Major players in the hypersonic missiles market are Lockheed Martin, Raytheon Technologies, Northrop Grumman, Boeing, Saab AB, Systima Technologies, Mitsubishi Heavy Industries Ltd. , Tactical Missiles Corporation, China Aerospace Science and Industry Corporation, Thales Group, and Denel Dynamics.
New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hypersonic Missiles Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06173903/?utm_source=GNW
The global hypersonic missile market is expected to grow from $94.21 million in 2020 to $98.96 million in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $123.18 million in 2025 at a CAGR of 5.6%.
The hypersonic missiles market consists of sales of hypersonic missiles by entities (organizations, partnerships) that manufacture hypersonic missiles powered by high-speed, air-breathing engines, or scramjets.The hypersonic missiles travel five times faster than sound, which is roughly 1 mile per second and can reach speeds of up to 7672 miles per hour or more.
Hypersonic weapons reduce the time it takes to pursue a target, the time warnings are available to an enemy, and the time defense systems have to deal with an imminent threat.
The main types of products in hypersonic missiles are hypersonic glide vehicles and hypersonic cruise missiles.The hypersonic glide vehicles are a type of hypersonic missile that utilizes a re-entry vehicle to breach the speed of sound which is enough to overcome existing missile defense systems.
It is used in wire guidance, command guidance, terrain contour matching, terrestrial guidance, inertial guidance, beam rider guidance, laser guidance, and radiofrequency, and GPS reference and is implemented in various verticals such as military and civil.
North America was the largest region in the hypersonic missiles market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The development of new hypersonic cruise missiles is a key trend gaining popularity in the hypersonic missiles market.Major companies operating in the hypersonic missiles sector are focused on developing hypersonic missiles to strengthen their position.
For example, Boeing, Lockheed Martin, and Raytheon announced plans in August 2020 to develop a new solid-rocket air-breathing hypersonic standard cruise missile for launch from current fighter-bomber aircraft.According to Air Force authorities, these businesses are the only reliable sources of hypersonic cruise missiles.
Hypersonic weapons move at speeds ranging from Mach 5 to Mach 10 — or 3,840 to 7,680 miles per hour.
In December 2020, Lockheed Martin, a US-based aerospace company acquired Aerojet Rocketdyne for a deal amount of $4.4 billion. The acquisition is expected to enhance Lockheed Martin’s allied security missions, space, and hypersonic technology. Aerojet Rocketdyne is a US-based rocket and missile, propulsion manufacturer.
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, according to the Stockholm International Peace Research Institute report in 2021, global military spending increased to $2 trillion in 2020, a 2.6% increase over 2019. 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.
The countries covered in the hypersonic missiles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06173903/?utm_source=GNW
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