Major companies in the defense market include Lockheed Martin; Raytheon Company; BAE Systems; Northrop Grumman and Boeing. The global defense market is expected to grow from $438. 34 billion in 2020 to $446.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Defense Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018926/?utm_source=GNW
59 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. 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 $542.33 billion in 2025 at a CAGR of 5%.
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 and overhauling services and defense support and auxiliary equipment.
Asia Pacific was the largest region in the global defense market, accounting for 34% of the market in 2020. North America was the second largest region accounting for 25% of the global defense market. Africa was the smallest region in the global defense market.
Companies in the air-based defence 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 the potential threats and process more information at a given time. These jets are well equipped to collect intelligent data about enemy, block the electronic systems of enemy aircrafts and to shoot down other threats in air. Following the trend, Boeing Australia and Royal Australian Air Force (RAAF), in 2019, entered into 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.
Corner shot weapons are increasingly becoming popular due to the safety features they offer. Corner shot is a specialized weapon accessory, essentially a hinge 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.
Adoption of unmanned combat vehicle is one of the major trends in this market. 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 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 a unmanned robotic teleop combat vehicle with an on-board 20-to 50- millimetre automatic cannon. It can fight alongside infantry and destroy enemy armored personnel carriers, trucks, and troops.
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