The key players in this market include Lockheed Martin Corporation (U.S.), The Boeing Company (U.S.), BAE Systems Plc. (U.K.), Raytheon Company (U.S.), Northrop Grumman Corporation (U.S.), and General Dynamics Corporation(U.S.).
(PRWEB) February 21, 2015
Defense spending is estimated to be $ 1,160.58 Billion in 2014, and is expected to grow at a CAGR of 7.07%, for the next five years.
However, pertaining to their secrecy issues both nations have never completely disclosed their future plans for defense spending. In this report, the figures for Saudi Arabia, which holds the fourth position with regards to defense spending, also include the nation's capital expenditure in the three platforms.
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The western countries’ defense budget has seen a substantial decline, in the recent years. This has resulted in reduced army capabilities such as fewer military personnel, lesser weapon systems, and delayed modernization. However, increased productivity in defense is leading to increased cost savings, while also securing the combat power of the country. Factors such as the shift to high-tech conventional warfare tactics, rapid adoption rate of advanced technologies, and protection against cybercrimes is expected to drive the defense spending by the U.S.
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