Defense industry includes a
component manufacturing of critical infrastructure, arms manufacturing and its
supply. Moreover it also includes manufacturing of vehicles, uniforms, and
other products and services to support military. Some of key products manufactured
in the defense sector include heavy vehicles, arms and ammunition, tanks,
armored vehicles, submarines, missiles, electronic equipment, helicopters,
fighter aircraft, warships, earth moving equipment, special alloys, special
purpose steels, and many others. The defense industry subdivided into equipment
manufactured and used for security, defense technology, defense & security,
military aviation, private security services, radar, strategy & tactics,
tanks & armored vehicles and weapons.
According to study, “Defense
Global Market Report 2019” the key companies operating in the global
defense market are Boeing, United Technologies, Raytheon, EADS/Airbus, Northrop
Grumman and General Atomics Aeronautical Systems, Adcom Military Industries,
ABG Shipyard Limited (ABG), EBV Explosives Environmental Company, BAE Systems
Information and Electronic Systems Integration Inc. (US), European Advanced
Technology S.A., EUREST Raytheon Support Services, Advance Tech Control Pvt.
Ltd., Hispano-Suiza, HCL Aerospace & Defense, Bharat Dynamics Limited,
CADES Engineering Technologies Ltd, Brazilian Company Avionics Services,
Cassidian Cyber Security, Direction des Constructions Navales Services (DCNS)
Based on type, defense market is
segmented into air based defense equipment manufacturing, land based defense
equipment manufacturing, sea based defense equipment manufacturing, defense
support & auxiliary equipment manufacturing and defense equipment
maintenance, repair and overhauling services. Air based defense equipment
manufacturing sector includes military gliders, fighter aircrafts, military
helicopters, and drones. Land based defense equipment manufacturing sector
includes missiles, tanks, rifles, explosives, pistols, guns, armored vehicles,
field guns, non-gun powder weapons and rocket launchers. Sea based defense
equipment manufacturing sector includes battle force ships manufacturing
(aircraft carriers, corvettes, torpedo boats, frigates, destroyers, support
crafts) and submarines (together with nuclear submarines). Defense support
& auxiliary equipment manufacturing sector includes military satellites,
military radars and others. In addition, the defense equipment maintenance,
repair and overhauling services include Military Maintenance Repair, air based
defense Equipment and Overhaul (MRO) services, land based defense equipment MRO
services and water based defense equipment MRO services.
The defense market is driven by
increase in technological innovation and advancement, followed by rise in
government spending in research & development (R&D) activities and
increase in security concerns among various nations. However, declining
resistance budgets accompanied by rising development costs may impact the
market. Moreover, increase in investment in next generation Intelligence,
surveillance, and reconnaissance (ISR), cognition & data analytics as well
as improved precision strike with the assistance of non-kinetic weapons and
unmanned combat land & sea vehicles are key opportunities for market.
Based on geography, the Asian-Pacific
region holds major share in market owing to increased their defense budgets in
the region. Whereas, the North-American region is anticipated to witness higher
growth rate due to various procurement plans for replacing aging combat
aircraft as well as procurement plans for new unmanned aerial vehicles over the
forecast period. In upcoming years, it is estimated that future of the market
will be optimistic as a result of fight against terrorism during the forecast
period.
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