According to a market report by Lucintel, the future of the military market looks promising with opportunities in the air force, army, and navy applications. The global military market is expected to reach an estimated $196.0 billion by 2028 with a CAGR of 5.3% from 2023 to 2028. The major drivers for this market are rising demand for automated fighter jets, growing adoption of artificial intelligence in modern drone technologies, and the increasing trend of unmanned aerial vehicles in the military and security industries.
In this market, communication systems, ammunition, manned and unmanned aerial vehicles, manned and unmanned vehicles are the major product type segments. Lucintel forecasts that manned and unmanned vehicles will witness the highest growth over the forecast period as these are faster, safer, and are equipped with high-tech propulsion systems, modern sensors, and payloads.
Within this market, army is expected to remain the largest application segment due to its growing need for armed forces to improve their boarder surveillance and homeland security measures.
Asia Pacific will remain the largest region due to increasing supportive initiatives towards infantry projects, growing adoption of technologically advanced weapon systems in the region, and massive government investments from China and India in the defense sector.
General Dynamics, BAE Systems, Northrop Grumman, CACI International, Collins Aerospace, Boeing, Textron, Navistar Defense, and Raytheon are the major suppliers in the global military market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global military market by product type, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Military Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global military market by product type, application, and region, as follows:
Military Market by Product Type [Shipment Analysis by Value from 2017 to 2028]:
Communication Systems
Ammunition
Manned and Unmanned Aerial Vehicles
Manned and Unmanned Vehicles
Military Market by Application [Shipment Analysis by Value from 2017 to 2028]:
Military Market by Region [Shipment Analysis by Value from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at
helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global
Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis,
Growth Consulting, M&A, and
Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit
www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the global military market by product type (communication systems, ammunition, manned and unmanned aerial vehicles, manned and unmanned vehicles), application (air force, army, and navy), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?