Market Research Future (MRFR) has published a cooked research report on the “Global Hypersonic weapons Market” that contains information from 2018 to 2032. The hypersonic weapons market is estimated to register a CAGR of 11.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global hypersonic weapons market— Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), BAE Systems (UK), Thales Group (France), Hanwha Group (South Korea), Brahmos Aerospace Corporation (India), Israel Aerospace Industries (Israel), L3harris technologies Inc (US)., and others.
The global hypersonic weapons market is accounted to register a CAGR of 11.80% during the forecast period and is estimated to reach USD 17.73 Billion by 2032.
The hypersonic weapons market involves the development and deployment of ultra-fast weapons that travel at speeds exceeding Mach 5. These weapons have implications for global defense strategies, offering rapid strike capabilities and increased deterrence.
The global hypersonic weapons market has been segmented based type, domain, range and subsystem.
On the basis of type, the market is segmented into hypersonic missiles, hypersonic glide vehicles. The hypersonic missiles segment dominated the market, accounting for 66.24% of market revenue. Incredibly versatile and capable of striking a wide range of targets, including ships, ground targets, and valuable infrastructure, hypersonic missiles can be launched from both land and water.
Based on domain, the global hypersonic weapons market has been segmented into land, naval, airborne. The land category generated the most income (45.23%). Land-based hypersonic missiles are strategically important for a nation's defense posture. Attacks on a range of targets, such as enemy military installations, priceless infrastructure, and potential land threats, can be launched using these systems.
Based on range, the global hypersonic weapons market has been segmented into short-range, medium-range, long-range. The medium-range segment dominated the market, accounting for 43.31% of market revenue. Medium-range hypersonic missiles reach a balance between short-range and long-range systems because to their agility in operational application.
Based on Subsystem, the global hypersonic weapons market has been segmented into Guidance System, Propulsion Systems, Boost-Glide, Warheads. The Guidance System segment dominated the market, accounting for 41.24% of market revenue. The guidance system, a vital component of hypersonic weapons, guarantees precise targeting and effective flight.
The global hypersonic weapons market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe hypersonic weapons market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The hypersonic weapons market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World hypersonic weapons market comprises of Middle East, Africa, and Latin America.
The North America hypersonic weapons market dominated this market in 2022 (45.80%). This is a result of the enormous investment made in the creation, use, and research of hypersonic systems.
Moreover, the second-largest market share for hypersonic weapons is held by Europe. This is because, in response to geopolitical upheaval in their neighbors' countries, European nations increased their spending in cutting-edge weaponry, particularly hypersonic weapons.
Additionally, the Asia-Pacific hypersonic weapons market is expected to grow at the fastest CAGR from 2023 to 2032. This is owing to the rapidly changing military technological landscape in the region, which has led to investments in hypersonic research and development by regional countries to maintain a competitive edge.
Furthermore, the rest of the world's hypersonic weapons market is divided into the Middle East, Africa, and Latin America. Latin America is monitoring developments in hypersonic weapons technology, recognizing its potential impact on regional defense strategies and deterrence measures.
Key Findings of the Study