DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ -- The global military platforms market is projected to reach USD 77.08 billion by 2030, from USD 51.87 billion in 2024, at a CAGR of 6.8% according to a new report by MarketsandMarkets. This growth is mainly driven by escalating geopolitical tensions, increasing defense budgets, and rapid advancements in the military industries especially in air, sea, and land platforms. As countries continue to enhance their militaries around the world, particularly in air defense systems, naval modernization, and upgradations of armored vehicles, demand for advanced military platforms will sharply increase.
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Browse in-depth TOC on "Military Platforms Market" 350 - Tables
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Military Platforms Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 51.87 billion |
Estimated Value by 2030 | $ 77.08 billion |
Growth Rate | Poised to grow at a CAGR of 6.8% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By platform type, end-user, technology and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Vulnerability of radars to new jamming techniques |
Key Market Opportunities | Advancements in hardware and software integration in radar technology |
Key Market Drivers | Increased global defense expenditure |
Advances in threats and a higher demand for state-of-the-art defense resources compel military forces to invest in platforms with the latest technologies. This includes enhancements in stealth, precision targeting systems, and integrated command and control. The leading players in this market focus on large R&D expenditures in creating advanced systems to fulfill strategic defense requirements of all major countries, which also include the North American, European, Asian-Pacific, and Middle East regions.
Based on platform type, the military aircraft segment is estimated to grow at highest CGAR in the market during the forecast period.
The military aircraft segment is estimated to have highest CAGR during the forecast period. This is due to various key factors motivating the need for advanced military aircraft on a global scale. For instance, rising geopolitical tensions and territorial conflicts in areas like the Asia-Pacific and the Middle East are forcing countries to heavily invest in upscaling their air force capabilities. Modern-day military aircraft, which include fighter jets, transport aircraft, and combat helicopters, are crucial in improving national security and achieving air superiority.
Also, advances in technologies, such as third-generation advanced radar systems, AI-based decision-making processes, and precision strike, are making military aircraft more efficient to operate. Multi-role aircraft undertaking a wide range of missions, from direct combat and intelligence gathering to the resultant tasks, are also adding strength to the demand.
Many countries are upgrading their existing fleets, replacing old aircraft with next-generation platforms, which would call for military aircraft in the forecast period. Investments in special mission aircraft for surveillance and reconnaissance are also part of this.
With such growth in military aircraft segments, this is further supported by huge defense spends in regions like North America and Europe. Here, the governments are focused on bolstering the aerial combat and defense capabilities. In this scenario, this segment is expected to be continued at the same growth trajectory and is likely to fuel significant demand in the global military platforms market.
Based on technology, the Next-Gen segment is forecasted to grow at highest CAGR during forecast period.
The next-gen segment is forecasted to grow at the highest CAGR during the forecast period in military platforms market. The fastest growth is expected to be exhibited by the next-generation (Next-Gen) segment over the period of the forecast, this market, as advanced technologies are being adopted with large-scale intensity in military platforms-advanced system of AI, stealth capability, advanced radar, and next-gen avionics. These technologies are focused on integrating efficiency, speed, and accuracy into military actions in the air, land, and sea. Key growth drivers in this domain include rising needs for superior situational awareness, real-time processing of data, and interoperability between different domains. Moreover, military forces' fleet upgrades with the next generation of aircraft, vehicles, and vessels capable of executing complex missions efficiently are highly desired. These include fighter jets with advanced sensor fusion systems and combat vehicles with enhanced mobility and protection. Stealth technology is gaining importance as more and more countries focus on developing platforms that can evade detection and operate in contested environments. Keeping defense systems modern to combat emerging threats will allow military forces to invest in platforms that integrate next-gen technologies. Emerging regions like North America and Europe, having high defense budgets, would make hefty investments in upgrading and modernizing their defense platforms. Further investment towards technology and defense expenditure is expected to help next-gen capture a majority of the military platforms market in the forecast period.
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North America is expected to lead the market with highest CAGR during the forecast period.
The military platforms industry in north America is expected to lead with highest CAGR during forecast period. North America will lead the share of military platforms during the forecast period with strong defense spending, accompanied by the ongoing modernization of military assets. US, has been undertaking massive investments in next-generation military technologies such as advanced aircraft, land vehicles, and naval platforms. These procurement and upgrade programs currently happening under the United States Department of Defense, which enhance the capabilities responding to emerging global threats, are important contributors toward this growth. In North America, there are some of the world's largest defense contractors, including Lockheed Martin, Boeing, Raytheon Technologies, and Northrop Grumman, which are very much involved in the most advanced military platforms coming to market in terms of stealth, precision targeting, and enhanced situational awareness technologies.
All those segments and regions have drivers and restraints traceable back to either technological advancement or strategic defense requirements and, in aggregate, serve growth for the military platforms sector.
Key Players-
Major Players in military platforms companies such as Lockheed Martin Corporation (US), Rheinmetall AG (Germany), Boeing (US), Huntington Ingalls Industries (US), RTX (US), BAE Systems (UK), Northrop Grumman (US), Israel Aerospace Industries (Israel), Thales (France), Saab AB (Sweden), Elbit Systems Ltd. (Israel), Northrop Grumman (US), Aselsan A.S (Turkey), Bharat Electronics Limited (BEL) (India) Leonardo S.p.A.(Italy), ST Engineering (Singapore), Textron (US), Mitsubishi Heavy Industries, Ltd. (Japan), Dassault Aviation (France), Airbus (Netherlands), HD Hyundai Heavy Industries Co., Ltd. (South Korea), Naval Group (France), and Hanwha Ocean Co., Ltd. (South Korea).
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