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Land based Defense Equipment Market Size, Industry Analysis And Forecast, Report 2024 To 2033
Land based Defense Equipment Market
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According to The Business Research Company's, The land based defense equipment market size has grown strongly in recent years. It will grow from $60.11 billion in 2023 to $65.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to growth in military budgets, geopolitical tensions, threat landscape, strategic alliances, operational requirements.
The land based defense equipment market size is expected to see strong growth in the next few years. It will grow to $81.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to emerging threats, budget allocations, global security environment, international collaboration, modernization strategies. Major trends in the forecast period include cybersecurity concerns, technological innovations, technology advancements, electrification and hybridization, unmanned systems and robotics.
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Market Drivers and Trends:
The overall economic growth of the emerging economies is expected to positively impact the land-based defense equipment market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for defense equipment. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Stable economic growth is expected to increase investments in the nation's security, thereby driving the sea-based defense equipmentmarket during the forecast period.
CornerShot rifles are increasingly being used in the defense industry. CornerShot weapons have a steel hinge that allows the gun's frame to bend around the corner to attack the target without exposing themselves. These rifles help shooters navigate around corners via a high-resolution camera and LCD monitor. The corner-shot rifles are widely used inside armored vehicles and tanks, on a turret up top, which will allow for a full 360-degree field of cover while the triggerman remains safely inside the vehicle. The weapon is accurate and effective up to 100 to 200 meters, depending on the type of weapon. Corner Shot removes the need for this initial exposure.
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Major Key Players of the Market:
China North Industries Group Corporation Limited, Raytheon Company, Lockheed Martin Corporation, Hanwha Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Thales Group, Leonardo S.p.A., Oshkosh Corporation, Science Applications International Corporation (SAIC), Rheinmetall AG, Elbit Systems Ltd., Larsen & Toubro Limited, Hindustan Aeronautics Limited, Bharat Electronics Limited, Hyundai Rotem Company, Uralvagonzavod, IMI Systems, RUAG Group, IVECO Defence Vehicles, Nexter Group, Patria Oyj, FNSS Savunma Sistemleri A.S., Navistar Defense LLC, Denel SOC Ltd, Israel Aerospace Industries Ltd., Giat Industries, Krauss-Maffei Wegmann GmbH & Co. KG, Otokar Otomotiv ve Savunma Sanayi A.S., Paramount Group, Plasan Sasa Ltd., Rafael Advanced Defense Systems Ltd., Rostec State Corporation, ST Engineering, Tata Motors Limited, Ukroboronprom
Land based Defense Equipment Market 2024 Key Insights:
• The land based defense equipment market size is expected to see strong growth in the next few years. It will grow to $81.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Impact Of Economic Growth On Land-Based Defense Equipment Market
• Rising Adoption Of Cornershot Rifles In Defense
• Asia-Pacific was the largest region in the land-based defense equipment market in 2023
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