LONDON, March 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Military Infrastructure Global Market Report 2024, the global military infrastructure market is experiencing robust growth, with a projected value of $10.34 billion in 2024, according to recent market analysis. This marks a significant increase from $9.5 billion in 2023, with a compound annual growth rate (CAGR) of 8.9%. The military infrastructure market size is expected to see strong growth in the next few years. It will grow to $13.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
Factors Fueling Growth
The growth of the military infrastructure market is underpinned by several key factors:
- Defense Budget Allocations: Increasing defense budgets worldwide are driving investments in military infrastructure to enhance readiness and capabilities.
- Geopolitical Tensions: Heightened geopolitical tensions and global security concerns are prompting nations to bolster their military infrastructure to maintain strategic advantages.
- Modernization Initiatives: Governments are undertaking modernization initiatives to adapt military infrastructure to evolving threats and technological advancements.
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Future Outlook
Looking ahead, the military infrastructure market is expected to continue its strong growth trajectory, reaching $13.91 billion by 2028, with a CAGR of 7.7%. Emerging trends such as natural disaster preparedness, interoperability requirements, and space-based infrastructure development are poised to drive market expansion.
Countering Emerging Threats
The increasing risk of terrorism is a significant driver of market growth. Military infrastructure plays a crucial role in counter-terrorism efforts by providing strategic resources, intelligence capabilities, and operational bases to prevent and respond to terrorist activities.
For example, the Institute for Economics and Peace reported a 17% increase in terrorist attacks in Australia from 2020 to 2021, highlighting the urgent need for enhanced military infrastructure to address evolving security threats.
Innovations Driving Market Growth
Major companies in the military infrastructure market, including Dell Inc., Boeing Company, Lockheed Martin Corporation, and BAE Systems, are focused on developing innovative products to meet evolving defense needs. One such innovation is the development of military communications networks to ensure seamless connectivity and intelligence sharing across diverse operational domains.
For instance, BAE Systems PLC recently launched NetVIPR (Networked, Virtualized, Intelligent, and Protected Routing), a deployable networking product designed for contemporary, multi-domain battlefields. This system enables secure and intelligent military communication across land, sea, air, space, cyber, and electronic warfare domains.
Regional Insights
North America emerged as the largest region in the military infrastructure market in 2023. However, other regions, particularly Asia-Pacific, are expected to witness significant growth due to increasing defense expenditures and strategic imperatives.
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Market Segmentation
The military infrastructure market is segmented based on type, size, and application, including harbor, proving ground, range, training course, small, medium, large, army, navy, and air force.
In conclusion, the military infrastructure market is experiencing robust growth driven by defense budget allocations, emerging threats, and technological advancements. As nations prioritize modernization initiatives and prepare for evolving security challenges, investments in military infrastructure are expected to remain crucial for ensuring national defense capabilities.
Military Infrastructure Global Market Report 2024 by The Business Research Company provides insights on the military infrastructure market size, military infrastructure market segments, military infrastructure market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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