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Ground Defense System Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Ground Defense System Global Market
According to The Business Research Company's, The ground defense system market size has grown strongly in recent years. It will grow from $53.41 billion in 2023 to $57.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to military modernization programs, threat evolution, geopolitical tensions, focus on urban warfare, budget allocations..
The ground defense system market size is expected to see strong growth in the next few years. It will grow to $76 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to adoption of directed energy weapons, rise in unconventional threats, modular and scalable systems, cybersecurity integration, integrated command and control systems.. Major trends in the forecast period include shift towards network-centric warfare, focus on mobility and maneuverability, integration of artificial intelligence, electromagnetic spectrum dominance, multi-domain operations..
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Market Drivers and Trends:
The rising demand for cyber security is expected to propel the growth of the ground defense system market going forward. Cybersecurity is the technique of preventing harmful assaults on computers, servers, mobile devices, electronic systems, network sand data. Ground defense systems need cyber security to support them during battle and to protect their networks from adversaries during peacetime which results in the rising demand for cyber security in the ground defense system market. For instance, according to Seeking Alpha, a US-based crowd-sourced content service for financial markets, cybersecurity spending is estimated to exceed $188 billion in 2023. Furthermore, according to Cybercrime Ventures, a US-based cybercrime researcher, the cost of cybercrime will increase by 15% yearly, reaching $10.5 trillion USD annually by 2025, also there will be 3.5 million unfilled cybersecurity jobs globally in 2023. Therefore, the rising demand for cyber security is driving the growth of the ground defense system market.
Technological advancement is the key trend gaining popularity in the ground defense system market. Major companies operating in the ground defense system market are focusing on developing new technologies. For instance, in December 2021, Thales, a France-based provider of smart technologies, launched XTRAIM, a Day/night de camouflage capability. The unique feature of XTRAIM is its reflex red-dot sight with thermal imaging technology, which offers dependable target de-camouflage capabilities both during the day and at night. It offers users an unmatched level of precision night-firing capabilities and is compatible with all shoulder-fired assault rifles (HK416) and light machine guns (Minimi). In both symmetric and asymmetric combat scenarios, the XTRAIM sight offers a clear operational advantage.
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Major Key Players of the Market:
BAE Systems PLC; Lockhead Martin Corporation; Northrop Grumman Corporation; Thales Group; Israel Aerospace Industries Ltd.; Kongsberg Gruppen; MBDA Missile Systems Inc.; Rafael Advanced Defense Systems Ltd.; Raytheon Technologies Corporation; Rheinmetall AG; Boeing Company; Elbit Systems Ltd.; Leonardo S.p.A.; General Dynamics Corporation; CNH Industrial N.V.; Curtiss-Wright Corporation; Mercury Systems; Kontron AG; AMETEK Inc.; Saab AB; AIRBUS; Aselsan A.Ş.; Smiths Group PLC; Teledyne FLIR LLC; Bruker Corporation; Chemring Group plc; ST Engineering Ltd.; FNSS Defense Systems Inc.; NORINCO Group; Rostec State Corporation
Ground Defense System Market 2024 Key Insights:
• The ground defense system market will grow to $76 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Increasing Cybersecurity Demands Propel Growth In The Ground Defense System Market
• Technological Advancements Drive Innovation In The Ground Defense System Market
• North America was the largest region in the ground defense system market in 2023
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