Hypersonic refers to missiles, aircraft, rockets, and spacecraft that can achieve speeds faster than Mach 5, i.e., nearly 4,000 miles per hour. Hypersonic Technology is used in the carrier vehicle for hypersonic & long-range cruise missiles and will have several civilian applications, including the launching of small satellites at low cost.
According to MarkNtel Advisors, the Global Hypersonic Technology Market is anticipated to grow at a CAGR of around 8% during the forecast period, i.e., 2021-28. Militaries worldwide are actively investing numerous resources toward developing advanced technologies for enhancing the offensive & defensive abilities of their respective countries. Hypersonic technology is one such area that has gained focus in recent years. Although the technology is almost 60 years old, armed forces have begun realizing the true potential of hypersonic weapons.
Moreover, the countries like the US, Russia, and China are significantly investing toward developing hypersonic technology, followed by India, Australia, Japan, France, and Germany. These nations are awarding programs to major defense companies to equip hypersonic-enabled weapons in their arsenal. The hypersonic technology programs around the globe include 3M22 Tsirkon in Russia, BrahMos in India, and AGM-183 Air Rapid Response Weapon (ARRW) by the US, further states the research report, “Global Hypersonic Technology Market Analysis, 2021.”
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2018-19 |
Base Year: 2020 | |
Forecast Period: 2021-28 | |
CAGR(2022-26) | 8% |
Regions Covered | North America: USA |
Europe: Germany, UK, France, Russia | |
Asia-Pacific: China, India, Japan, Australia | |
Key Companies Profiled | BAE Systems, Brahmos Aerospace, General Dynamics Corporation, Lockheed Martin, Dynetics Inc, Aerojet Rocketdyne Holdings Inc., L3 Harris Technologies Inc., Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, SPACEX, Thales Group, Boeing Company, NPO Mashinostroyeniya, Votkinsk Machine Building Plant |
Unit Denominations | USD Million/Billion |
Impact of COVID-19 on the Global Hypersonic Technology Market