PORTLAND, Ore., July 30, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Hypersonic Flight
Market by Industry (Military, Space, and Commercial),
Vehicle Type (Hypersonic Aircraft, and Hypersonic Spacecraft), and
Range (Propulsion, Aerostructure, and Avionics): Global Opportunity
Analysis and Industry Forecast, 2024-2033". According to
the report, the hypersonic flight market was valued at $786.0 million in 2023, and is estimated to reach
$1.3 billion by 2033, growing at a
CAGR of 5.7% from 2024 to 2033.
Prime Determinants of Growth
Breakthroughs in materials science, propulsion systems,
aerodynamics, and thermal management drive the development of
hypersonic flight technology. Continued innovation and R&D
efforts enable more reliable, efficient, and cost-effective
hypersonic solutions, spurring market growth. Furthermore, the
increasing emphasis on hypersonic weapons and surveillance systems
by defense agencies worldwide fuels demand in the military sector.
Hypersonic capabilities offer strategic advantages, including rapid
strike capabilities, improved deterrence, and enhanced
reconnaissance, driving investment and market growth.
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Forecast 2033:
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The potential for hypersonic passenger travel, space tourism,
and commercial satellite launches presents lucrative opportunities
for aerospace companies. The pursuit of faster, more efficient
transportation solutions and the expansion of space exploration
initiatives contribute to market expansion. In addition, adequate
funding and investment in hypersonic research, development, and
manufacturing are essential for market growth. Government funding,
defense budgets, private investments, and venture capital support
critical initiatives, fostering innovation and commercialization
efforts in the hypersonic flight market.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base
Year
|
2023
|
Market Size in
2022
|
$786
million
|
Market Size in
2032
|
$1, 346.61
million
|
CAGR
|
5.7 %
|
No. of Pages in
Report
|
488
|
Segments
Covered
|
Industry, Vehicle Type,
Range, and Region
|
Drivers
|
Rise in demand for
military and defense application
|
Technological
advancement
|
Commercial and Space
Travel
|
Opportunities
|
|
Space
Tourism
|
Restraint
|
Technical
Challenges
|
High
Cost
|
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Segment Highlights
The space segment is expected to witness rapid growth
throughout the forecast period.
The space segment is anticipated to experience faster growth in
the hypersonic flight market due to technology, which is essential
for space exploration, satellite deployment, and access to space.
Vehicles capable of hypersonic speeds enable rapid ascent to orbit,
reducing launch costs and increasing efficiency in satellite
deployment and space missions. As space exploration initiatives
expand, the demand for hypersonic flight technology witnesses
growth, thereby driving market dominance in the space segment.
The hypersonic spacecraft segment is expected to witness
rapid growth throughout the forecast period.
The hypersonic spacecraft segment is anticipated to experience
faster growth in the hypersonic flight market due to hypersonic
spacecraft being used extensively for satellite launch services.
These spacecrafts can rapidly transport payloads to orbit, offering
advantages such as reduced launch costs, increased launch
frequency, and greater flexibility in launch scheduling. As the
demand for satellite-based services continues to grow, including
communication, navigation, Earth observation, and remote sensing,
the need for efficient and reliable satellite launch solutions
drives market dominance in the hypersonic spacecraft
segment.
The propulsion segment is expected to witness rapid growth
throughout the forecast period.
The propulsion segment is anticipated to experience faster
growth in the hypersonic flight market due to propulsion systems
being fundamental to achieving and maintaining hypersonic speeds.
These systems provide the thrust necessary to overcome aerodynamic
drag and propel hypersonic vehicles through the atmosphere. As
such, propulsion technologies play a central role in enabling
hypersonic flight, making them indispensable components of
hypersonic systems.
Asia-Pacific to maintain its
dominance by 2032.
Asia-Pacific is expected to
maintain its dominance in the hypersonic flight market by 2032
owing to Asian countries, particularly China and India, having made significant strides in
hypersonic technology research and development. This includes
advancements in propulsion systems, materials science, and
aerodynamics, driving innovation and accelerating the pace of
hypersonic flight development in the region.
Key Players
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Boeing Company
- Raytheon Technologies Corporation
- BAE Systems plc
- Aerojet Rocketdyne Holdings, Inc.
- Thales Group
- Mitsubishi Heavy Industries, Ltd.
- Saab AB
- Reaction Engines Limited
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The report provides a detailed analysis of these key players in
the global hypersonic flight market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others, to increase
their market share and maintain dominant shares in different
regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive
scenario.
Recent Development
- In August 2021, Hermeus received
an investment worth $60 million for
the development of hypersonic military aircraft
- In April 2023, Hypersonic
partnered with launch provider Rocket lab for initial hypersonic
test vehicle launch. This partnership leverages Rocket Lab's
expertise in orbital launches and Hypersonic's advanced aerospace
technology, aiming to demonstrate the capabilities of the
hypersonic vehicle.
- In August 2023, Hypersonix Launch
Systems partnered with Kratos Defense & Security to deliver
hypersonic drone platform to the U.S. market. This partnership
integrates the advanced hypersonic capabilities of Hypersonix with
the solid rocket motor technology from Kratos' Zeus family.
- In August 2022, Kratos Defense
and Security Solutions partnered with Australia's Hypersonix to integrate their
hypersonic vehicle and propulsion systems, aiming to expand their
presence in the U.S. national security market.
- In March 2024, the U.S. Air Force
recently conducted the final test of Lockheed's hypersonic missile,
marking a crucial milestone in the development of advanced
hypersonic weapons technology.
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