Military product & systems market to reach $8.8 billion by 2028, report predictsNews
July 25, 2023
DALLAS. The global market for military products and systems is predicted to reach an estimated $8.8 billion by 2028, experiencing a combined annual growth rate (CAGR) of 4.7% from 2023 to 2028, according to a new report from Lucintel, "Military Market: Trends, Opportunities and Competitive Analysis, 2023-2028."
The study authors cite several drivers of growth in this market, particularly rising demand for automated fighter jets, the mounting adoption of artificial intelligence (AI) technology in modern uncrewed systems, and the increasing use of uncrewed aerial systems (UASs) in the military and national-security spaces.
The report forecasts that crewed and uncrewed vehicles will see the highest growth over the forecast period, as modern vehicles are faster, safer, and equipped with high-tech propulsion systems, modern sensors, and payloads.
In terms of region, North America will continue to be the lagest-spending region due to increasing investment by governments as they seek to maintain international security and stability and also because of the presence of several OEMs -- the report cites companies including Northrop Grumman and General Atomic Aeronautical Systems Inc. -- in the region.
For additional information visit the Lucintel website.