Defense Platforms and Systems Outlook Industry worth $2,460.0 billion in 2024 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., April 8, 2025 /PRNewswire/ -- The report "Defense Platforms and Systems Outlook 2025: Emerging Technologies, Evolving Disruptions, Outlook and Growth Opportunities" The global military expenditure is estimated to be USD 2,240.0 billion in 2023 and is expected to reach USD 2,460.0 billion in 2024, growing at an annual rate of 7.4% from 2023 to 2024.

Various regions around the world confront distinctive security challenges, including but not limited to territorial disputes, regional rivalries, and cross-border conflicts. In response to these concerns and to maintain regional stability, countries commit substantial portions of their financial resources to defense. For instance, in the Asia-Pacific region, the escalating military capabilities of China have compelled neighboring nations to fortify their defense capabilities and defense industry growth. Similarly, the Middle East contends with security threats emanating from terrorism, internal conflicts, and external aggression, prompting regional nations to allocate significant financial resources to safeguard their interests. The strategic allocation of defense budgets is also influenced by regional defense cooperation and alliances, as nations strive to bolster collective security and deter potential aggressors. These factors are anticipated to exert a considerable impact on defense industry analysis and budgeting in the forecast period.

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The Airborne platform segment is expected to lead the budget allocation in 2024 and beyond.

Globally, the airborne platforms currently present the largest growth opportunity through 2024 and beyond. This is primarily driven by the increased global emphasis on precision engagement, rapid force projection, strategic airlift, and advanced intelligence, surveillance, and reconnaissance (ISR) capabilities. Nations are prioritizing investments in next-generation fighter aircraft, unmanned aerial systems (UAS), and electronic warfare platforms to strengthen their operational agility and multi-domain integration. The airborne segment is projected to grow from USD 72 billion in 2023 to USD 75 billion by 2024, registering the highest annual growth rate among the three domains. In contrast, land platforms are seeing steady growth supported by modernization programs focused on armored vehicles, artillery systems, and future soldier technologies. While significant in scale, these programs are often regionalized and primarily driven by internal security and border conflict considerations. Marine platforms, although strategically vital—especially in the context of rising maritime disputes and A2/AD capabilities—face moderate growth due to long procurement cycles and high capital requirements associated with submarines, surface vessels, and aircraft carriers. Overall, airborne platforms are expected to lead defense platform growth, backed by their versatility, rapid deployment capabilities, and alignment with evolving multi-domain warfare requirements.

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North America region is estimated to account for the largest share in 2024 while the Asia Pacific region is expected to witness substantial investments in defense industry across countries.

The world military expenditure analysis has been studied in North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to have the largest share in the world defense budget allocation market. This dominance is driven by the substantial defense budget of the United States, the presence of advanced defense industries, and the region's active military engagement and global security responsibilities. The upswing in expenditures on modernization initiatives in the Asia Pacific region is driven by several factors, including the growing sophistication of weapon systems, the necessity to replace aging equipment, and the aspiration to maintain a technological edge. Countries like India, Japan, South Korea, and Australia are channeling substantial investments into novel weapons systems such as fifth-generation fighters, stealth bombers, and missile systems.

Key Players

Top defense companies in the study include Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), Oshkosh Corporation (US), Hanwha Defense (South Korea), among others.

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