Surge in Military Expenditure Bolsters the Global Military Market to a Predicted $8.8 Billion by 2028, Reveals New Report

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Sep 15, 2023, 21:45 ET

DUBLIN, Sept. 15, 2023 /PRNewswire/ -- The "Military Market: Trends, Opportunities and Competitive Analysis 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global military market is on a promising trajectory, with significant opportunities in air force, army, and navy applications. According to a comprehensive report, the market is expected to reach an estimated value of $8.8 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2023 to 2028.

Several key factors are driving this growth, including the rise in military expenditure, the integration of artificial intelligence into modern drone technologies, and the increasing use of unmanned aerial vehicles in the military and security sectors.

Key Highlights of the Military Market:

Market Segmentation:

Product Type: The market is segmented into communication systems, weapons and ammunition, manned and unmanned aerial vehicles, and manned and unmanned vehicles.
Application: Segments include air force, army, and navy.
Region: The market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World.

Key Players:

Major companies in the military market include General Dynamics, BAE Systems, Northrop Grumman, CACI International, Collins Aerospace, Boeing, Textron Inc., Navistar Defense, and Raytheon.

Market Insights:

Manned and unmanned vehicles are expected to witness the highest growth, driven by their speed, safety features, and advanced propulsion systems.
The army segment is projected to remain the largest application due to increased demand for border surveillance and homeland security measures.
North America is anticipated to maintain its position as the largest region, driven by government investments in international security and the presence of key OEMs in the region.

Features of the Report:

Market size estimation in terms of value ($B).
Trend and forecast analysis for 2017-2022 (trends) and 2023-2028 (forecast) across various segments and regions.
Segmentation analysis by product type, application, and region.
Regional breakdown of the market in North America, Europe, Asia Pacific, and the Rest of the World.
Analysis of growth opportunities in different segments and regions.
Strategic analysis, including M&A activity, new product development, and competitive landscape using Porter's Five Forces model.

Key Questions Answered in the Report:

What are the high-growth opportunities in the global military market by product type, application, and region?
Which segments will grow at a faster pace and why?
What factors are affecting market dynamics, challenges, and business risks?
What are the emerging trends in the market, and why?
What are the changing customer demands in the market?
Who are the major players in the industry, and what strategic initiatives are they pursuing?
What competitive threats and risks exist in the market?
What are the new developments in the market and which companies are leading them?
What are the competing products in the market and their impact on market share?
What M&A activity has occurred in the last five years and its impact on the industry?

For more information about this report visit https://www.researchandmarkets.com/r/mr4ejd

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SOURCE Research and Markets