<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">The global </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">hypersonic flight market has entered a transformative phase, fueled by </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">significant advancements in aerospace technology and increasing defense and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">commercial applications. Valued at </span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">USD 782.2 million in 2024</span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> , the market is expected </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">to grow steadily, reaching </span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">USD 818.5 million in 2025</span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> , and is projected to </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">achieve a value of </span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">USD 1,179.0 million by 2032</span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> , reflecting a </span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">compound </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">annual growth rate (CAGR) of 5.35%</span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> over the forecast period. </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">This surge is largely driven by escalating investments in next-generation </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">military systems, supersonic commercial travel projects, and strategic </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">aerospace innovation across various economies.</span></span></span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Market </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Overview</span></span></span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Hypersonic Flight </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Market</span></span><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> &mdash;defined as speeds exceeding Mach 5&mdash;is gaining immense traction </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">across both defense and civilian sectors. Initially limited to </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">government-sponsored programs, hypersonic technology is now being actively </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">developed by private companies and defense contractors globally. The market is </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">characterized by rapid R&D, robust funding, and growing international </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">competition, especially among nations like the US, China, Russia, and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">emerging Asian economies.</span></span></span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Key </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">highlights of the market include:</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l6 level1 lfo1; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Increasing military investments for hypersonic missiles and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">aircraft.</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l6 level1 lfo1; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="vertical-align: inherit;"><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;">Rising demand for quicker and safer long-distance </span></span>[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;">travel[/size]</span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l6 level1 lfo1; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Technological advancements in propulsion systems and materials</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l6 level1 lfo1; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Growing [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">partnerships between private aerospace firms and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">government agencies</span></span></span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Market Trends</span></span></span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Several </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">emerging trends are reshaping the hypersonic flight landscape. The shift toward </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">reusable hypersonic vehicles, the evolution of scramjet and ramjet propulsion, </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">and the miniaturization of high-temperature materials are pushing the </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">boundaries of what's possible in high-speed travel.</span></span></span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: <br />minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Notable </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">trends include:</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo2; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Proliferation [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">of hypersonic weapons</span></span></span><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> as part of </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">national defense strategies</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo2; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Private-sector involvement</span></span></span><span style="font-family: <br />'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: <br />minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> in hypersonic space tourism and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">cargo delivery</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo2; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Development [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">of air-breathing engines</span></span></span><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> and hybrid </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">propulsion technologies</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo2; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Increasing collaborations</span></span></span><span style="font-family: <br />'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: <br />minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"> between space agencies and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">defense departments.</span></span></span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Market Demand</span></span></span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">The demand </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">for hypersonic systems is rapidly intensifying, driven by both security and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">commercial imperatives. Defense agencies are focused on hypersonic weapons to </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">outpace traditional missile defense systems, while commercial entities are </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">exploring hypersonic travel to revolutionize global mobility.</span></span></span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: <br />minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Driving </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">demand factors:</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l3 level1 lfo3; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Urgency for next-gen weapons amid geopolitical tensions</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l3 level1 lfo3; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">&middot; [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Need for faster, fuel-efficient travel alternatives</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l3 level1 lfo3; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Strategic investment [/size]</span><span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">in aerospace dominance by superpowers</span></span></span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l3 level1 lfo3; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="vertical-align: inherit;"><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;"><span style="vertical-align: inherit;">Demand for advanced reconnaissance and surveillance </span></span>[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]<span style="vertical-align: inherit;">capabilities[/size]</span></span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Market </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Dynamics</span></span></span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">The market&rsquo;s </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">growth is underpinned by robust drivers but also faces some restraints and </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">challenges. High development costs, technical complexity, and regulatory </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">barriers can slow down adoption. However, rising global threats and expanding </span></span>
<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">use cases offer tremendous opportunities.</span></span></span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: <br />minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Market
dynamics include:</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l1 level1 lfo4; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Drivers:</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Rising defense budgets</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Rapid advancements in propulsion and thermal shielding
technologies</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Strategic need for missile defense penetration</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l1 level1 lfo4; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Restraints:</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">High R&D and production costs</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Technological challenges in real-time navigation and control</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Safety and regulatory hurdles</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l1 level1 lfo4; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Opportunities:</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Hypersonic cargo and passenger flights</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Cross-industry collaboration in AI and aerospace engineering</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l1 level2 lfo4; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Smart materials and lightweight composites</span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Future
Outlook</span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Looking
forward, the global hypersonic flight market is set to experience
transformative growth. With rising geopolitical tensions and increasing
interest in commercial applications, the coming decade will see significant
breakthroughs in materials science, flight control systems, and propulsion
technologies.</span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: <br />minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Future
expectations:</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l0 level1 lfo5; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Integration of AI and autonomous navigation systems in hypersonic
vehicles</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l0 level1 lfo5; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Growth in space-based hypersonic delivery platforms</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l0 level1 lfo5; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Commercialization of point-to-point high-speed travel</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l0 level1 lfo5; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Enhanced international cooperation for peaceful hypersonic
applications</span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Market Key
Players</span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Several major
players are spearheading innovation in the hypersonic domain, combining
extensive R&D capabilities with strategic government contracts.</span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: <br />minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Key
companies include:</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Lockheed Martin Corporation</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Northrop Grumman Corporation</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Raytheon Technologies</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">BAE Systems</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Hypersonix Launch Systems</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Aerojet Rocketdyne</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Leidos Holdings Inc.</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Boeing Company</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Reaction Engines Limited</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l7 level1 lfo6; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">China Aerospace Science and Industry Corporation (CASIC)</span>

<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">These
companies are actively involved in building hypersonic cruise missiles,
gliders, reconnaissance systems, and reusable hypersonic platforms.</span>

<h3><span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">Market
Segmentation</span></h3>
<span style="font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; <br />mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin;">The
hypersonic flight market can be segmented based on speed, platform, propulsion
system, end-user, and geography. Each segment is evolving rapidly and
contributing to the overall market expansion.</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l4 level1 lfo7; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbol]&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">By Platform:</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l4 level2 lfo7; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Hypersonic Missiles</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l4 level2 lfo7; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Hypersonic Aircraft</span>

<p style="margin-left: 72.0pt; text-indent: -18.0pt; mso-list: l4 level2 lfo7; <br />tab-stops: list 72.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: 'Courier New'; mso-fareast-font-family: <br />'Courier New']o<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">
[/size]</span><!--[endif]--><span style="font-family: 'Calibri',sans-serif; <br />mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: <br />minor-latin;">Hypersonic Spaceplanes</span>

<p style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l4 level1 lfo7; <br />tab-stops: list 36.0pt;"><!-- [if !supportLists]-->[size= 10.0pt; <br />mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; <br />mso-bidi-font-family: Symbo