Armed forces across the world are actively investing significant resources for developing advanced technology that substantially enhances both the offensive and defensive ability of a country. 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 only recently. Hypersonic systems can hover at a speed more than Mach 5 (speed of light) and can maneuver swiftly.
Read Report Overview: Hypersonic Technology Market
Hypersonic systems use air-breathing scramjet engines that allow them to hover at extremely high speeds. Moreover, due to the extreme speeds, the surface of the hypersonic vehicles reaches severe temperatures, which conventional materials cannot withstand; hence, exotic materials such as titanium or ceramic materials are utilized for making the surface of these vehicles. Primarily, there are three types of hypersonic systems that are currently deployed or are in the development stage.
Hypersonic Glide Vehicles are Attracting Increasing Investments
- Hypersonic Glide Vehicle
- Hypersonic Cruise Missile
- Hypersonic Spaceplane
Hypersonic glide vehicles (HGVs) are delivered by both medium- and longer-range rocket boosters and can travel over a speed of Mach 5. The major difference between missiles equipped with HGVs and missiles equipped with ballistic reentry vehicles is the former’s capability to maneuver and alter course after they are discharged from their rocket boosters. Moreover, many theories for the delivery of HGVs assume that the boosters will commence along with a depressed, or flatter trajectory compared to a standard ballistic missile and will discharge their gliders at a lower altitude of flight. In 2020, the hypersonic glide vehicles acquired the highest market value of $3.75 billion, and the value is expected to grow to $9.98 billion by 2031 at a CAGR of 9.54% during the forecast period.
Military Dominates Global Hypersonic Technology Market
Armed forces around the world are investing a significant amount of their resources in developing hypersonic technology. Armed forces aim to equip an advanced weapon that cannot be detected by current radar and satellite systems. Armed forces are expected to use these advanced high speeds to stick time-critical targets. As these weapons travel at more than Mach 5, they can reach any point on Earth in less than an hour. In 2020, the military segment acquired the highest market value of $4.67 billion and is expected to grow to $11.58 billion by 2031 at a CAGR of 8.82% during the forecast period.
U.S. to Witness Fastest Growth in Hypersonic Technology Market
The U.S. dominated the global hypersonic technology market in 2020 and is anticipated to uphold its dominance throughout the forecast period. Factors such as the presence of major hypersonic technology manufacturers and a significant investment by the U.S. Department of Defense (DoD) fueled the high growth rate and major share of the U.S. in the hypersonic technology market. Moreover, the increasing demand for advanced weapons for offensive applications powered the growth rate in the region.
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The global hypersonic technology market is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the global hypersonic technology market exhibits an inclination toward emerging strategies and developments by market players.