Defense Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
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Defense Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
" High defense budgets of several governments world over are projected to fuel the global defense market during the forecast period( 2016 to 2024)."
The global Defense Market is projected to grow robustly over the forecast period( 2016 to 2024). This attributes to high military budgets being set aside by most governments worldwide. A number of countries are investing greatly in research & development of newer technologies for military applications. Rising defense budgets is a direct reflection of increasing economic development. It is because of favorable economic growth that countries can invest in defense and thus protect themselves from external aggression.
However, demilitarization is a major hindrance to the growth of the worldwide defense market. Several countries are striving towards reducing the use of arms and weapons in order to mov e towards greater global peace. There is an air of dilemma among most economies whether or not to import defense technologies.
Some countries are typically advanced in the area of defense technologies, while many others aren’ t. Most Asian economies rely majorly on imports of defense equipment. However, ongoing trends suggest that this pattern might undergo a noteworthy change over the forecast period. These countries may begin directing their resources towards greater R & D of defense equipment.
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