Lucintel’s latest market report analyzed that military provides attractive opportunities in the air force, army, and navy applications. The military market is expected to reach $8.8 billion by 2028 with a CAGR of 4.7%. In this market, manned and unmanned vehicle is the largest segment by product type, whereas army is largest by application.
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Based on product type, the military market is segmented into communication systems, weapons and ammunition, manned and unmanned aerial vehicles, manned and unmanned vehicles. The manned and unmanned vehicles segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to due to as these are faster, safer, and are equipped with high-tech propulsion systems, modern sensors, and payloads.
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The Military Market is marked by the presence of several big and small players. Some of the prominent players offering military include General Dynamics, BAE Systems, Northrop Grumman, CACI International, Collins Aerospace, Boeing, Textron Inc., Navistar Defense, and Raytheon.
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