attributed to military modernization programs, geopolitical tensions and arms race, strategic deterrence and national security, rising threat perception, 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 growth in the forecast period can be attributed to increased focus on offensive and defensive capabilities, global military alliances and collaborations, growing demand for precision strike capabilities, focus on scalability and affordability, integration with multi-domain operations. Major trends in the forecast period include rapid technological advancements, advancements in aerospace technology, advancements in hypersonic technology, increased military investments, rise in hypersonic glide vehicles.

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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

Major Driver - Government And Defense Investments Propel Hypersonic Missiles Market
The increase in initiatives and funding from the governments and defense forces is contributing to the growth of the hypersonic missiles market. Governments and defense sectors started funding the research on the hypersonic area to strengthen the forces. For instance, the Pentagon, the headquarters building of the United States Department of Defense, requested a $3.8 billion budget for hypersonic research for the fiscal year 2022. Furthermore, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based specialized institute, world military expenditure reached a new record high of $2,240 billion in 2022, which is an increase of 3.7% in real terms compared to the previous year. The top three spenders in 2022 were the United States, China, and Russia, accounting for 56% of the world total. The United States remained the world's largest military spender, with a budget of $877 billion, which was 39% of the total global military spending. Therefore, the increase in initiatives and funding from governments and defense forces is expected to drive the growth of the hypersonic missiles market over the coming years.

Competitive Landscape:
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

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Top Trend - Military Contracts Drive Competitive Advantage In The Hypersonic Missile Market
Major companies operating in the hypersonic missile market are increasing their focus on getting military contracts to gain a competitive edge in the market. Military contracts refer to legally binding agreements between a government or military entity and a private defense contractor. These contracts outline the terms and conditions for the provision of goods or services related to military needs, such as the manufacturing and supply of weapons, equipment, and technology. For instance, in February 2023, Lockheed Martin Corporation, a US-based aerospace company, was awarded a $1.1 billion initial contract to provide the US with its first sea-based hypersonic strike capability. The contract involves integrating the Conventional Prompt Strike (CPS) weapon system onto the ZUMWALT-class guided missile destroyers. The CPS is a hypersonic boost-glide weapon system that allows for long-range missile flight at high speeds while being highly survivable against enemy defenses.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hypersonic Missiles Market Characteristics
3. Hypersonic Missiles Market Trends And Strategies
4. Hypersonic Missiles Market - Macro Economic Scenario
5. Hypersonic Missiles Market Size And Growth
…..
27. Hypersonic Missiles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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