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(Transportation-News.com, June 28, 2023 ) This report analyzes the hypersonic weapons market from 2023 to 2030. It discusses various industry and technology trends currently prevailing in the hypersonic weapons market along with the factors that drive, restrain, and challenge the market growth globally. The hypersonic weapons market is estimated to be USD 6.8 billion in 2023 and is projected to reach USD 14.5 billion by 2030, at a CAGR of 11.4% from 2023 to 2030. Hypersonic weaponss are experiencing a surge in utilization worldwide due to their capability to travel at speeds exceeding Mach 5 (five times the speed of sound), maneuverability, penetration capabilities, precision and accuracy.
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Based on Type, Based on type, the hypersonic weapons market has been segmented into hypersonic missiles and hypersonic glide vehicles. The hypersonic missiles segment is expected to lead the hypersonic weapons market in 2023. Hypersonic Missiles generally possess limited maneuvering capabilities due to their reliance on engines for propulsion. While they can adjust their trajectory to some extent, their maneuverability is restricted compared to hypersonic glide vehicles. This makes hypersonic missiles more convenient for developing and manufacturing. The military's continued investment is driving innovation and growth in the industry.
Based on Domain, The hypersonic weapons market has been segmented into Land, Naval, Airborne. Land-based hypersonic weapon systems often offer cost advantages compared to their counterparts in the sea or air segments. They can leverage existing land-based missile defense systems or launch platforms, minimizing the need for substantial infrastructure development. This cost-effectiveness and accessibility make land-based options attractive for countries seeking to acquire hypersonic capabilities within their defense budgets.
Based on Range, The hypersonic weapons market has been segmented Short Range, Medium Range, Long Range. Long range hypersonic weapons are estimated to register the highest CAGR during the forecasted period. Long-range hypersonic weapons can cover intercontinental distances, allowing nations to project power globally. With their high speeds and efficient propulsion systems, these weapons can traverse vast distances in relatively short periods, providing the ability to strike targets located far from their launch sites.
Based on Components, the hypersonic weapons market has been segmented into Guidance Systems, Propulsion Systems, Warhead.The propulsion segment is projected to develop at the highest CAGR during the forecast period owing to technological advancements in the hypersonic weapons market.
Based on Region, the Asia pacific region is estimated to lead the market in 2023. This region includes China, Japan, India, South Korea, and rest of Asia Pacific. The increasing investments in hypersonic weapons R&D and technological improvements drive the region in market. Hypersonic weapons is growing at the highest CAGR in Asia Pacific region owing to border tensions, rising military budget, and development of hypersonic technologies.
Key Market Players
Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumann Corporation (US), L3Harris Technologies Inc. (US), Leidos (US), Thales Group (UK), General Dynamics Corporation (US), Boeing (US), Israel Aerospace Industries (Israel), Bae Systems (UK) are some of the leading companies in the hypersonic weapons market. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe & Asia pacific. These companies have products with wider applications, a larger product footprint, significant market share and, broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.
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