Aug 04, 2020 (Market Insight Reports) -- Selbyville, Delaware Market Study Report Has Added A New Report On Military Logistics Market That Provides A Comprehensive Review Of This Industry With Respect To The Driving Forces Influencing The Market Size. Comprising The Current And Future Trends Defining The Dynamics Of This Industry Vertical, This Report Also Incorporates The Regional Landscape Of Military Logistics Market In Tandem With Its Competitive Terrain.
The global military logistics market accounted for US$ 339.56 Bn in 2018 and is expected to reach US$ 526.50 Bn by 2027, thereby registering an attractive CAGR growth rate of 5.2% from 2019 to 2027.
Further, the military plays a vital role in supporting humanitarian relief efforts. The growing involvement of the military in disaster relief is driving the demand for effective military logistics services. The military provides services such as material resources for infrastructure projects, logistical support, and security for relief workers, among others. The military logistics provider must be quick and effective to transport required resources to the disaster-prone location. With the increasing involvement of the military and the demand for quick services at disaster sites, the military logistics market is expected to witness significant growth during the forecast period.
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The recent surge in budget cuts along with the rise in fluctuations of the number of military personnel, along with growing demand for deployment as well as the integration of military technologies across the country?s vast military assets is anticipated to attribute towards the growing demand for military logistics support for the military. Thus, supporting the growth of military logistics market.
In terms of logistics & distribution, the Asia-Pacific region leads the global market followed by Europe and North America in 2018. The significantly large number of defense troops along with associated logistics support for their force supplies have facilitated the significant share of the Asia-Pacific and European regions. China is the key country in the Asia Pacific military logistics market, responsible for more than half of the military spending. Also, after the U.S., China is the second largest country globally in terms of the defense budget.
In August 2018, South Korea?s Ministry of National Defense announced its plans to bring Industry 4.0 technologies over the coming decade to reinforce logistics as well as maintenance capabilities of the Armed Forces. Also, in February 2019, the New Zealand Defence Force added a wrecker variant to their existing fleet of 194 MAN HX-series trucks. Moreover, Northrop Grumman Australia and Leonardo signed an MoU for C-27J lifecycle support services in New Zealand. Additionally, in March 2019, Airbus received an order to supply one C295 medium transport aircraft to the Border Service of the Republic of Kazakhstan. This agreement also included training, spares as well as ground support equipment. Such developments signify the increasing number of activities among Asia Pacific countries responsible for the growth of military logistics market.
The overall military logistics market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the military logistics market. It also provides the overview and forecast for the global military logistics market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the military logistics industry. Some of the players present in the military logistics market are AECOM, ANHAM, ASELSAN A.?., Claxton Logistics, Dyncorp International LLC, Fluor Corporation, Honeywell International Inc., KBR Inc., Klinge Corporation, Lockheed Martin Corporation, ManTech International Corporation, Oboronlogistics LLC, One Network Enterprises, SCM Globe, and Thales Group among other military logistics market players.
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