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Defense Support and Auxiliary Equipment Market Key Trends And Strategies For Expansion 2024-2033
Defense Support and Auxiliary Equipment Market Key Trends
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According to The Business Research Company's, The defense support and auxiliary equipment market size has grown strongly in recent years. It will grow from $154.35 billion in 2023 to $162.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to defense budgets, geopolitical tensions, maintenance and upgrades, global terrorism, peacekeeping missions.
The defense support and auxiliary equipment market size is expected to see steady growth in the next few years. It will grow to $196.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to emerging technologies, modernization programs, climate change and disaster response, global security challenges, international partnerships. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Drivers and Trends:
Increasing defense spending is expected to propel the growth of the defense support and auxiliary equipment market going forward. Defense spending refers to the financial resources allocated by a government or state to support its armed forces and military activities. Defense spending provides the financial resources necessary for governments to invest in R&D programs related to defense support and auxiliary equipment. It also covers the maintenance, repair, and upgrades of existing defense support and auxiliary equipment. For instance, in December 2022, according to the annual Defense Data report 2020-21 published by the European Defence Agency (EDA), a Belgium-based government agency of the European Union, total European defense spending reached a record high of $225 billion (€214 billion) in 2021, up a further 6% from the previous year. Therefore, increasing defense spending is driving the growth of the defense support and auxiliary equipment market.
Major companies operating in the defense support and auxiliary equipment market are focused on introducing domestically built submarines to gain a competitive edge in the market. A domestically built submarine is a submarine that is designed, developed, and constructed within the country's borders without relying on foreign technology or expertise. The submarine is a critical component of defense auxiliary equipment, and it is used to protect naval vessels and other assets from hostile attacks in the maritime domain. In September 2023, Taiwan, a country in East Asia, launched its first domestically built submarine, representing an important achievement in the replacement of an outdated naval capacity. The diesel-electric attack submarine, named Hai Kun after a legendary fish in Chinese folklore, was launched in the southern city of Kaohsiung at the CSBC (China Shipbuilding Corporation) Shipyard. The submarine is equipped with digital sonar systems, integrated combat systems, and auxiliary equipment systems, including periscopes.
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Major Key Players of the Market:
Raytheon Technologies Corporation, Thales Group, The Boeing Company, Leidos, Leonardo SpA, ManTech International Corp., L3 Technologies Inc., Rostec State Corporation, Bae Systems plc, RTX Corp, Lockheed Martin Corporation, General Dynamics Corporation, British Aerospace Engines Systems Plc, Northrop Grumman Corporation, Safran S.A, Honeywell International Inc., United Technologies Corporation, Elbit Systems Ltd., Rheinmetall AG, Harris Corporation, Cobham Ltd., Moog Inc., Meggitt Plc, Curtiss-Wright Corporation., Teledyne FLIR LLC, Ultra Electronics Holdings Plc, Esterline Technologies Corporation, Kongsberg Gruppen ASA, British Foreign & Colonial Automatic Light Controlling Company Ltd., QinetiQ Group Plc, Kratos Defense & Security Solutions Inc., AVAV - AeroVironment Inc., Textron Inc., Cubic Corp, Science Applications International Corporation.
Defense Support and Auxiliary Equipment Market 2024 Key Insights:
• The defense support and auxiliary equipment market size is expected to see steady growth in the next few years. It will grow to $196.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Defense Spending Fuels Growth Of Defense Support And Auxiliary Equipment Market
• Major Defense Firms Prioritize Domestically Built Submarines For Competitive Edge
• North America was the largest region in defense support and auxiliary equipment market in 2023
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