Market Forecast is pleased to announce the release of its latest report – Global Defense Market Assessment to 2028.
With special attention paid to the impact of COVID-19 this new Market Forecast report assesses the Global Defense Market by by Department, End-Allotment, and by Region. Current Market Overview, Country Analysis, Trends, Opportunity Analysis, and Leading Company Profiles are provided.
The US Defense budget accounts for the majority of Global Defense spending. If the US Defense budget was treated as a country’s GDP, it would rank amongst the top 25 GDPs in the world. The global market is also experiencing a rapid rise in spending from countries like China, Saudi Arabia and India. However, China, which ranks second in the Global Defense Budget list, spends less than half of the defense budget of US. The top five countries — United States, China, India, Russia and Saudi Arabia — accounted to more than 60% of the global market.
The geopolitical situation plays an important role in the defense spending, with countries that have strained relationship with their neighboring countries likely to spend more on their defense. A government of a country with a 30 percent risk of expected civil war within five years is expected to raise its spending by around 1.2% of GDP in comparison to another country without an evident risk.
Technology imitation especially with respect to design is one of the major challenges for the defense industry. The theft of sensitive design data by hackers who target programs, like the U.S. F-35 Joint Strike Fighter, for example, take away a major advantage from the nation that developed the original technology. Due to the striking resemblance of China’s J-31 aircrafts to the USAF’s’ F-35 joint strike fighter, the global media has reported that China could have had access to the F-35 design.
The total Global Defense Budget is estimated at around $1.8 Trillion in 2020 and the market is expected to grow to around $2.3 Trillion by 2028. The CAGR of the market is accounted at around 2.72%. North America is projected to have the highest defense budget by the end of the forecast period. Land Forces are expected to be the largest segment by the end of the forecast period while Defense Personnel is expected to be the largest segment by end allotment.
This new Market Forecast report addresses:
- Identification of key drivers, restraints and challenges which are expected to shape the Global Defense Budget.
- Analysis of the top twenty countries with respect to their military budget, military size, and upcoming procurement programs.
- Political, Economic, Social and Technological (PEST) analysis of the Global Defense Budget.
- Identification of high growth markets in the Opportunity Analysis Chapter.
- The Scenario Analysis Chapter covers the key scenarios and its impacts on the forecast chapter.
- The impact of the Coronavirus pandemic across the Global economies.
The Global Defense market is segmented based on End Allotment, Region, and Department:
- By End Allotment – Personnel, Operation and Maintenance, Procurement and Construction, Research and Development, and others
- Regional Segmentation – North America, Europe, Asia Pacific, Middle East, and Rest of World
- Country Level Analysis – USA, China, France, Russia, UK, Germany, Italy, Australia, Canada, Israel, Spain, Netherlands, Japan, India, Brazil, Saudi Arabia, UAE, Algeria, Iran, and Turkey
Reasons to buy
- The report can be used by new players and potential entrants in the defense industry to gain competitive insights on the Global Defense Budget.
- The report analyzes the key historical trends of global military spending as well as the factors which are expected to shape upcoming trends in the future.
- The dynamics that influence global defense spending, which include the Key Drivers, Restraints and Challenges of the Global Defense Budget, are included in this report.
- Marketing and sales teams o can use this report to formulate their medium- and long-term strategies and to reconfirm their short-term plans.
- The sales and marketing team can use the country analysis chapter to identify trends and opportunities in the top defense spending countries.
- The key hot spots within the Global Defense Spending can be identified by analyzing the Opportunity Analysis Chapter.
- Various scenarios which could affect the Global Defense Spending are analyzed in this chapter such as the outbreak of infectious diseases recent.
- The possible impact of the Covid-19 outbreak on the Global Defence Budget has been analyzed in the report.
- The company profiles include financials, latest news, contracts, strategic alliances, and SWOT for the top 10 companies in the global defence sector.
Who is this report for?
- Defense Manufacturers: The report would be help to both the Defense manufacturers to understand a country’s spending potential and thereby target the right customers.
- Component Manufacturers: The report would help component manufacturers to understand the split of country’s spending in maintenance.
- Financial Institutions: The financial institutions like the financial brokers and the banking institutes can use this report to evaluate their funding or investment strategies.
- Department of Defense: The Department of Defense could use this report to understand the defense budget trends of the top ten countries. This would give them an overall perspective of potential markets.
- OEMs: Original Equipment Manufacturers could use this report to understand their key market potential
- Decision Makers: The future investment and technology focus decisions could be formulated based on the inputs of this report.
- Other Organizations: Various other NGO and Non- Governmental organizations involved with the research of global military spending can use this report to support their research.
More report details are here.