The global hypersonic technology market was calculated at $4.95 billion in 2020. The market is likely to grow at a CAGR of 9.2% during the forecast period, from 2021 to 2027.
The hypersonic frequency is 5 times faster than the speed of sound. Hypersonic technologies are missiles, theater-reach, and global-reach aircraft, space launch vehicles, etc. Hypersonic vehicles empower a new class of flight vehicles to have faster access to space.
Factors Affecting
Growing territorial conflicts are boosting the growth of the global hypersonic technology market throughout the world. For example, 6 countries hold power to the South and East China Seas. The area of the seas provides a plentiful of natural gas and hydrocarbons. The large international trade flow worth trillions of dollars are dependent on the trade. As China expands its dominance in the area and builds military bases on islands, other member countries, Japan, the Philippines, and Vietnam, are increasing forcefulness.
United States is building a common missile body for multiple military branches (C-HGB). On the other hand, Boeing is developing a hypersonic transportation technology to reduce the travel time from New York to Paris to 90 minutes. Thus, these developments will soar the growth of the hypersonic technology market during the analysis period.
Authorities usually face testing challenges in hypersonic technologies. It becomes difficult for facilities to provide full-scale, time-dependent, coupled aerodynamic and thermal-loading environments for flight durations. Thus, the development of hypersonic technologies makes it essential to have good facilities for testing thermal propulsion systems, heat resistant materials, navigation guidance and control systems, and shielding. The testing of hypersonic technologies is expensive. Hence, it can limit the growth of the hypersonic technology market during the forecast period.
Progressions in scramjet technology can create a positive impact on the global hypersonic technology market. A scramjet engine is crucial for obtaining hypersonic speeds. Few nations like India, Australia, and the U.S have initiated the development of scramjet technology. In 2020, India tested a hypersonic technology demonstrator vehicle (HSTDV) based on a scramjet engine. India also joined the club of countries that have succeeded in hypersonic technology. The growth of reliable scramjet engines will prompt the expansion of hypersonic technologies. Thus, it will propel the rise of the global market in the future.
COVID-19 Impact Analysis
The COVID-19 outbreak has had an adverse negative impact on worldwide business. It also impacted the development of expensive technologies like hypersonic technologies. The government-imposed lockdown put a halt to the production and testing process. Hence, it affected the overall deployment.
Adverse disruption and economic downfall halted the adoption of technologies like aircraft and hypersonic missiles. COVID-19 outbreak seized import and export of raw materials in 2020. Thus, the unavailability of raw materials impacted the manufacturing of ground defense equipment.
Regional Analysis
North America would dominate the market by exhibiting the highest CAGR during the forecast time frame. North America would dominate the market by exhibiting the highest CAGR during the forecast time frame. United States' continuous investments in developing hypersonic weapons (Hacksaw) became another reason for its dominance. Furthermore, the country is also developing a common missile body which will contribute to the overall growth.
Key market segments
By Launch Mode
By End-User
By Type
By Region
Key players
