DUBLIN, Aug. 22, 2023 /PRNewswire/ — The “World Defense Budget Analysis by Allocation Type and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The world defense budget is estimated to be USD 2 trillion in 2023 and is projected to reach USD 2.54 trillion by 2028, with a Compound Annual Growth Rate (CAGR) of 4.9% from 2023 to 2028. The rise in defense budget allocation is driven by the need to maintain modern and well-equipped military forces, as many countries face challenges related to outdated equipment, aging infrastructure, and the need to replace or upgrade existing assets. To ensure military readiness and effectiveness, defense budgets are directed towards acquiring new platforms, equipment, and technologies, including next-generation fighter jets, naval vessels, intelligence systems, cyber defense capabilities, and personnel training.
Market Insights
The cyber subsegment is expected to witness the highest CAGR during the forecast period. With increasing reliance on digital systems and a growing threat landscape in cyberspace, governments worldwide recognize the critical importance of cybersecurity. As a result, significant resources are being allocated to bolster cyber defense capabilities, which includes investments in technologies, infrastructure, and personnel training related to cybersecurity. The goal is to strengthen defense mechanisms, develop advanced cybersecurity tools, and enhance the resilience of critical infrastructure against cyber-attacks.
The military expense subsegment is projected to dominate the world defense budget allocation market. This subsegment includes personnel salaries, training, operations, equipment procurement, research and development, maintenance, and modernization of military assets. Maintaining a capable and well-equipped military force is a top priority for governments to ensure national security and defense preparedness, leading to substantial investments in personnel, training, and advanced weaponry and technology.
North America is expected to account for the largest market share in 2023. The significant defense budget of the United States, which consistently ranks as the world’s highest defense spender, contributes to North America’s dominance in the defense budget allocation market. The United States allocates substantial resources to maintain its military readiness, global military presence, and technological advancements. Additionally, North America benefits from a thriving defense industry and serves as a hub for cutting-edge technology development, fostering innovation and driving defense spending. The advanced industry ecosystem enables North America to remain at the forefront of defense technologies, solidifying its market dominance.
Report Scope
The research report covers various aspects of the world defense budget analysis, including allocation types, departmental allocation, platform allocation, system allocation, domain allocation, technology allocation, and regional analysis. The report provides insights into the major factors influencing the growth of the defense budget analysis, such as drivers, restraints, challenges, and opportunities. It also includes detailed analysis of critical countries, their defense overviews, key strategies, contracts, partnerships, agreements, new mergers and acquisitions, and recent developments associated with the world defense budget analysis.
Premium Insights
- World Defense Budget to Triple With USD 6 Billion Allocations by 2030
- Over 50% of World Defense Budget to Be Spent on Modernization Programs by 2025
- World Defense Budget to Be 4% of Global GDP by 2030
- US to Contribute 45% to World Defense Budget by 2030
- US, China, Russia, India, and Saudi Arabia to Constitute More Than 70% of Global Military Spending in 2025
- India to Emerge as Leading Defense Exporter by 2030, With Strong Focus on Indigenous Manufacturing
- Europe to Have Military Burden of 3% Till 2025
- War in Ukraine Prompted European Countries to Increase Defense Spending from USD 480 Billion in 2022 to USD 650 Billion by 2030
- Defense Budget of the Middle East to Grow by 6% YOY from 2025 to 2030
- Africa to Hold 5% Share of World Defense Budget in 2030
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 US Defense Budget Analysis
5 Canada Defense Budget Analysis
6 UK Defense Budget Analysis
7 France Defense Budget Analysis
8 Germany Defense Budget Analysis
9 Russia Defense Budget Analysis
10 Italy Defense Budget Analysis
11 China Defense Budget Analysis
12 India Defense Budget Analysis
13 Japan Defense Budget Analysis
14 South Korea Defense Budget Analysis
15 Australia Defense Budget Analysis
16 Saudi Arabia Defense Budget Analysis
17 Israel Defense Budget Analysis
18 Other Countries
19 Appendix
Companies Mentioned
- AECC Aviation Power Co. Ltd.
- Airbus SE
- Avic Shenyang Aircraft Co. Ltd.
- Babcock International Group plc
- BAE Systems Australia Ltd.
- BAE Systems plc
- Bharat Dynamics Ltd.
- Bharat Electronics Ltd.
- CAE Inc.
- China Cssc Holdings Ltd.
- Elbit Systems
- General Dynamics Corporation
- General Dynamics Land Systems Inc.
- Hanwha Corporation
- Hindustan Aeronautics Ltd.
- Hyundai Rotem Co.
- Israel Aerospace Industries
- Kawasaki Heavy Industries, Ltd.
- Korea Aerospace Industries Ltd. (KAI)
- Leonardo Spa
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries, Ltd.
- NEC Corporation
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Rheinmetall AG
- Safran SA
- Thales SA
- The Boeing Company
- United Aircraft Corporation (UAC)
- United Shipbuilding Corporation (USC)
- Uralvagonzavod (UVZ)
For more information about this report visit https://www.researchandmarkets.com/r/s3nuwx
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