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Defense Logistics market Trend
Rise in military conflicts & geopolitical tension, and effective and resilient supply chain for military drive the growth of the defense logistics market.
WILMINGTON, DE, UNITED STATES, October 15, 2024 /EINPresswire / -- Allied Market Research published a new report, titled, " The Global Defense Logistics Market Size Reach USD 329.88 Billion by 2032, Growing at 5.0% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global defense logistics market size was valued at $203.8 billion in 2022, and is projected to reach $329.9 billion by 2032, growing at a CAGR of 5.0% from 2023 to 2032.
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The growth of the global defense logistics market is driven by factors such as surge in government defense expenditure and military modernization programs, rise in military conflicts and geopolitical tension, and increase in the need for an effective and resilient supply chain for military. However, lack of infrastructure and increase in cybersecurity threats hamper the growth of the market. On the contrary, rise in the focus on sustainability and environment-friendly practices in defense logistics, and technological advancements are expected to offer remunerative opportunities for the expansion of the defense logistics market during the forecast period.
The defense logistics market is segmented on the basis of end-user, transportation mode, commodity, and region. On the basis of end-user, it is divided into army, navy, and air force. On the basis of transportation mode, the market is classified roadways, airways, waterways, and railways. On the basis of commodity, it is fragmented into armament, technical support & maintenance, medical aid, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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On the basis of commodity, the armament segment held the highest market share in 2022, accounting for nearly three-fifths of the global defense logistics market revenue, and is estimated to maintain its leadership status throughout the forecast period, rise in the defense logistics utilized across different branches of the military (army, navy, air force) for maintaining strategic capabilities. Moreover, the technical support and maintenance segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032, owing to the increase in the need for specialized technical support and maintenance as military equipment becomes more technologically advanced.
On the basis of end-user, the army segment held the highest market share in 2022, accounting for more than half of the global defense logistics market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is a surge in the partnership with the army forces of various countries to provide logistics and maintenance services. However, the Airforce segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032, owing to surge in the collaborations and agreements of logistics companies and agencies with the Airforce to increase the capabilities and readiness of the defense forces.
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On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-thirds of the defense logistics market revenue, and is expected to dominate the market during the forecast period, as there is consistent upward trend in defense budgets facilitates greater investments in the development of logistics infrastructure. However, the LAMEA region is expected to witness the fastest CAGR of 7.0% from 2023 to 2032, owing to an increase in demand for effective defense logistics to facilitate military efforts against extremist groups due to the increased occurrence of counterterrorism activities in the Middle East and certain regions of Africa.
The leading companies profiled in the defense logistics report include Lockheed Martin Corporation, Colak Group, Crowley, BAE Systems, Northrop Grumman, Raytheon Technologies, General Dynamics Corporation, L3Harris Technologies, Inc., SEKO Logistics, and Leonardo S.p.A. The companies have adopted strategies such as contract, and others to improve their market positioning.
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Recent Developments in the Defense Logistics Industry:
● In September 2023, L3Harris Technologies received a contract by the Defense Logistics Agency (DLA) for the provision of spares and repair parts for very small aperture terminal (VSAT) transmission systems. The contract is a firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract with a maximum value of $125.13 million..
● In January 2022, General Dynamics, through its business unit of General Dynamics Information Technology (GDIT) received a $518 million task order from the U.S. Army Communications Electronics Command (CECOM). Under this contract, GDIT is expected to provide logistics services, ensuring the efficient and timely movement of equipment, supplies, and resources to support joint the U.S. and coalition forces.
● In March 2021, General Dynamics, through its subsidiary Gulfstream Aerospace received contracts totaling $696 million by the U.S. Air Force. The contracts involve providing engineering services and contractor logistics support to the Air Force. Gulfstream will be working on C-20 and C-37 aircraft for the Air Force Life Cycle Management Center.
● In September 2021, Lockheed Martin secured a substantial contract valued at $2.01 billion. The primary focus of the contract is to provide crucial logistics support for the F-35 air systems. This includes catering to the needs of the U.S. and foreign military sales customers.
● In September 2021, Crowley received a multi-year contract worth $192.4 million to provide fuel management and storage services for Pacific military operations. The scope of services includes energy logistics management and services related to the receipt, storage, protection, and shipment of aviation-grade JP-5 turbine fuel and commercial-grade Jet A-1 fuel.
● In May 2021, Raytheon Technologies received a potential $495 million contract by the U.S. Navy to support the U.S. Marine Corps' secondary repairable program at supply chain management centers located in various U.S. Raytheon Technologies will play a crucial role in supporting the U.S. Marine Corps by efficiently managing and optimizing the logistics and repair processes for secondary repairable items.
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