Defense Market 2024 - Consumption Analysis, Business Overview And Upcoming Trends 2033

 

Overview and Scope

The defense refers to a range of activities including production of air-based, sea-based, and land-based military equipment, including support and auxiliary equipment such as radar, satellites, sonars, and other auxiliary equipment, or maintain, repair, and overhaul defense equipment.

 

Sizing and Forecast

The defense market size has grown strongly in recent years. It will grow from $575.33 billion in 2023 to $616.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%.  The  growth in the historic period can be attributed to increasing the use of military drones, demand for attack and transport helicopters, low-interest rates, increasing spending on military equipment, increasing development of autonomous fighter jets and increasing military expenditure.

 

The defense market size is expected to see strong growth in the next few years. It will grow to $772.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.  The growth in the forecast period can be attributed to government initiatives, technology advancement, increasing internal and external security threats, increasingly advanced military helicopters and increasing military modernization programs will drive the growth. Major trends in the forecast period include adoption of unmanned combat vehicles, innovative new military avionics upgrade programs, augmented and virtual reality, edge computing in defense, use of 3d printing technology, strategic mergers and acquisitions, use of artificial intelligence (ai) in defense equipment (drones, helicopters and others), design upgradations and modularity for military-style weapons and day/night decamouflage technology for light weapons. .

 

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Segmentation & Regional Insights

The defense market covered in this report is segmented –

1) By Type: Air-Based Defense Equipment, Sea-Based Defense Equipment, Land-Based Defense Equipment, Defense Equipment Maintenance, Repair And Overhauling Services, Defense Support And Auxiliary Equipment

2) By Operation: Autonomous Defense Equipment, Manual

3) By Platform: Airborne, Land, Naval

 

Sub segments: Fighter Aircrafts, Military Helicopters, Military Gliders And Drones, Battle Force Ships (Aircraft Carriers, Frigates, Destroyers, Corvettes, Torpedo Boats, Support Crafts), Submarines (Including Nuclear Submarines), Armored Vehicles, Missiles, Tanks, Small Arms And Light Weapons, Air-Based Defense Equipment MRO Services, Water Based Defense Equipment MRO Services, Land-Based Defense Equipment MRO Services, Military Radars, Military Satellites, Other Defense Support And Auxiliary Equipment

 

Asia-Pacific was the largest region in the defense market in 2023. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

 

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Major Driver Impacting Market Growth

The adoption of unmanned combat vehicles is one of the major trends in this market. An unmanned combat vehicle is a machine or motorized vehicle that runs without any physical human intervention. These vehicles have a set of sensors for 360-degree situational awareness and for optical avoidance, steering actuators, brakes, and laser scanners, along with other autonomous features enabling remote or autonomous functioning of the vehicle. It is mostly used to inspect the surroundings and transfer the information to the operator through teleoperation or make autonomous decisions to deal with situations involving several technical challenges. For instance, in November 2022, the Indian army has launched a series of urgent drone purchases under emergency powers, with the service spending up to 3 billion rupees (about $36 million) on each initiative.  The new tender is for 1,000 unmanned surveillance helicopters, 163 high-altitude logistics drones, 750 remotely piloted aerial vehicles, and 80 miniature remotely piloted aircraft systems.

 

Key Industry Players

Major companies operating in the defense market report are Lockheed Martin Corporation, Raytheon Technologies Corporation, Northrop Grumman Corp, General Dynamics, The Boeing Company, BAE Systems plc, L3Harris Technologies, Leonardo SpA, Thales Group, Huntington Ingalls Industries Inc, Excel Laser Technology Private Limited, Acuity Laser Measurement, Prakash Laser, Infrared Optics, Kalaimakal Systems Private Limited, Baoding Triangel Rsd Electronics Technology Limited, Beijing Be-Better Technology Co., Ltd, Shanghai Zhangjiagang Baorui Machinery Co., Ltd, Guangzhou Blixun Electronics Co., Ltd, Xi'an Lonn M&E Equipment Co., Ltd, General Atomics Aeronautical Systems, Elbit Systems Ltd, AeroVironment, China South Industries Group (CSGC), China Aerospace Science and Industry Corporation (CASIC), China North Industries Group Corporation Limited (Norinco), Jilin Ruikd Medical Photoelectric Technology Co., Ltd, Changhe Aircraft Industries Corporation, Shenyang Aircraft Corporation, Babcock International, BAE Systems Avionics, BMARC, BMT Group, CBI Explosives Industry Group, HSE explosives, Chemring Energetics UK Ltd, Orica UK Ltd, CES Advanced Composites UK Ltd, Conjay Collectors Ammunition Company Ltd, Societe Suisse des Explosifs, SSE Group, BIAZZI SA, Almaz-Antey, United Aircraft Corporation, Tactical Missiles Corporation, Russian Helicopters, Uralvagonzavod, United Shipbuilding Corporation, Advanced Composites Solutions, AEL Sistemas, Aeromot, Agrale, Airship do Brasil, Telespazio, ARSAT, Airbus SE, Saudi Arabian Military Industries (SAMI), Advanced Electronics Company, Abu Dhabi Ship Building (ADSB), DragonFly Aerospace, Armscor, Atlantis Diesel Engines, Atlas Aircraft Corporation, OneWeb

 

The defense market report table of contents includes:

1. Executive Summary

2. Defense Market Characteristics

3. Defense Product/Service Analysis -Product/Service Examples

4. Defense Market Trends And Strategies

5. Defense Market - Macro Economic Scenario

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68. Global Defense Market Competitive Benchmarking

69. Global Defense Market Competitive Dashboard

70. Key Mergers And Acquisitions In The Defense Market

71. Defense Market Future Outlook and Potential Analysis

72. Appendix

 

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