Albany, NY (PRWEB) November 10, 2014
With mounting rush among the countries of the world to achieve military prowess, the defense and security market has gained more importance than ever before. Growing unrest among nations, concern regarding homeland security and expansion in military budgets has fueled the global defense and security market. This includes ammunition, fighting vehicles, surveillance equipment, and nuclear facilities, and the infrastructure required for the same.
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North America dominates the market for defense and security owing to increased levels of defense spending. On on-going conflict with Afghanistan, prolonged security operations in Iraq and expeditionary warfare in Libya have contributed greatly to the growth of the industry. Since most of these spending have occurred at a time of growing financial pressure from the Pentagon, the government has been asked to keep its defense expenditure in check. This may lead to a reduced demand for major security equipment and infrastructure.
Among all the European countries, the United Kingdom accounts for the most defense expenditure. The defense and security market in the region is poised to grow with plans of up gradation and modernization of its military equipment. Demand for light weight and better precision arms drive the global defense market.
China’s rising economic strength, concerns regarding security, need to modernize its military and high rate of criminal activity have significantly raised its defense budget in recent years. With a change in government, India is looking towards a more forward foreign policy stance and looking to boost its defense-related operations. Cyber security as well as space and defense security are two main domains India is focused on and the region is seen as a potential for high growth.
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Some of the major players in the overall defense and security market are Genco ATC, Alliant Techsystems Inc., DynCorp International Inc., General Dynamics Corporation, Nexter Group, Rheinmetall AG, BAE Systems, and Denel SOC Ltd.
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