New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Hypersonic Technology Market Size Expected to Grow from USD 6.18 Billion in 2023 to USD 12.07 Billion by 2033, at a CAGR of 6.92% during the forecast period 2023-2033.
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Hypersonic technologies include long-range missiles, space launch vehicles, and theater- and global-reach aircraft meant for weapon delivery or surveillance missions. Because hypersonic technology can deliver nuclear payloads quicker and more efficiently than current ballistic missile defense systems, the sector is expanding. Furthermore, the market is expanding positively due to the continuous implementation of products in various military solutions and the continuous research and development (R&D) endeavors to generate arsenals of arms that are enabled in hypersonic flight. When an object travels faster than sound, it is said to be traveling at a hypersonic speed, which is typically described as starting at Mach 5 (the Mach number is an important parameter to compare the speed of any object with the speed of sound) and higher. However, governments in middle-class and low-income economies often face competing agendas and economic restrictions that make it difficult for them to commit substantial financing to hypersonic initiatives.
Browse key industry insights spread across 230 pages with 90 Market data tables and figures & charts from the report on the "Global Hypersonic Technology Market Size, Share, and COVID-19 Impact Analysis, By Type (Hypersonic Glide Vehicle, Hypersonic Cruise Missile, Hypersonic Spaceplanes), By Launch Mode (Air Launched, Surface Launched, Subsea Launched), By End User (Military, Air Force, Navy, Space), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hypersonic glide vehicle segment is expected to hold the largest share of the hypersonic technology market during the anticipation timeframe.
Based on the type, the hypersonic technology market is categorized into hypersonic glide vehicle, hypersonic cruise missile, and hypersonic spaceplanes. Among these, the hypersonic glide vehicle segment is expected to hold the largest share of the hypersonic technology market during the anticipation timeframe. The military is anticipated to be very interested in hypersonic glide missiles all over the world, possibly snatching up a sizable chunk of the hypersonic technology market. These missiles combine variable flight paths with long-range precision. Ballistic missiles propel them to great speeds, from whence they glide at hypersonic speeds.
The surface launched segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the launch mode, the hypersonic technology market is categorized into air launched, surface launched, and subsea launched. Among these, the surface launched segment is expected to grow at the fastest CAGR during the anticipation timeframe. Surface-launched systems are designed to be operated from stationary installations or from ground-based mobile launchers. Given their speed and agility, hypersonic missiles can outmaneuver existing missile defense systems.
The military segment is expected to hold a significant share of the global hypersonic technology market during the anticipation timeframe.
Based on the end user, the hypersonic technology market is categorized into military, air force, and navy, space. Among these, the military segment is expected to hold a significant share of the hypersonic technology market during the anticipation timeframe. This is as a result of its immediate usage in strategic defense and precision strike capabilities. Because of their unparalleled speed and mobility, glide missiles and other hypersonic armaments are essential for military operations.
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North America is projected to hold the largest share of the hypersonic technology market over the anticipation timeframe.
North America is projected to hold the largest share of the hypersonic technology market over the anticipation timeframe. The region benefits from significant defense spending, and robust R&D initiatives enable significant investments in hypersonic technology. Because of their extraordinary speed and maneuverability, hypersonic weapons are becoming more and more relevant in North America as modern warfare evolves.
Asia Pacific is expected to grow at the fastest CAGR growth of the hypersonic technology market during the anticipation timeframe. Due of territorial concerns in the area, countries including China, India, and Japan are investing in the development of hypersonic missiles, which is driving market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hypersonic technology market are BAE Systems, Brahmos Aerospace, General Dynamics Corporation, Lockheed Martin, Leidos (Dynetics),, Spirit AeroSysems, Inc., Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, and others Key vendors.
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Recent Developments
- In Jan 2024, In 2027, Raytheon is to get a $407.6 million contract modification from the Air Force for the Hypersonic Attack Cruise Missile (HACM).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hypersonic technology market based on the below-mentioned segments:
Global Hypersonic Technology Market, By Type
- Hypersonic Glide Vehicle
- Hypersonic Cruise Missile
- Hypersonic Spaceplanes
Global Hypersonic Technology Market, By Lauch Mode
- Air Launched
- Surface Launched
- Subsea Launched
Global Hypersonic Technology Market, By End User
- Military
- Air Force
- Navy
- Space
Global Hypersonic Technology Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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