Defense Market to Grow at 7.7% CAGR, Reaching $682.1 Billion by 2029

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Defense Market Outlook: How is the Market Expected to Grow by 2025?
In recent years, the defense market has seen robust growth. It is projected to rise from $473.47 billion in 2024 to $506.9 billion in 2025, marking a compound annual growth rate (CAGR) of 7.1%. The growth during the historical period can be tied to factors such as the expanded use of military drones, rising demand for assault and transportation helicopters, favorable interest rates, increased spending on military hardware, development of autonomous fighter jets, and a hike in military expenditure.

Defense Market Forecast: What Size Will It Reach By 2029?
The defense market is predicted to witness a robust surge in size in the coming years, escalating to a whopping $682.1 billion by 2029 showcasing a compound annual growth rate (CAGR) of 7.7%. This expansion during the forecasted period can be accredited to factors such as governmental schemes, technological evolvement, heightened internal and external threats to security, the advent of more sophisticated military helicopters, and increased emphasis on military modernization. Conspicuous trends during the forecasted tenure include the embracing of unmanned combat vehicles, the institution of novel military avionic upgrade schemes, the application of augmented and virtual reality, the implementation of edge computing in defense, the employment of 3D printing technology, strategic union of companies through mergers and acquisitions, the utilization of artificial intelligence (AI) in defense apparatus like drones, helicopters and others, design enhancements and modularity for military weaponry and the introduction of day/night decamouflage technology for lightweight armaments.

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Which Key Market Drivers Will Shape Defense Industry Trends in 2025-2029?
The market is seeing a significant trend in embracing unmanned combat vehicles. These are mechanically operated vehicles that run independently, without any human intervention. They come equipped with sensors that provide 360-degree situational awareness, steering actuators, laser scanners, brakes, and other autonomous elements for remote control or independent vehicular operation. These vehicles predominantly examine their environment and either relay the information back to the operator via teleoperation or make autonomous choices to handle technical challenges. For instance, the Indian army initiated a slew of urgent drone purchases using emergency power in November 2022, allocating approximately 3 billion rupees (around $36 million) for each program. The latest bid includes 1,000 unmanned surveillance helicopters, 163 high-altitude logistics drones, 750 remotely operated aerial vehicles, and 80 miniature remotely piloted aircraft systems.

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What Are the High-Growth 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

Which Global Trends Are Driving Defense Market Expansion?
Weapons known as corner shots are rising in prominence due to the increased safety they provide. A corner shot is essentially a specially designed weapon accessory, which can be mounted on firearms like a Glock, handgun, or Beretta 92. Thanks to a versatile hinged chassis, the firearm can curve around corners without putting soldiers at risk. Features of this weapon system include a high-definition video camera perfectly aligned with the gun's barrel, an LCD screen, and an integrated tactical light to aid in navigation and lighting. Corner shot firearms are typically employed in combat zones, within armored tanks and vehicles, and atop turrets to provide a complete coverage of 360 degrees, whilst keeping the shooter safely inside the vehicle. Depending on the weapon model, the effective and accurate range of a corner shot weapon can be anywhere from 100 to 200 meters.

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Who Are the Fastest-Growing Companies in the Defense Industry?
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

What Is the Regional Outlook for the Defense Market by 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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