The Defense Global Market Report 2023 by The Business Research Company, provides defense market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In accordance with The Business Research Company's comprehensive Defense Global Market Report for the year 2023, a noteworthy revelation emerges as the global defense market undergoes a significant expansion. From its 2022 valuation of $534.79 billion, the market is poised to ascend to a substantial $577.19 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 7.9%. This robust growth trajectory, however, cannot be discussed in isolation from the geopolitical disruptions wrought by the Russia-Ukraine conflict, which has cast a pall over the prospects of global economic recovery from the ravages of the COVID-19 pandemic, particularly in the immediate future.
The confluence of events stemming from this conflict has triggered a domino effect, resulting in the imposition of economic sanctions on multiple nations, an upswing in commodity prices, and a disruption in supply chains. This ripple effect has manifested itself in the form of inflation, impacting diverse sectors worldwide. Anticipating the trajectory ahead, the defense market is forecasted to further burgeon, reaching an estimated size of $718.12 billion by 2027, exhibiting a more sustainable CAGR of 5.6%.
One salient development within this dynamic landscape is the ascendant trend of unmanned combat vehicles, which represents a paradigm shift in defense technologies. Defined as motorized vehicles operating devoid of direct human involvement, these vehicles boast an intricate ensemble of sensors for comprehensive situational awareness, steering actuators, brakes, and laser scanners. This confluence of technologies endows these vehicles with the capability for remote or autonomous functioning. Their primary functions span from scrutinizing the environment to relaying crucial information to operators via teleoperation or making autonomous decisions to navigate through intricate scenarios, thereby addressing an array of technical challenges. This emergent trend underscores the transformative nature of technological advancements within the defense market, heralding a new era of efficiency and efficacy in military operations.
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The defense market 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 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
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. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
....
24. Key Mergers And Acquisitions
25. Market Background: Aerospace & Defense Market
26. Market Opportunities And Strategies
27. Defense Market, Conclusions And Recommendations
28. Appendix
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