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Defense Equipment Maintenance, Repair and Overhauling Services Global Market Analysis, Trends, Growth, Research And Forecast 2033
Defense Equipment Maintenance, Repair and Overhauling Services Global Market Analysis
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According to The Business Research Company's, The defense equipment maintenance, repair and overhauling services market size has grown strongly in recent years. It will grow from $81.46 billion in 2023 to $85.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growth in defense budget allocation, operational requirements, equipment lifecycle management, geopolitical factors, strategic partnerships.
The defense equipment maintenance, repair and overhauling services market size is expected to see strong growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to focus on cybersecurity, increased complexity of equipment, sustainability and environmental concerns, rising threats and security challenges, investments in training and skills developmen. Major trends in the forecast period include integration of digital technologies, technological advancements, predictive maintenance technologies, outsourcing of maintenance services, condition-based maintenance (cbm).
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Market Drivers and Trends:
During the forecast period, developed countries will experience low interest rates as monetary authorities reduce interest rates to stimulate economic growth and prevent deflation. This led to the flow of cheap money for investment in these economies. Low interest rates encouraged borrowing for investment and helped drive spending. For instance, in September 2023, mortgage interest rates fell to historic lows in 2020 and 2021 during the Covid pandemic, with emergency actions by the Federal Reserve helping push mortgage rates below 3% and keeping them there. Low interest rates will boost the growth of the defense equipment maintenance, repair, and overhauling services market in the forecast period.
Defense equipment maintenance, repair, and overhauling companies are investing in 3D printing or additive manufacturing technologies to offer replacement parts for tanks, ships, and fighter jets. 3D printing involves producing three-dimensional objects using a computer-aided design model. The application of 3D printing is to create functional components, including prototypes, tooling, and end-use production parts. Additive manufacturing, or 3D printing, helps in the cost-effective production of small batches of intricate parts and complex part designs that need to be repaired, upgraded, and effectively maintained. The technology provides a high degree of design freedom, optimization and integration of functional features, and product customization. For instance, in September, the UK's Ministry of Defence (MOD) announced the launch of Project TAMPA, an experimental new £5 million program to develop 3D-printed parts for weapons and other military equipment on demand. In order to reduce lengthy lead times for defense inventory, MOD wants to be able to share print files over secure defense networks and quickly produce parts using additive manufacturing (AM), or 3D printing.
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Major Key Players of the Market:
United Technologies Corporation, Raytheon Co., Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corp., Honeywell International Inc., BAE Systems plc, Boeing Defense Space & Security, Safran SA, Thales Group, L3Harris Technologies Inc., Rolls-Royce Holdings plc, Leidos Holdings Inc., Fluor Corporation, AECOM, Textron Inc., Huntington Ingalls Industries Inc., Science Applications International Corporation, Rheinmetall AG, KBR Inc., CACI International Inc., Elbit Systems Ltd., Hindustan Aeronautics Ltd., Leonardo S.p.A., Aerojet Rocketdyne Holdings Inc., AAR Corp., Kratos Defense & Security Solutions Inc., AM General, Aeronautical Systems Inc.
Defense Equipment Maintenance, Repair and Overhauling Services Market 2024 Key Insights:
• The defense equipment maintenance, repair and overhauling services market size is expected to see strong growth in the next few years. It will grow to $104.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Low Interest Rates Expected To Drive Growth In The Defense Equipment Maintenance, Repair, And Overhauling Services Market
• Defense Equipment Maintenance And Repair Embraces 3D Printing And Additive Manufacturing
• North America was the largest region in the defense equipment maintenance, repair and overhauling services market in 2023
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