Increase in Security Concerns Anticipated to Drive Global Defense Market: Ken Research
Defense industry includes a component manufacturing of critical infrastructure, arms manufacturing and its supply. Moreover it also includes manufacturing of vehicles, uniforms, and other products and services to support military. Some of key products manufactured in the defense sector include heavy vehicles, arms and ammunition, tanks, armored vehicles, submarines, missiles, electronic equipment, helicopters, fighter aircraft, warships, earth moving equipment, special alloys, special purpose steels, and many others. The defense industry subdivided into equipment manufactured and used for security, defense technology, defense & security, military aviation, private security services, radar, strategy & tactics, tanks & armored vehicles and weapons.
According to study, “Defense Global Market Report 2019” the key companies operating in the global defense market are Boeing, United Technologies, Raytheon, EADS/Airbus, Northrop Grumman and General Atomics Aeronautical Systems, Adcom Military Industries, ABG Shipyard Limited (ABG), EBV Explosives Environmental Company, BAE Systems Information and Electronic Systems Integration Inc. (US), European Advanced Technology S.A., EUREST Raytheon Support Services, Advance Tech Control Pvt. Ltd., Hispano-Suiza, HCL Aerospace & Defense, Bharat Dynamics Limited, CADES Engineering Technologies Ltd, Brazilian Company Avionics Services, Cassidian Cyber Security, Direction des Constructions Navales Services (DCNS)
Based on type, defense market is segmented into air based defense equipment manufacturing, land based defense equipment manufacturing, sea based defense equipment manufacturing, defense support & auxiliary equipment manufacturing and defense equipment maintenance, repair and overhauling services. Air based defense equipment manufacturing sector includes military gliders, fighter aircrafts, military helicopters, and drones. Land based defense equipment manufacturing sector includes missiles, tanks, rifles, explosives, pistols, guns, armored vehicles, field guns, non-gun powder weapons and rocket launchers. Sea based defense equipment manufacturing sector includes battle force ships manufacturing (aircraft carriers, corvettes, torpedo boats, frigates, destroyers, support crafts) and submarines (together with nuclear submarines). Defense support & auxiliary equipment manufacturing sector includes military satellites, military radars and others. In addition, the defense equipment maintenance, repair and overhauling services include Military Maintenance Repair, air based defense Equipment and Overhaul (MRO) services, land based defense equipment MRO services and water based defense equipment MRO services.
The defense market is driven by increase in technological innovation and advancement, followed by rise in government spending in research & development (R&D) activities and increase in security concerns among various nations. However, declining resistance budgets accompanied by rising development costs may impact the market. Moreover, increase in investment in next generation Intelligence, surveillance, and reconnaissance (ISR), cognition & data analytics as well as improved precision strike with the assistance of non-kinetic weapons and unmanned combat land & sea vehicles are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in market owing to increased their defense budgets in the region. Whereas, the North-American region is anticipated to witness higher growth rate due to various procurement plans for replacing aging combat aircraft as well as procurement plans for new unmanned aerial vehicles over the forecast period. In upcoming years, it is estimated that future of the market will be optimistic as a result of fight against terrorism during the forecast period.
For More Information, Click on the Link Below:-
Ankur Gupta, Head Marketing & Communications