World Defense Budget Analysis Market Size is valued at USD 2,002.31 Bn in 2023 and is predicted to reach USD 2,839.52 Bn by the year 2031 at a 4.59% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Innovations in defense technology, including artificial intelligence, unmanned systems, and advanced surveillance capabilities, are significant drivers of defense spending.
- Rising geopolitical tensions and security threats, such as regional conflicts, terrorism, and cyber threats, drive nations to allocate more resources to defense.
- North America dominated the market and accounted for a global revenue share in 2023.
- Governments frequently have to deal with fiscal and budgetary restrictions, which can make it difficult to provide enough money for defense. The expansion of the defense budget may be constrained by competing demands for few resources, economic downturns, or financial crises.
World defence budgets reveal that countries are boosting spending and pouring money into national security measures in response to increased geopolitical tensions, regional wars, and emerging security concerns. Increases in defence spending and other large resource allocations are common responses to rising geopolitical tensions, regional conflicts, and new security concerns. The goal is to safeguard national interests, preserve the country's ability to deter threats and guarantee the nation's independence and security. Across the globe, both domestic and international military confrontations and disagreements have increased. Worldwide, militaries are undergoing modernization efforts to increase the effectiveness of their present platforms. Programs like this are designed to bolster the underlying infrastructure's robustness, adaptability, and strength. Manufacturers of defence platforms put a premium on integrating main guns, remote weapons, ballistic armour, and composite technology.
However, the market growth is hampered by the strict regulatory criteria for the safety and health of world defence budget analysis, and the difficulty in efficiently distributing defence resources is a direct result of the intricate nature of defence procurement procedures. The value and efficiency of defence spending can be improved by careful planning, coordination, and oversight in areas such as acquiring cutting-edge military equipment, maintaining open communication channels, mitigating corruption concerns, and administrating contracts and supply chains.
Competitive Landscape
Some Major Key Players In The World Defense Budget Analysis Market:
- Lockheed Martin Corporation
- BAE Systems plc
- Northrop Grumman Corporation
- Boeing Company
- Raytheon Technologies Corporation
- General Dynamics Corporation
- L3Harris Technologies, Inc.
- Thales Group
- SAIC (Science Applications International Corporation)
- CACI International Inc
- Hyundai Rotem Co
- Hanwha Corporation
- Korea Aerospace Industries Ltd. (KAI)
- NEC Corporation
- Mitsubishi Heavy Industries, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Hindustan Aeronautics Ltd.
- Bharat Electronics Ltd.
- Others
Market Segmentation:
The world defence budget analysis market is segmented based on allocation type, departmental allocation, platform allocation, system allocation, domain allocation, technology allocation, and sales allocation. Based on allocation type, the market is segmented into military expenses and admin expenses. By departmental allocation, the market is segmented into military and homeland security. By platform allocation, the market is segmented into land, airborne, naval, and space. By system allocation, the market is segmented into electronics and armaments. By domain allocation, the market is segmented into military forces and special forces. By technology allocation, the market is segmented into advanced and conventional. By Sales Allocation, the market is segmented into foreign military expense sales and indigenous sales.
Based On The Allocation Type, The Military Expense World Defence Budget Analysis Market Segment Is A Major Contributor To The World Defence Budget Analysis Market
The military expense world defence budget analysis is expected to hold a major global market share in 2024. Military spending is expected to overtake all other categories of government spending shortly as governments everywhere prioritize and allocate substantial money to improving their defence capabilities. Global security concerns, geopolitical conflicts, and the need to upgrade military forces all contribute to the ever-increasing expense of defence.
Advanced Segment To Witness Growth At A Rapid Rate
The advanced segment is projected to grow rapidly in the global defence budget analysis market. The advanced subsegment is anticipated to grow fastest, ultimately leading to market dominance. Digital defence systems, such as digital communication networks, data analytics, and command and control structures, provide many advantages, including enhanced situational awareness, operational efficiency, and decision-making, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American World Defence Budget Analysis Market Holds A Significant Revenue Share
The North American world defence budget analysis market is expected to record the maximum market share in revenue in the near future. It can be attributed to the largest defence budget, investing extensively in the modernization of its armed forces and making great strides in strengthening its military. In addition, Asia Pacific is projected to grow rapidly in the global world defence budget analysis market. The research service stresses the importance of collaboration between international and domestic military firms and increased investment in R&D by both to maintain market share.
Recent Developments:
- In May 2023, Mitsubishi Heavy Industries announced that, with Japan launching its biggest military build-up since World War Two, it expected to set records for defence equipment orders this fiscal year. Within five years, the government intended to quadruple defence spending to about 2% of GDP. This included promises to increase military contracts' profitability and provide subsidies to Japan's divided defence industry.
- In July 2023, Hyundai Rotem Company entered into a Memorandum of Understanding with the Defense Acquisition Program Administration, Korea Advanced Institute of Science and Technology, Hanwha Aerospace, and Korea Aerospace Industries to collaborate on developing international defence cooperation.
World Defense Budget Analysis Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2,002.31 Bn |
|
Revenue Forecast In 2031 |
USD 2,839.52 Bn |
|
Growth Rate CAGR |
CAGR of 4.59% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Allocation Type, By Departmental Allocation, By Platform Allocation, By System Allocation, By Domain Allocation, By Technology Allocation, By Sales Allocation |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ; France; Italy; Spain; South Korea; South East |
|
Competitive Landscape |
Lockheed Martin Corporation, BAE Systems plc, Northrop Grumman Corporation, Boeing Company, Raytheon Technologies Corporation, General Dynamics Corporation, L3Harris Technologies, Inc., Thales Group, SAIC (Science Applications International Corporation), CACI International Inc. Hyundai Rotem Co, Hanwha Corporation, Korea Aerospace Industries Ltd. (KAI), NEC Corporation, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Ltd., Hindustan Aeronautics Ltd., Bharat Electronics Ltd |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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