Global Defense Market Trends And Strategies Of Major Players In The Defense Market 2021-2030
17 Jun, 2021
The defense market consists of sales of air-based, sea-based and land-based military equipment by entities (organizations, sole traders and partnerships) that produce air-based, sea-based and land-based military equipment including support and auxiliary equipment such as radar, satellites, sonars and other auxiliary equipment or maintain, repair and overhaul defense equipment.
Global Defense Market Size And Drivers:
The global defense market is expected to grow from $438.34 billion in 2020 to $446.59 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $542.33 billion in 2025 at a CAGR of 5%. The growth in the defense market is due to the advancements in warfare technologies and modernization of military weapon systems.
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Trends In The Global Defense Market
Adoption of unmanned combat vehicle is one of the major trends in this market. Unmanned combat vehicle is a machine or motorized vehicle that runs without any physical human intervention. These vehicles have a set of sensors for 360-degree situational awareness and for optical avoidance, steering actuators, brake, and laser scanner along with other autonomous features enabling remote or autonomous functioning of the vehicle. It is majorly used to inspect the surroundings and transfer the information to operator through teleoperation or make autonomous decisions to deal with situations involving several technical challenges. For instance, in January 2020, the U.S. Army awarded contracts for the development of Robotic Combat Vehicle- Medium (RCV-M). It is an unmanned robotic teleop combat vehicle with an on-board 20-to 50- millimeter automatic cannon. It can fight alongside infantry and destroy enemy armored personnel carriers, trucks, and troops.
Global Defense Market Segments:
The global defense market is further segmented based on type, operation and geography.
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
By Operation: Autonomous Defense Equipment, Manual
Sub segments Covered: Fighter Aircrafts, Military Helicopters, Military Gliders and Drones, Battle Force Ships (Aircraft Carriers, Frigates, Destroyers, Corvettes, Torpedo Boats, Support crafts), Submarines (including Nuclear Submarines), Armored Vehicles, Missiles, Tanks, Small Arms and Light Weapons, Air based Defense Equipment MRO Services, Water based Defense Equipment MRO Services, Land based Defense Equipment MRO Services, Military Radars, Military Satellites, Other Defense Support and Auxiliary Equipment
By Geography: The global defense market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global defense market, accounting for 34% of the market in 2020.
Read More On The Report For The Global Defense Market At:https://www.thebusinessresearchcompany.com/report/defense-global-market-report-2020-30-covid-19-impact-and-recovery
Defense Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides defense market overviews, analyzes and forecasts market size and growth for the global defense market, defense market share, defense market players, defense market segments and geographies, defense market’s leading competitors’ revenues, profiles and market shares. The defense market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.