What are hypersonic missiles and how does hypersonic weapon technology work?

 Missiles are self-propelled precision-guided ammunition systems and essential part of a country’s defense & security. They constitute of four system components, which are targeting or missile guidance system, flight system, engine, and warhead. Missiles are classified as subsonic, supersonic, and hypersonic systems depending on the speed at which they travel. Hypersonic missiles travel at speed of Mach 5 (nearly 4000 miles per hour) which is five times the speed of sound. The two types of hypersonic missiles are hypersonic guide vehicles (HGV) and hypersonic cruise missiles. Moreover, HGV consists of two rockets, which helps in guiding the boost glide weapon from upper atmosphere to outer atmosphere, and warhead. After the boost glide weapon reaches hypersonic speed, warhead get detached to hit the target. The missile follows a ballistic trajectory over most of its flight path. Furthermore, hypersonic cruise missiles are unmanned self-propelled guided vehicle which fly within the earth’s atmosphere. In addition, the modern hypersonic missiles are hard to track compared to traditional missiles and added manoeuvrability at these high speeds that makes them so practical as both offensive and defensive weapons.

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To ensure proper safety & security government of major countries are investing heavily in military equipment. Major countries are heavily investing in R&D for manufacturing of hypersonic missile. Since, hypersonic missile strengthens the military & defense of country, and it can be very useful during war or terrorist attacks. For instance, in 2019, Lockheed Martin was awarded a $81.5 million contract by U.S. Air Force to provide solid-fuel rocket motor for hypersonic missile and $347 million contract from U.S, military for hypersonic weapons. Furthermore, in 2021, Lockheed Martin landed a contract of $1.53 billion from Colorado for supplying hypersonic weapons. Thus, government investment in missile technology can act as an opportunity to drive growth of hypersonic missile market.

Due to COVID-19 pandemic government across the all the major countries have announced lockdown leading to various business shutdowns. This has led to disruption in manufacturing of defense equipment. Moreover, due to economic slowdown and more focus on health budget many countries have reduced their defense budget thus affecting the demand for hypersonic missiles. Furthermore, due lockdown there was unavailability of raw materials required for manufacturing of hypersonic missiles. In addition, due to social distancing & travelling restriction norms there was unavailability of skilled labor required for production of hypersonic missiles. Defense is an evolving sector which had a slight setback due to the pandemic, but it is expected to recover post pandemic and drive growth of hypersonic missile market.

Top Impacting Factors 

• Rise in threat of terrorist attack, advancement in missile technology, and rise in demand for hypersonic missiles is expected to drive growth of the market. 
• However, high investment cost and lack of skilled workforce for development of hypersonic missile can hamper growth of the market.
• Moreover, rise in government investment in hypersonic missile technology, rise in R&D for new weapon system, and rise in demand for new technology can act as an opportunity for growth of the market.