USD 18 Billion Hypersonic Missiles Market Value Cross by 2032 | Top Players such as - Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corporation

According to a recent report published by Allied Market Research, titled, "Hypersonic Missiles Market by Type, Range, End-User, and Launch Platform: Regional Opportunity Analysis and Industry Forecast, 2023-2032," the hypersonic missiles market size was valued at $6,328.3 million in 2022, and is projected to reach $18,005.7 million by 2032, registering a CAGR of 11.3% from 2023 to 2032.

Increase in defense budgets in various countries provide the financial resources necessary for research, development, and deployment of hypersonic missile systems, which is expected to increase the hypersonic missiles market size. The market forecast indicates a growing market demand for advanced weaponry and precision-strike capabilities. The proliferation of hypersonic missile technology is expected to increase as more countries acquire the capability to develop and deploy such weapons, leading to a more complex and contested strategic environment. For instance, in 2022, Raytheon, defense contractor and manufacturer of hypersonic technologies, secured a contract worth $1 billion from U.S. Air Force to develop Hypersonic Attack Cruise Missile (HACM). Moreover, companies are focused on the advancement of design and efficiency of scramjet engines used to power the hypersonic cruise missile. Therefore, such developments are expected to drive the growth of hypersonic cruise missiles, which in turn boosts the growth of the hypersonic missiles market.

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The hypersonic ballistic missile is launched from a ground-based launcher, submarine, or other launch platform using a powerful rocket booster. The booster stage provides the initial thrust required to propel the missile into the upper atmosphere or space. Few countries possess hypersonic ballistic missiles and are involved in the development of other hypersonic weapon systems. For instance, the Kh-47M2 Kinzhal is a hypersonic airlaunched ballistic missile system introduced into operational service in December 2017. It was among the six new strategic weapons revealed by Russian President Vladimir Putin in March 2018. Moreover, increased investment in hypersonic missile programs has been driven by heightened strategic competition among major powers such as the U.S., Russia, and China. Nations are pursuing the development of advanced hypersonic weapons to uphold or bolster their military capabilities and to deter potential adversaries. Such factors are expected to drive the growth of the hypersonic ballistic missiles market during the forecast period.

North America is studied across the U.S. Since the early 2000s, the U.S. has been actively engaged in the development of hypersonic weapons, which are maneuverable projectiles capable of flying at speeds exceeding Mach 5. This effort has been part of the country's conventional prompt global strike program. In recent years, the U.S. has directed its efforts toward the development of hypersonic glide vehicles, which are launched via rockets before gliding toward their target, and hypersonic cruise missiles, powered by high-speed air-breathing engines during flight.

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The headquarters of U.S. Department of Defense (DOD), Pentagon requested budget for hypersonic research in FY2023 amounted to $4.7 billion, which represented an increase from the $3.8 billion requested in FY2022. However, the Pentagon did not provide a breakdown of funding specifically allocated for hypersonic-related research in its FY2024 budget request. Instead, it requested $11 billion for the category of long-range fires, which includes funding for hypersonic weapons among other capabilities. Moreover, the Missile Defense Agency (MDA) requested $190.6 million for hypersonic defense in FY2024, marking a decrease from its $225.5 million request in FY2023. This funding is dedicated to developing defensive measures against hypersonic threats. Top defense contractors compete to expand their portion of the hypersonic missiles market share by investing in advanced technologies and forming strategic partnerships. In addition, the defense forces of the country have been actively providing contracts to players in the defense industry to develop and deploy advanced hypersonic weapons to maintain military dominance and protect nations security interest.

For instance, in March 2023, the Navy announced to allocate more than $50 million per round, on average, for the Conventional Prompt Strike (CPS) hypersonic missiles over the next five years. The total cost of procuring 64 CPS missiles between fiscal years 2024 and 2028 is estimated to exceed $3.6 billion. The companies involved in the production and development of the CPS hypersonic missiles for the U.S. Navy are Lockheed Martin and Raytheon.

Furthermore, the U.S. has been actively investing in R&D of hypersonic weapons and hypersonic missile technology to maintain its technological edge and strategic superiority. For instance, in 2024, the U.S. army requested $943 million for long-range hypersonic weapon (LRHW) research, development, test, and evaluation (RDT&E) in FY2024, along with $156.8 million for the procurement of LRHW ground support equipment. Therefore, rise in government investments drives innovation in hypersonic missile technology, encouraging R&D efforts by both government agencies and private defense contractors. This leads to the creation of new and improved missile systems with enhanced capabilities, which is expected to boost the growth of the hypersonic missile industry.

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KEY FINDINGS OF THE STUDY
On the basis of type, the hypersonic boost glide missile segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of range, the long range segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of end user, the navy segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of launch platform, the sea launch segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of region, Middle East and Africa is the fastest growing region.

The key players analyzed in this report are Lockheed Martin Corporation

Raytheon Technologies Corporation

Northrop Grumman Corporation

L3Harris Technologies, Inc.

Leidos

BrahMos Aerospace

Kratos Defense & Security Solutions, Inc.

BAE Systems

Rostec

Israel Aerospace Industries

Read More- https://www.alliedmarketresearch.com/press-release/hypersonic-missile-market.html

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