The Global Soldier Modernization Market 2018-2028
02 Mar 2018 • by Natalie Aster
Global soldier modernization market is expected to value US$16.6 billion in 2018, and will grow at a CAGR of 2.72%, to value US$21.7 billion by 2028. The cumulative market for global expenditure on soldier modernization will reach US$197.9 billion over the forecast period.
Global soldier modernization market is expected to be dominated by Asia Pacific and is expected to record a CAGR of 3.35% between 2018 and 2028. Overall, the Asia Pacific region is projected to spend US$68.2 billion on soldier modernization over the forecast period. In 2018, regional expenditure is expected to value US$5.4 billion and increase to US$7.5 billion by 2028.
Asia Pacific to be the highest spender followed by North America
Asia Pacific will be followed by North America which will account for 33% of the global soldier modernization market. The region’s spending is projected to be dominated by the US which is anticipated to cumulatively spend US$62.1 billion on soldier modernization systems during the forecast period. Europe is estimated to be the third largest market globally with a share of 19% during 2018-2028. Spending in the Middle East will be driven by threats from regional conflicts and internal security issues. With a share of 9% the Middle East is projected to be the fourth largest market for soldier modernization in the world. Latin America and Africa are expected to garner a combined share of 5% in the global soldier modernization market during 2018-2028.