The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global defense market is projected to increase from $534.79 billion in 2022 to $577.19 billion in 2023, with a 7.9% CAGR. By 2027, it is expected to reach $718.12 billion, demonstrating a 5.6% CAGR.

What will drive the defense market?

A key market trend is the integration of unmanned combat vehicles, which operate autonomously without direct human involvement.

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Who are the major players in the market?

Major companies in the defense market include Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Raytheon Co, Northrop Grumman Corp.

Which trend is gaining popularity in the defense market?

In the air-based defense equipment manufacturing sector, companies are progressively directing investments toward autonomous fighter jet development. Autonomous fighter jets, capable of extended flight without human pilots, feature advanced sensors for threat detection and rapid data processing. They excel in intelligence gathering, disrupting enemy electronic systems, and intercepting aerial threats.

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How is the defense market segmented?

Global Defense Market Segments Include:

• 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
• By Platform: Airborne, Land, Naval
• By Geography: The 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 in 2021.

The Defense Global Market Report 2023  provides an overview of the defense market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The defense market forecast analyzes defense market size, defense market share, leading competitor and their market positions.

Defense activities cover the production of military equipment like air, sea, and land-based systems, along with support and auxiliary items such as radar, satellites, sonars, and their maintenance, repair, and overhaul.

Explore Similar Reports From The Business Research Company:

Defense Support And Auxiliary Equipment Global Market Report 2023

Air Based Defense Equipment Global Market Report 2023

Land Based Defense Equipment Global Market Report 2023

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