Global Defense Market by 2027 to Touch $718.12 Billion at CAGR of 5.6%

2023-01-31 09:38:38

By : JSB Market Research

In : BLOG

The global defense market in 2022 was of value at $534.79 billion. But in 2023, it grew to $577.19 billion with a 7.9% CAGR. A short-term Covid-19 pandemic and the Russia-Ukraine war did disturb the chances of recovery for the global economy. The war between the nation caused sanctions on the economy of several countries, leading to disruptions in the supply chain, spikes in commodity prices, and inflation across services and goods, impacting different markets worldwide. Given the expectations from the activities in the defense sector, the defense market may pace at 5.6% CAGR and reach $718.12 billion by 2027.

What the Global Defense Market Research Report Will Help With?

The defense global market covers several activities such as the production of military equipment across the land, sea, and air, along with auxiliary equipment and support like satellites, radar, and sonars, as well as repair, overhauling, and maintenance of defense equipment. In the defense global market report 2023 to 2032, you will receive data on market size, global forecast, trends, and segmentation by an operation such as manual and autonomous defense equipment.

There is information by a platform such as naval, land, and airborne as well. You will also get acquainted with the defense industry’s global market size, market statistics, competitors, regional shares, and detailed market trends, segments, as well as opportunities. With details on what you will require to advance in the defense industry, the defense market research report will offer an in-depth analysis of the present and future situation in the industry.

The Popularity of Unmanned Combat Vehicles in the Defense Sector

One of the major trends in the global defense market is the adoption and use of unmanned combat vehicles or motorized machines and vehicles, which function without the intervention of physical humans. Such vehicles can assist with situational awareness because of a 360-degree set of sensors for steering actuators, laser scanners, brakes, and optical avoidance.

o With specialized use in the inspection of surroundings, they transfer data to the operator. The activity takes place over teleoperation or the decision is autonomous to cope with situations that comprise technical challenges.

o These unmanned vehicles also have other autonomous benefits that offer autonomous or remote functioning for the model. For instance, the U.S. Army in January 2020 awarded contracts to develop RCV-M (robotic combat vehicles).

o This automatic unmanned teleoperated robotic combat vehicle has a 20-to-50 millimeter of automatic cannon. It can destroy enemies and fight alongside infantry against armored personnel trucks, carriers, and troops.

Corner Shot in Weapon Accessories for Defense Equipment

Another safety feature that unmanned military vehicles are trending for is corner shot weapons. A corner shot is a specialized accessory for weapons that have a hinged chassis positioned on a pistol such as a handgun, a Glock, or a Beretta 92. The gun’s frame can bend at the corner to attach the target because of the hinged chassis.

o The feature helps to avoid exposure to soldiers and is equipped with a high-resolution video camera (bore-sighted). It also has a built-in tactical light for illumination and navigation as well as an LCD monitor.

o The guns and rifles with corner shots are used majorly inside armored tanks and vehicles on the battlefields, usually at top of the turret for a 360-degree field view cover so that the triggerman can stay in the vehicle safely during combat.

o With such advancement, the weapon is known for efficacy and accuracy of up to 100 to 200 meters. However, this depends on the weapon type.

Autonomous Fighter Jets in Defense Equipment Manufacturing Market

There is an increased investment in the development of autonomous fighter jets, especially by companies catering to air-based defense equipment manufacturing. Such jets do not need human pilots and can fly by themselves for longer periods of time.

o These jets have sensors to scan probable threats and are capable to process more data at a given time. Also, autonomous jets can collect intelligence and information about the enemy. They can also shoot down airborne threats and block the electronic systems of unwanted aircraft.

o A U.S.-based defense and aerospace technology company – Northrop Grumman Corporation in October 2021 followed the trend and created Model 437, a new autonomous aircraft. It has a range of 3000 miles and was created with Scaled Composites in partnership.

o Model 401 Sierra developed by Scaled Composites was a low-cost manufacturing technology aircraft that demonstrated the skill initially, and today it serves as the foundation for the autonomous aircraft, Model 437.

Frequently Asked Questions on Global Defense Market Report

1. Which Major Companies Are Detailed in the Document?

The major companies whose details are included in the global defense market report are Northrop Grumman Corp, Thales group, Raytheon Co, Airbus Group SE, General Dynamics, Raytheon Technologies Corporation, Bae Systems plc, Lockheed Martin Corporation, The Boeing Company, Leonardo SpA, and others.

2. What is the Regional Share in the Global Defense Market?

The global defense market research report mentions Asia-Pacific as the largest region in 2022 for the defense market. The fastest-growing region in this duration is Western Europe. The report consists of data on North America, Eastern Europe, Africa, the Middle East, and South America as well.

3. Which Are the Important Subsegments?

The subsegments include military drones and gliders, fighter aircrafts, submarines including nuclear ones, military helicopters, battle force ships (such as frigates, support crafts, corvettes, aircraft carriers, and torpedo boats), water-based/land-based/air-based defense equipment MRO services, missiles, light weapons, small arms, tanks, armored vehicles, military satellites, auxiliary equipment, defense support equipment, and military radars.

4. Which Countries Are Mentioned in the Report?

The defense market report also talks about data collected for countries such as Brazil, Peru, Australia, Hong Kong, Argentina, Belgium, Austria, China, Denmark, India, Philippines, Spain, France, New Zealand, Finland, Canada, Egypt, Venezuela, Colombia, Indonesia, Italy, Germany, Chile, Ireland, Japan, Israel, Romania, Czech Republic, Malaysia, Nigeria, Mexico, Norway, Netherlands, Poland, Switzerland, Portugal, Saudi Arabia, South Africa, Russia, Vietnam, South Korea, Singapore, Thailand, UK, Sweden, USA, and UAE.

5. What About Statistics on Sales?

The global defense market research has sales of land-based/air-based/water-based defense equipment such as support vehicles, radars, helicopters, military aircraft, and satellites. The factory gate values are mentioned and it is the value of goods the creators or manufacturers sell to end customers directly or to entities such as wholesalers, retailers, distributors, or downstream manufacturers. The value of goods in the market also encompasses related services that the creators of the goods sold.

6. Is There Information on Revenue?

The global market research report on the defense market has market revenue defined from enterprises that gain through the sale of services and goods in the provided geography. The data on sales, donations, and sales for different regions in terms of USD, if others are unspecified, also exist in the report. The figures given are about consumption values and organization-generated revenues for a particular area in the market, irrespective of the goods they created. The revenue estimation does not include those from resales in the supply chain.

[Global Defense Market by 2027 to Touch $718.12 Billion at CAGR of 5.6%]

Tags: Global Defense Market, Unmanned Combat Vehicles, Corner Shot, Autonomous Fighter Jets, Northrop Grumman, Thales group, Raytheon, Airbus Group, General Dynamics, Bae Systems, Lockheed Martin, The Boeing Company, Leonardo SpA.