INDUSTRY REPORT
We spotlight trends , innovations , challenges and spending forecasts in global aerospace and defence markets .
INDUSTRY REPORT
SHIELD AND STRIKE
The defence market consists of sales of air-based , sea-based and land-based military equipment by entities ( organisations , sole traders and partnerships ) that produce air-based , sea-based and land-based military equipment . This includes support and auxiliary equipment such as radar , satellites , sonars and other auxiliary equipment or maintenance , repair and overhaul defence equipment .
The COVID-19 pandemic affected the industry globally , as countries implemented strict lockdown measures and social distancing norms to restrict the swift spread of the virus . Manufacturing facilities around the world were shut down during the initial stages of the pandemic . Supply chain issues meant shortages of materials such as microchips and microelectronics , delaying technology roll-outs .
“ Many small and medium-scale companies , the backbone of defence technology providers , are witnessing a steep drop in revenues since the emergence of the pandemic . Market players therefore faced numerous challenges as disruptions in the supply chain were observed . However , things will improve in the second half of 2022 as more supplies come online ,” commented analyst , Vantage Market Research .
However , the Russian invasion of Ukraine has thrown defence back into the spotlight again , as over 50 countries have pledged to help build Ukraine ’ s defence .
Global defence markets
Image : Shutterstock . com .
“ The global defence market size is expected to grow from US $ 452.69 billion in 2021 to US $ 483.47 billion in 2022 at a compound
“ The global defence market size is expected to grow from US $ 452.69 billion in 2021 to US $ 483.47 billion in 2022 .”
The defence market is expected to reach US $ 604.82 billion in 2026 at a CAGR of 5.8 %
26 | www . ismr . net | ISMR July / August 2022