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Defense Market Growth Insights and Forecast from 2024 to 2033 | Key Players Defense Market Growth Insights and Forecast from 2024 to 2033
Defense Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Companies in the air-based defense equipment manufacturing market are increasingly investing in the development of autonomous fighter jets. Autonomous fighter jets are jets that do not require human pilots to fly and can fly for longer periods of time. Autonomous jets are equipped with sensors to scan for potential threats and process more information at a given time. These jets are well equipped to collect intelligence about the enemy, block the electronic systems of enemy aircraft, and shoot down other threats in the air. Following the trend, in October 2021, Northrop Grumman Corporation, a US-based aerospace and defense technology company, developed a new autonomous aircraft called the Model 437, a stealth jet with a range of 3,000 miles that was created in partnership with Scaled Composites. The Scaled Composites-developed Model 401 Sierra, a low-cost manufacturing technology demonstrator aircraft, serves as the foundation for the Model 437.
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Major Key Players of the Market:
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
Defense Market 2024 Key Insights:
• 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%.
• Growing Adoption Of Unmanned Combat Vehicles
• Investment In Autonomous Fighter Jets In The Defense Equipment Manufacturing Market
• Asia-Pacific was the largest region in the defense market in 2023
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