Hypersonic Missiles Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033

"The Business Research Company recently released a comprehensive report on the Global Hypersonic Missiles Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Major countries in the world are increasing their focus on introducing long-range hypersonic programs to gain a competitive edge in the market. Long-Range Hypersonic Programs refer to military or aerospace initiatives focused on the development, research, and implementation of hypersonic missile systems with extended operational ranges. For instance, in October 2022, the United States Department of Defense successfully conducted a flight test of hypersonic weapon components. The test was carried out by the United States Navy and Army at NASA's Wallops Flight Facility in Virginia. The purpose of the test was to validate future aspects of the Navy's Conventional Prompt Strike (CPS) and the Army's Long Range Hypersonic programs. The test assessed hypersonic weapon communications and navigation equipment, as well as advanced glide vehicles. These hypersonic glide vehicles are launched from a rocket in the upper atmosphere and glide toward the target at speeds of about 3,853 miles (6,200 km) per hour.

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Major Key Players of the Market:

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

Hypersonic Missiles Market 2024 Key Insights:

• 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%.
• Government And Defense Investments Propel Hypersonic Missiles Market
• Introduction Of Long-Range Hypersonic Programs In The Hypersonic Missiles Market
• North America was the largest region in the hypersonic missiles market in 2023

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