Supersonic and Hypersonic Weapons Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Supersonic and Hypersonic Weapons Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for supersonic and hypersonic weapons is projected to witness a CAGR of more than 6% during the forecast period.

The Covid-19 pandemic has affected the global economy drastically in 2020. Although defense spending is on an increasing trend in 2020, the economic effect of the pandemic might force the governments to reduce defense spending growth levels in the years to come, thereby affecting the R&D spending. This might affect the Supersonic and Hypersonic Weapons Market during the forecast period.

Countries, like Russia, China, India, and the United States, are progressing with research in many advanced hypersonic weapon technologies, and many countries are about to join the race in the future. The growing number of partnerships between the companies in developing supersonic and hypersonic weapons is helping technological advancements in the industry.

The increasing global conflicts and the belief in deterrence theory are propelling the nations to develop advanced nuclear-capable supersonic and hypersonic weapons, thereby, driving the market growth.

Key Market TrendsMissile Segment Registered the Highest Revenue Share in 2020

The missile segment currently has the highest share in the market. This is mainly due to the increasing procurement of missiles by various countries in the world. While cruise missiles are among the most procured missiles, research is also in progress for developing advanced ballistic missiles, especially hypersonic. Several countries have developed their missile defense programs to counter threats from other countries. For instance, as a part of the Indian Ballistic Missile Defence Programme, an initiative to create and deploy a multi-layered ballistic missile defense system to protect India from ballistic missile attacks, the country is procuring supersonic and hypersonic missiles from various countries, in addition to developing its ballistic missiles. Also, countries in the Middle East, like Israel and Iran, are testing and including supersonic and hypersonic missiles in their armory in the wake of rising political tensions in the region. In October 2021, Lockheed Martin and Israel Aerospace Industries (IAI) announced their partnership to develop a hypersonic interceptor missile, boosting Israeli air defense capabilities. Such developments are expected to further drive the growth of the segment during the forecast period.

Europe was the Largest Market for Supersonic and Hypersonic Weapons in the World in 2020

Due to major developments in supersonic and hypersonic weapon technologies by many countries in the region, Europe remained the largest revenue generator for supersonic and hypersonic weapons. Russia has been the primary demand-generating country in the region. The country is progressing forward with the development of many advanced missile systems. In November 2021, Russia announced that its navy has successfully test-fired a prospective hypersonic missile. The Defense Ministry said the Admiral Gorshkov frigate in the White Sea launched the Zircon cruise missile, hitting a practice target 400 kilometers (215 nautical miles) away. The launch was the latest in a series of tests of Zircon, which is set to enter service in 2022. Russia has also developed Kh-47M2 Kinzhal (“Dagger”) Nuclear-Capable, Air-Launched Ballistic Missile (ALBM) that can attain speeds of more than Mach 10. Likewise, France has also joined the race to develop ‘hypersonic’ weapons, after China, Russia, and the United States. The country, in January 2019, announced its Project V-MaX, which aims to create a hypersonic glider that has a speed of more than Mach 5 (i.e., nearly 3,700 miles per hour). The country announced that it would carry out the maiden flight of its hypersonic glider, the V-MAX (Véhicule Manoeuvrant Expérimental), by the end of 2021.

Competitive Landscape

Raytheon Technologies Corporation, The Boeing Company, MBDA, Tactical Missiles Corporation, Lockheed Martin Corporation are some of the major players in the market. Joint ventures, like the Ariane Group (between Airbus SE and Safran SA), MBDA (between Airbus SE, Leonardo Company, and BAE Systems PLC) in the market, are predominant. There are also partnerships between companies that are aimed at developing technologies tailored to the specific requirements of the militaries. For instance, Raytheon Technologies and Kongsberg Gruppen AS partnered for co-producing a new Naval Strike Missile for the United States. In addition, another partnership, comprising of Raytheon Technologies and Northrop Grumman Corporation, is developing air-breathing hypersonic weapons for the US military. Research is also in progress for developing advanced technologies in hypersonic weapons, especially in hypersonic glide vehicles, but only a few companies have the technology at their disposal. Thus, players can target the countries, which are aiming to get equipped with these technologies, and thereby, grab new opportunities to gain a better market share.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

The Boeing Company
Kongsberg Gruppen AS
Raytheon Technologies Corporation
Israel Aerospace Industries
Lockheed Martin Corporation
Northrop Grumman Corporation
MBDA
DRDO
Tactical Missiles Corporation
ArianeGroup

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