Defense Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Defense by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Defense, The defense market size has grown strongly in recent years. It will grow from $575.33 billion in 2023 to $616.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%.  The  growth in the historic period can be attributed to increasing the use of military drones, demand for attack and transport helicopters, low-interest rates, increasing spending on military equipment, increasing development of autonomous fighter jets and increasing military expenditure.

The defense market size is expected to see strong growth in the next few years. It will grow to $772.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.  The growth in the forecast period can be attributed to government initiatives, technology advancement, increasing internal and external security threats, increasingly advanced military helicopters and increasing military modernization programs will drive the growth. Major trends in the forecast period include adoption of unmanned combat vehicles, innovative new military avionics upgrade programs, augmented and virtual reality, edge computing in defense, use of 3d printing technology, strategic mergers and acquisitions, use of artificial intelligence (ai) in defense equipment (drones, helicopters and others), design upgradations and modularity for military-style weapons and day/night decamouflage technology for light weapons. .

The adoption of unmanned combat vehicles is one of the major trends in this market. An 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, brakes, and laser scanners, along with other autonomous features enabling remote or autonomous functioning of the vehicle. It is mostly used to inspect the surroundings and transfer the information to the operator through teleoperation or make autonomous decisions to deal with situations involving several technical challenges. For instance, in November 2022, the Indian army has launched a series of urgent drone purchases under emergency powers, with the service spending up to 3 billion rupees (about $36 million) on each initiative.  The new tender is for 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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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

Sub segments: 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

Companies in the air-based defense equipment manufacturing market are increasingly investing in the development of autonomous fighter jets. Autonomous fighter jets are jets that do not require human pilots to fly and can fly for longer periods of time. Autonomous jets are equipped with sensors to scan for potential threats and process more information at a given time. These jets are well equipped to collect intelligence about the enemy, block the electronic systems of enemy aircraft, and shoot down other threats in the air. Following the trend, in October 2021, Northrop Grumman Corporation, a US-based aerospace and defense technology company, developed a new autonomous aircraft called the Model 437, a stealth jet with a range of 3,000 miles that was created in partnership with Scaled Composites. The Scaled Composites-developed Model 401 Sierra, a low-cost manufacturing technology demonstrator aircraft, serves as the foundation for the Model 437.

The defense market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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