Press release
Growing Adoption Of Unmanned Combat Vehicles: A Key Catalyst Accelerating Defense Market Growth in 2025
Defense
What Is the Expected CAGR for the Defense Market Through 2025?
The size of the defense market has seen impressive growth in the last few years. It is expected to expand from $491.06 billion in 2024 to $527.06 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.3%. Factors contributing to growth during the historical phase include increased utilization of military drones, higher demand for attack and transport helicopters, favorable interest rates, elevated spending on military equipment, the rise of autonomous fighter jets, and an uptick in military expenditure.
What's the Projected Size of the Global Defense Market by 2029?
Anticipated robust growth in the defense market size is projected in the coming years, with an expected value of $676.64 billion in 2029, and a compound annual growth rate (CAGR) of 6.4%. The forecasted growth phase can be linked to various factors such as governmental strategies, technological innovations, a rise in internal and external security risks, the development and implementation of superior military helicopters, and escalated measures towards military modernization. Key trends within this forecast period encompass the utilization of unmanned battle vehicles, innovative military avionics refurbishment plans, the application of augmented and virtual reality, the integration of edge computing in defense, the employment of 3D printing technology, strategic business consolidations and acquisitions, the incorporation of artificial intelligence (AI) in defense apparatuses like drones and helicopters, the re-designing and modular approach towards military weaponry, and the application of day/night decamouflage technology in lighter weaponry.
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Top Growth Drivers in the Defense Industry: What's Accelerating the Market?
The market is seeing a significant trend towards the use of unmanned combat vehicles. These vehicles, autonomous or remotely controlled, do not require direct human intervention for their operation. They come equipped with a variety of sensors that facilitate 360-degree situational awareness, optical avoidance capabilities, steering actuators, brakes, and laser scanners, among other features. These vehicles can be used for environment assessment, conveying the collected data to human operators through teleoperation, or independently addressing complex technical scenarios. For example, in November 2022, under its emergency powers, the Indian army initiated several drone purchases urgently, collectively costing nearly 3 billion rupees (approximately $36 million) for each program. The recent call for bids includes 1,000 unmanned surveillance helicopters, 163 high-altitude logistics drones, 750 remotely piloted aerial vehicles, and 80 miniature remotely piloted aircraft systems.
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What Trends Will Shape the Defense Market Through 2029 and Beyond?
The demand for corner shot weapons is rising due to their enhanced safety capabilities. A corner shot is essentially a firearm attachment, which can be installed on various pistols like a Glock or a Beretta 92, and is designed as a hinged frame. This hinge system facilitates bending of the gun's frame, allowing it to take aim around corners without putting soldiers at risk. Additional features include a high-resolution video camera that is bore-sighted, an LCD screen, and an incorporated tactical light to assist with navigation and brightness. These changed rifles or pistols are commonly deployed on battlefields, in armoured vehicles and tanks, as well as on turrets, enabling a comprehensive 360-degree coverage, while ensuring the shooter's safety within the vehicle. Depending on the specific weapon, this firearm can deliver accurate and effective shots up to a range of 100 to 200 meters.
What Are the Main Segments in the Defense Market?
The defense market covered in this report is segmented -
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
Subsegments:
1) By Air-Based Defense Equipment: Combat Aircraft, Unmanned Aerial Vehicles (UAVs) or Drones, Air Defense Systems, Helicopters, Surveillance And Reconnaissance Aircraft
2) By Sea-Based Defense Equipment: Naval Vessels, Amphibious Assault Ships, Maritime Patrol Aircraft, Naval Weapon Systems, Mine Countermeasure Vessels
3) By Land-Based Defense Equipment: Armored Vehicles, Artillery Systems, Infantry Fighting Vehicles (IFVs), Military Trucks and Logistics Vehicles, Ground-based Missile Systems
4) By Defense Equipment Maintenance: Scheduled Maintenance, Unscheduled Maintenance, Technical Support Services, Logistics Support, Fleet Management
5) By Repair and Overhauling Services: Component Repair, Engine Overhaul, Avionics Repair, Structural Repair, Systems Integration and Testing
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Which Top Companies are Driving Growth in the Defense Market?
Major companies operating in the defense market include 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, 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
Which Regions Will Dominate the Defense Market Through 2029?
Asia-Pacific was the largest region in the defense market in 2024. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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