PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1262730
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1262730
Global Hypersonic Technology Market is valued at approximately USD 5.46 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.9% over the forecast period 2022-2029. Hypersonic Technology is a long-range missile having theatre-reach and global-reach, designed to deliver weapons or for reconnaissance missions; and space launches. The Hypersonic Technology market is expanding because of factors such as increasing government expenditure on defence technologies and growing research and development of hypersonic technology.
Growing territorial conflicts are boosting the growth of the global hypersonic technology market throughout the world. Its prevalence has progressively increased during the last few decades. According to Statista, With USD 801 billion in military spending in 2021, the United States led the list of countries. This accounted for 38% of total global military spending, which totaled USD 2.1 trillion. Moreover, the military spending in the United States was 3.4% of GDP in 2019. Furthermore, as a share of gross domestic product, Saudi Arabia spent more on its military 6.6% than any other country in 2021, followed by Russia with 4.1%. Another important component driving space is growing research and development of hypersonic technology. In 2021, the global revenue of the hypersonic technology market amounted to approximately 5.7 billion U.S. dollars, and it is projected to grow to almost USD 13 billion in 2031. In 2020, the United States hypersonic tech market accounted for almost 53 per cent of the global market. In addition, in 2021, the United States spent approximately USD 44 billion on nuclear weapons, the highest of any country in the world. China spent the second-highest amount, at nearly USD 12 billion, while Russia spent the third most at nearly USD 9 billion. Also, increasing deployment of hypersonic weapons worldwide and increasing focus on super-fast intercontinental travel would create a lucrative growth prospectus for the market over the forecast period However, challenges in testing hypersonic air flows stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Hypersonic Technology Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the territorial disputes in the region have resulted in countries such as China, India, and Japan investing in the development of hypersonic missiles. According to Statista, in 2020, military expenditure in India amounted to approximately 2.88% of the country's GDP. In comparison, military expenditure in China and Japan amounted to 1.75% and 1% of each country's GDP respectively. Middle East & Africa is expected to grow with the highest CAGR during the forecast period, owing to factors such as a rise in regional tensions, and countries such as Israel working towards developing hypersonic technologies in the market space.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable