Defense Platforms and Systems Industry Set to Reach $2,460 Billion by 2024

Overview

The defense platforms and systems sector is on a remarkable trajectory, with projections estimating its worth at approximately $2,460 billion by the year 2024. This surge is largely driven by the increasing global military expenditure, which is projected to rise from $2,240 billion in 2023 to the aforementioned figure in 2024, reflecting a robust annual growth rate of around 7.4%.

Regional Security Challenges

Countries worldwide are facing unique security challenges that necessitate significant investment in defense. Issues such as territorial disputes, regional rivalries, and cross-border conflicts prompt nations to allocate substantial resources to strengthen their military capabilities. For instance, the Asia-Pacific region is witnessing an arms race as nations respond to the military advancements of China. In the Middle East, ongoing threats from terrorism and internal strife require countries to reinforce their security measures, leading to increased defense budgets across the region.

The Airborne Platform Segment

Among the various segments of defense expenditures, airborne platforms are anticipated to capture the largest share, more so in 2024 and beyond. The global focus is shifting toward precision engagement capabilities, rapid force deployment, and advanced ISR (Intelligence, Surveillance, and Reconnaissance) technologies. This trend is set to drive nations to invest in next-generation fighter jets, unmanned aerial systems (UAS), and electronic warfare platforms, all aimed at enhancing their operational readiness and strategic capabilities. The airborne sector is projected to grow from $72 billion in 2023 to $75 billion by 2024, marking it as the fastest-growing segment.

Land and Marine Platforms

While the land platforms segment is expanding steadily, driven by modernization initiatives, it remains primarily focused on regional security needs. Investments are concentrated on armored vehicles, artillery systems, and technologies aimed at future soldier enhancements. On the other hand, marine platforms encounter moderated growth due to prolonged procurement processes and the high costs associated with submarines and aircraft carriers. Despite their strategic importance amid rising maritime tensions, budget allocations for the marine segment tend to lag behind those for airborne systems.

North America and Asia-Pacific Insights

In 2024, North America is expected to dominate the defense budget allocation market, propelled largely by the extensive defense spending of the United States. This, combined with a robust defense manufacturing base and global security obligations, solidifies the region’s leading position. Meanwhile, countries in the Asia-Pacific region, including India, Japan, and South Korea, are increasing their defense investments significantly, focusing on cutting-edge weapons systems and modernizing their forces to stay technologically competitive.

Key Players in the Market

Prominent companies leading the charge in defense platforms include Northrop Grumman Corporation, BAE Systems, and Lockheed Martin Corporation, among others. Their innovations and technological advancements are pivotal in shaping the future landscape of the defense industry.

Conclusion

As we look to the future, the dynamics of the global defense industry will continue to evolve, influenced by geopolitical factors and technological advancements. The forecasted growth heightens the importance of strategic planning and investment in defense capabilities to ensure national security and regional stability.

For more insights and detailed analysis, readers can access the full report provided by MarketsandMarkets, the leading consulting firm recognized for its precision in growth consulting and market intelligence. To stay informed about emerging technologies and trends in the defense sector, follow MarketsandMarkets on their official channels.