Defense Global Market Report 2022 : Market Size, Trends, And Forecast To 2026
LONDON, GREATER LONDON, UK, October 13, 2022 /EINPresswire.com/ — As per The Business Research Company’s “Defense Global Market Report 2022”, the defense market size is expected to grow from $452.69 billion in 2021 to $483.47 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The growth in the defense market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The defense market is expected to reach $604.82 billion in 2026 at a CAGR of 5.8%. The adoption of unmanned combat vehicles is one of the major trends shaping the market growth.
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Key Trends In The Defense Market
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 intelligent data about the enemy, block the electronic systems of enemy aircraft, and shoot down other threats in the air. Following the trend, Boeing Australia and Royal Australian Air Force (RAAF), in 2019, entered into a partnership to develop 3 prototypes of autonomous fighter jets named Airpower Teaming System or Loyal Wingman. These aircraft will fly alongside the piloted aircraft during battle to distract the enemies, assist in information gathering and surveillance.
Overview Of The Defense Market
The defense market consists of sales of air-based, sea-based and land-based military equipment by entities (organizations, sole traders and partnerships) that produce air-based, sea-based and land-based military equipment including support and auxiliary equipment such as radar, satellites, sonars, and other auxiliary equipment or maintain, repair and overhaul defense equipment.
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Defense Global Market Report 2022 from TBRC covers the following information:
Market Size Data
· Forecast period: Historical and Future
· By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
· By countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
· 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
· By Operation: Autonomous Defense Equipment, Manual
· By Platform: Airborne, Land, Naval
· By Geography: The global defense global market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific holds the largest share in the market.
Major market players such as Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Raytheon Co, Northrop Grumman Corp, Bae Systems plc, Airbus Group SE, Leonardo SpA, Thales group, and General Dynamics.
Trends, opportunities, strategies and so much more.
Defense Global Market Report 2022 is one of The Business Research Company’s comprehensive reports that provides an overview of defense market. The market report analyzes defense global market size, defense global market growth drivers, defense global market segments, defense global market major players, defense market growth across geographies, and defense global market competitors’ revenues and market positioning. The defense global market report enables you to gain insights on opportunities and strategies, as well as identify countries and segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Global Defense Market Drivers, Trends And Restraints For 2022-2031