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Military Platforms Market worth $77.08 billion by 2030 - Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

06 Nov, 2024, 11:55 GMT

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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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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=109616288

Browse in-depth TOC on "Military Platforms Market" 350 – Tables
110 – Figures
400 – Pages

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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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting

Related Reports: 

Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles), Mobility (Wheeled, Tracked), Type, Systems, Mode of Operation (Manned, Unmanned), Point of sale, and Region - Global Forecast to 2029

Military Vehicle Sustainment Market by Vehicle Type (Armored Vehicles, Military Trucks), Service (Maintenance, Repair, & Overhaul (MRO), Training & Support, Parts and Components Supply, Upgrades & Modernization), End User, and Region- Global Forecast to 2028

Special Mission Aircraft Market by Platform (Military Aviation, Commercial Aviation, UAV), Application (ISR, Command and Control, Combat Support, Air-Launch/Rocket Launch), Payload Type, End-User, Point of Sale and Region - Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar

MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/military-platforms-companies.asp
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