Home » Government & Politics, Manufacturing & Industry, Professional Services, Technology, World » Deep Study on Defense Market Size, Share, Analysis, Industry Trends, Growth, Regional Outlook and Forecasts, 2016 to 2024 | Hexa Research
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The increased research concerning innovation and growing importance of sensors & radars are making them a good prospect in the “defense market”. Countries such as U.S, France, and Russia are driving the growth of defense market in the North America and European regions owing to increased defense budgets.

The global defense market is growing rapidly as the military budgets of governments worldwide are increasing annually. The governments of various countries worldwide are also investing in defense R & D to equip their countries with technologies that guarantee safety from harmful elements. The annual defense budget of top 50 countries has crossed USD 1.6 trillion, which is more than the GDP of 11 largest economies. There is also a clear belief in the global environment that the defense budget increase reflects the economic growth of countries.

The defense equipment is majorly made up of ground vehicles, missile systems, sensors and radars, unmanned systems, and naval systems. The ground vehicles have been predominantly used to a large extent in the defense market. The increased research concerning innovation and growing importance of sensors & radars are making them a good prospect in the defense market. The missile system is of utmost importance as itprovides safety on the target sitewithout human intervention. Unmanned vehicles are also expected to gain importance over the forecast period as they reduce human involvement. The ongoing integration of intelligent systems into the unmanned systems will make them a good prospect for the future of defense market.

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The major restraint in the market is the increasing demilitarization going around the world. Most of the countries are working towards maintaining peace by trying to minimizethe usage of weapons. The defense technology in some countries across the world is far more advanced compared toothers.Owing to this, most countries are expected to sufferfrom a dilemma withrespect to technologies thatneed to be developed in-house and those thatneed to be acquired. Countries in Asia are majorly import oriented concerning defense equipment, but the trend is expected to change over the forecast period as these countries are also investing heavily in the R & D of defense equipment.

As there is growth and development happeningworldwide, the major economies of the world are becoming less reliant on defense equipment manufacturers. The increasing demilitarization across North America and Europe would decrease the military expenditure of countries over the forecast period. Countries such as U.S, France, and Russia are driving the growth of defense market in the North America and European regions owing to increased defense budgets. The manufacturers are looking at Asia as the potential market,as governments in this region have increased the military budget steadily over the years. The growth in this region is driven by countries such as India, Japan, and China who are heavily spending on defense equipment. The Middle East and Africa regions thatare characterized by low-income nations are investing heavily in defense equipment in order to safeguard the economic development of their country.  Saudi Arabia is a major economy in the Middle East region with their military budget listedamong the top 10 in the world.

The key manufacturers in the market include United Technologies (UTX), L-3 Communications (LLL), Finmeccanica, EADS, Northrop Grumman, Raytheon, General Dynamics, BAE Systems, Lockheed Martin, and Boeing. The other manufacturers include CACI International, ITT Exelis, Pratt & Whitney, General Electric, Honeywell, Computer Sciences Corp., and Oshkosh.

United Technologies manufactures a wide array of defense equipment including the Black Hawk and Seahawk Helicopters. L-3 Communications are majorly into the manufacturingof command control communications and national security solutions. Finmeccanica is an Italian manufacturer of arms, helicopters, and security electronics. The European Aeronautic Defense and Space Company (EADS) is a Dutch manufacturer of arms and helicopters. EADS and BAE Systems attempted a merger in 2012 but the merger was called off when the chancellor of Germany expressed concerns over the merger. Northrop Grumman is majorly into the manufacturingof aircraft, missiles electronics, ships, and space equipment. The company gains maximum revenue from the sales of arms. Raytheon is well-known manufacturer of Tomahawk cruise missile. The company is majorly into the manufacturing of electronics and missiles. General Dynamics is the third largest supplier of defense equipment to the U.S government. The company majorly manufactures artillery, vehicles, electronics, ships, and small arms. BAE Systems are the largest non-U. S company manufacturing electronics, aircraft, space equipment, and missiles.  Lockheed Martin is the leading company manufacturing defense equipment. The product portfolio of the company comprises electronics, aircraft, missiles, and space equipment. The main weapons system manufactured by Lockheed Martin is the F-35 thathas now been upgraded to F-35 Lightning II.

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