Press release
Rising Defense Market: CAGR of 6.4% Forecasts Strong Growth Backed By Innovative Trends and Key Players
Defense Market Size
What Is The Projected Market Size Of The Global Defense Market And Its Growth Rate?
•The defense market size, currently at $491.06 billion in 2024, is expected to grow robustly to $527.06 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%.
•The growth in the historic period can be attributed mainly to the utilization of military drones, increasing demand for attack and transport helicopters, and increased spending on military equipment.
•Robust growth is anticipated in the coming years with the defense market size expecting to reach $676.64 billion in 2029 at a CAGR of 6.4%.
What Is Driving The Growth In The Defense Market?
Increased adoption of unmanned combat vehicles is a major trend driving the defense market's growth. Unmanned combat vehicles, highly equipped with sensors and autonomous features, are typically used to inspect and relay information in situations presenting technical challenges. For instance, the Indian army initiated urgency-led drone purchases under emergency powers in November 2022, bringing in up to 3 billion rupees (about $36 million) for each initiative. This tender included unmanned surveillance helicopters and remotely piloted aerial vehicles.
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Who Are the Key Players Driving Defense Market Growth?
Key players in the defense market include but are not limited to:
•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
What Are The Key Trends In The Defense Market?
Trends shaping the defense market include:
•Adoption of unmanned combat vehicles
•Introduction innovative new military avionics upgrade programs
•Application of augmented and virtual reality technologies
•Implementation of edge computing in defense
•Use of 3D printing technology
•Strategic mergers and acquisitions
•Increasing use of artificial intelligence in defense equipment
What Are The Segments Of The Global Defense Market?
Major segments in the defense market are:
1)By Type: Air-Based Defense Equipment, Sea-Based Defense Equipment, Land-Based Defense Equipment, Defense Equipment Maintenance, Repair And Overhauling Services, Defense Support And Auxiliary Equipment
2)By Operation: Autonomous Defense Equipment, Manual
3)By Platform: Airborne, Land, Naval
Which Region Leads The Defense Market?
Asia-Pacific was the largest region in the defense market in 2024. However, Western Europe is projected to be the fastest-growing region during the forecast period.
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What Is Covered In The Defense Market Global Market Report?
- Market Size Analysis: Analyze the Defense Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Defense Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Defense Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Defense Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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