Vantage Market Research
Nov 04, 2021
According
to a new report by Vantage Market Research, the Military infrastructure market is
expected to reach USD 14.54 Billion by 2028, growing at a CAGR of 3.8% from
2021 to 2028. Increasing security concerns which is pushing evolution of new
military bases and this in turn enhances the security at border and the demand
for innovation of facilities resulted into mixture of logistics and
infrastructure is believed to fuel the military infrastructure market in coming
years.
Key Findings:
- The Army segment is projected to grow at a CAGR of over 19.41% over the forecast period owing to the increasing adoption in the increasing military strength in country.
- The Air Force segment held a market share of around 10.26% in 2020. This share is due to the increasing R&D activities across the globe to meet rising demand for strengthening the air space among countries such as China, India, and U.S.
- Asia Pacific is expected to expand at a CAGR over 7.3% from 2021 to 2028. This surge is attributed to the rising demand for infrastructural activities in the countries like India and China.
Some of key players in Military infrastructure market include AECOM, KBR, Fluor Corporation, ANHAM, Klinge Corporation, DynCorp, Lockheed Martin Corporation, Aselsan, GENCO, Honeywell, among others.
Military related construction and transportation services is an important strategic element for the functioning of the Army, Navy and Air Force as they facilitate the timely delivery and supply of essential materials such as food, ammunition, man power, and healthcare to the military bases for sustained operation. To understand overview for infrastructural activities, the various military aspects such as arms, tanks, and artillery equipment’s, and various others are considered to be delivered on time at their designated locations. The market also takes into account the various R&D initiatives undertaken by the defense forces and associated supply chain facilities to enhance the degree of responsiveness and visibility of in-transit items in the military logistics sector.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand in emerging economies, such as India, and China, coupled with the expansion of industries like oil & gas industry, heavy machinery, and others in the region's overall military infrastructure market.