Press release
Military Infrastructure Global Market Report 2024 - By Report, Size, Share, Analysis, Forecast To 2033
Military Infrastructure
The Business Research Company offers in-depth market insights through Military Infrastructure Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The military infrastructure market size has grown strongly in recent years. It will grow from $9.5 billion in 2023 to $10.34 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to defense budget allocations, geopolitical tensions, modernization initiatives, global security concerns, strategic military alliances.
The military infrastructure market size is expected to see strong growth in the next few years. It will grow to $13.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to natural disaster preparedness, emerging threats, interoperability requirements, space-based infrastructure, climate change adaptation. Major trends in the forecast period include technological advancements, digitalization and connectivity, space-based infrastructure expansion, adaptation to urban warfare.
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Market Segmentation:
The military infrastructure market covered in this report is segmented -
1) By Type: Harbour, Proving Ground, Range, Training Course
2) By Size: Small, Medium, Large
3) By Application: Army, Navy, Air Force
Major Driver - The Impact of Increasing Defense Expenditure on the Military Infrastructure Market
The increasing defense expenditure is expected to propel the growth of the military infrastructure market going forward. Defense expenditure, or military expenditure, refers to the total financial resources allocated by a government or a nation to fund its military and defense-related activities during a specific period, usually a fiscal year. A rise in defense spending led to the expansion of military facilities. This can include the construction of new bases, airfields, naval ports, and other strategic installations. The goal is to strengthen the nation's defense capabilities and strategic reach. For instance, in March 2023, according to the United States Air Force (USAF), a US-based agency for the United States Department of the Air Force, the Air Force's fiscal year (FY) 2024 budget request was roughly $215.1 billion, a $9.3 billion or 4.5% increase over the fiscal year 2023 approved figure. Therefore, the increasing defense expenditure drives the military infrastructure market.
Competitive Landscape:
Major companies operating in the military infrastructure market report are Dell Inc., General Electric Company, Raytheon Technologies Corporation, Boeing Company, Lockheed Martin Corporation, Airbus SE, General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International Inc., BAE Systems, L3Harris Technologies Inc., Safran SA, Leonardo S.p.A., Thales Group, AECOM, Textron Inc., Oshkosh Corporation, Rheinmetall AG, KBR Inc., Saab AB, General Atomics Aeronautical Systems Inc., ManTech International Corporation, Aselsan AS, Anham Fzco, Minrav Holdings Ltd., American International Contractors Inc., ArmourWorks International Ltd., Dewey Electronics Corporation, Dencrypt A/S
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