Australian Defence Market Set to Grow to $72Bn by 2029

The Australian Defence Market Report 2019-2029 evaluates the current amount of defence expenditure on various modernization initiatives and technologically advanced equipment procurement programs by the Australian government. The demand for technologically advanced equipment’s by modern defence forces is increasing at a substantial rate. In addition, the major defence contracts will have a significant effect on the size of the Australian Defence markets.

The report analyst commented "The Australian region ever greater demands for increased defence capabilities for providing protection against criminal and terrorist activities and alter the Australian Defence market in the next decade. Technologically advanced equipment procurement programs, increased focus towards border security, peacekeeping missions and transition of capabilities in Asia-Pacific, increasing export market, modernization initiatives and emergence of threats pertaining to cyberspace and space are some of the key factors which will positively impact the market. The Australian Defence market will grow at a substantial rate during the forecast period."

Leading companies featured in the report include Airbus Group SE, Australian Submarine Corporation, Austal Ltd., BAE Systems, The Boeing Company, Lockheed Martin Corporation, Raytheon Company, Rheinmetall AG, Thales.

Source: ASDReports - Market Research
Date: Jul 6, 2019