Land based Defense Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Land based Defense Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 300 pages •
  • Report ID: 6027720 •
  • Format: PDF
Major companies in the land based defense equipmen market include BAE Systems; Raytheon Co; Northrop Grumman Corp; General Dynamics Corp and Lockheed Martin Corporation.

The global land based defense equipment market is expected to grow from $47.06 billion in 2020 to $47.88 billion in 2021 at a compound annual growth rate (CAGR) of 1.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $57.89 billion in 2025 at a CAGR of 5%.

The land based defense equipment market consists of sales of land based defense equipment by entities (organizations, sole traders and partnerships) that produce land based defense equipment including support and auxiliary equipment for land based defense such as radar, satellites, sonars and other auxiliary equipment. The land based defense equipment market is segmented into armored vehicles; missiles; tanks and small arms and light weapons.

Asia Pacific was the largest region in the global land based defense equipment market, accounting for 42% of the market in 2020.Africa was the second largest region accounting for 13% of the global land based defense equipment market.

Western Europe was the smallest region in the global land based defense equipment market.

CornerShot rifles are increasingly being used in the defense industry.CornerShot weapons have steel hinge that allows the gun’s frame to bend around the corner to attack target without exposing themselves.

These rifles help shooters to navigate around corners via a high-resolution camera and LCD monitor.The corner shot rifles are widely used inside armored vehicles and tanks, on a turret up top, which will allow for a full 360-degree field cover while the triggerman remained safely inside the vehicle.

The weapon is accurate and effective to 100 to 200 meters depending on the type weapon. Corner Shot removes the need for this initial exposure.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the land based defense equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Defense equipment manufacturers depend on supply of raw materials and parts from different countries across the globe.

As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and raw materials.The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the land based defense equipment manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The overall economic growth of the emerging economies is expected to positively impact the sea based defense equipment manufacturing market.Rising disposable income, a result of the economic growth, in emerging markets had a positive impact on the demand for defense equipments.

The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period .Stable economic growth is expected to increase investments for nation’s security, thereby driving the sea based defense equipment manufacturing market during forecast period.