Defense Market Characteristics
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..
Competitive Landscape of the Defense Market
Major players in the global defense market include The Boeing Company, Airbus, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation.
Defense Market Size
The defense market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the defense market is due to advancements in warfare technologies and modernization of military weapon systems is expected to drive the market in the future.
However, the market for defense is expected to face certain restraints from several factors such as increase in prices, change in government policies.
Defense Market Segmentation
The global defense market is further segmented based on type and geography.
By Type - The defense market is segmented into Commercial Aircraft Manufacturing, Aircraft Maintenance, Repair and Overhauling Services, Defense Support and Auxiliary Equipment Manufacturing , Commercial Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines , Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services , Commercial Radars, Satellites.
By Geography - The global defense is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America defense market accounts the largest share in the global Defense market.
Trends in the Defense Market
Smart gun technology is gaining the interests of the manufacturer as the major trends in the global defense market.
Potential Opportunities in the Defense Market
With increased awareness relating to energy saving characteristics of LED lights, focus of governments across the globe on the improvement of efficiency, reducing costs, and advancements in LED lighting technologies, the scope and potential for the global defense market is expected to significantly rise in the forecast period.