Major companies in the defense market include 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.
New York, Feb. 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Defense Global Market Report 2022” – https://www.reportlinker.com/p06240590/?utm_source=GNW
The global defense market 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 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 market is expected to reach $604.82 billion in 2026 at a CAGR of 5.8%.
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. The defense market is segmented into air-based defense equipment; sea-based defense equipment; land-based defense equipment; defense equipment maintenance, repair, overhaul services, and defense support and auxiliary equipment.
The main defense types are air-based defense equipment, sea-based defense equipment, land-based defense equipment, defense equipment maintenance, repair and overhaul services, defense support, and auxiliary equipment.Air-based defense equipment includes support and auxiliary equipment for the air-based defense such as radar, satellites, sonars, and other auxiliary equipment.
The various operation includes autonomous defense equipment, manual and involves various platforms such as airborne, land, naval.
Asia Pacific was the largest region in the defense market in 2021.Western Europe is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The adoption of unmanned combat vehicles is one of the major trends in this market.An unmanned combat vehicle is a machine or motorized vehicle that runs without any physical human intervention.
These vehicles have a set of sensors for 360-degree situational awareness and for optical avoidance, steering actuators, brake, and laser scanner along with other autonomous features enabling remote or autonomous functioning of the vehicle.It is majorly used to inspect the surroundings and transfer the information to the operator through teleoperation or make autonomous decisions to deal with situations involving several technical challenges.
For instance, in January 2020, the U.S. Army awarded contracts for the development of Robotic Combat Vehicle- Medium (RCV-M). It is an unmanned robotic teleop combat vehicle with an onboard 20-to 50- millimeter automatic cannon. It can fight alongside infantry and destroy enemy armored personnel carriers, trucks, and troops.
Corner shot weapons are increasingly becoming popular due to the safety features they offer.A corner shot is a specialized weapon accessory, essentially a hinged chassis installed to a pistol such as a Glock, a handgun, or to a Beretta 92.
The hinge chassis allows the gun’s frame to bend around the corner and attack the target without exposing the soldiers.It is also equipped with a bore-sighted, high-resolution video camera, LCD monitor, and a built-in tactical light for navigation and illumination.
The corner shot rifles or guns are widely used in battle-fields, inside armored vehicles and tanks, on a turret up top, which will allow for a full 360-degree field cover while the triggerman remained safely inside the vehicle. The weapon is accurate and effective to 100 to 200 meters depending on the type of weapon.
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.
The countries covered in the defense market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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