The market for supersonic and hypersonic weapons is projected to grow with a CAGR of more than 6% during the forecast period.
- Growth in defense spending is attracting R&D investments into the market, especially into the hypersonic weapons technologies. Countries like Russia, China, and the US are progressing with research in many advanced hypersonic weapon technologies, and many countries are about to join the race in the years to come.
- The increasing global conflicts and the belief in deterrence theory are propelling the nations to develop advanced nuclear-capable weapons, thereby driving the market growth.
- The growing number of partnerships between the companies in developing these supersonic and hypersonic weapons is helping technological advancements in the industry.
Key Market Trends
Missile Segment Registered the Highest Revenue Share in 2019
By the end of 2019, the Missile segment had 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 own missile defense programs to counter threats from other countries. For instance, as a part of the Indian Ballistic Missile Defence Programme, an initiative to develop 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 own ballistic missiles. Also, countries in 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.
As of 2019, Europe is the Largest Market for Supersonic and Hypersonic Weapons in the World.
Due to major developments in supersonic and hypersonic weapon technologies by many countries in the region, Europe remained the largest revenue generator for the region. Russia has been the main demand generating country in the region. The country is progressing forward with the development of many advansed missile systems. In March 2018, Russia unveiled a new prototype missile that can travel anywhere on the earth and a supersonic weapon that the country claims cannot be tracked by anti-missile systems. The country announced that the production of the cruise missile has started in the same year. Also, in August 2019, Russia showcased its Kh-47M2 Kinzhal (“Dagger”) Nuclear-Capable, Air-Launched Ballistic Missile (ALBM) at an airshow in central Russia. The hypersonic missile 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), by 2021.
Raytheon Company, Roscosmos, MBDA, Tactical Missiles Corporation, Northrop Grumman 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 Company and Kongsberg Gruppen AS partnered for co-producing a new Naval Strike Missile for the United States, and the production has started in 2018. In addition, another partnership, comprising of Raytheon Company and Northrop Grumman Corporation is developing air-breathing hypersonic weapons for the Unitred States 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.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.2.2 Hypersonic Glide Vehicle
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Latin America
188.8.131.52 Rest of Latin America
5.3.5 Middle-East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Kongsberg Gruppen AS
6.2.3 Raytheon Company
6.2.5 Lockheed Martin Corporation
6.2.6 Northrop Grumman Corporation
6.2.9 Tactical Missiles Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.