Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The global military shelter market is set to gain traction from the increasing cross-border conflicts and rising terrorism and warfare activities. Fortune Business Insight has published this information in a report titled, "Military Shelter Market, 2021-2028." As per the report, the market size was USD 879.0 million in 2020. It is projected to grow from USD 887.8 million in 2021 to USD 1,015.8 million by 2028, at a CAGR of 1.94% between 2021 to 2028.
The military shelter market is a growing market driven by the increasing demand for lightweight and portable shelters for military operations. The market is also driven by the need for better protection for military personnel and equipment in harsh environments.
The growth in the market was expected to be driven by a range of factors, including increasing military spending by governments around the world, rising demand for mobile and modular shelters for military operations and training exercises, and the need for shelters that are lightweight, portable, and easy to deploy in a range of different environments.
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List of Key Players Profiled in Military Shelter Market Report are:
- AAR (U.S.)
- Alaska Structures, Inc. (U.S.)
- Big Top Manufacturing (U.S.)
- DEW Engineering and Development ULC (Canada)
- General Dynamics Corporation (U.S.)
- J & J. Carter Limited (U.K.)
- Marshall Aerospace and Defence Group (U.K.)
- HDT Global (U.S.)
- Utilitis SAS (France)
- VELDEMAN (Belgium)
- Weatherhaven Global Resources Ltd. (Canada)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 1.94% |
| 2028 Value Projection | USD 1,015.8 Million |
| Base Year | 2020 |
| Historical Data | 2017-201 |
| No. of Pages | 200 |
| Segments Covered | By Type, By Material, By Application |
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Segmentation:
- By type, the market is divided into, expandable, personnel, vehicle-mounted, command post, and container.
- By material, it is divided into composites, and others.
- By application, it is segmented into, military and homeland security.
- Based on type, the expandable segment held the largest market share in 2020. This is attributable to its variable geometry. Its dimensions can be changed as per the requirement and it's easy and efficient in providing safety to military personnel and their equipment in harsh conditions.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Driving Factor
Increasing Defense Expenditure Will Promote Growth
Increasing military expenditure and investment around the world is favoring the military shelter market growth. For instance, according to a report by the Stockholm International Peace Research Institute (SIPRI), total global military spending rose to USD 1.98 trillion in 2020. This will increase by 2.6% as compared to 2019. The five biggest defense spenders in 2020 were the U.S., China, India, Russia, and the U.K. These countries accounted for a total of 62% of global defense expenditure. Thus, rising defense spending and rapid expansion of military forces are anticipated to fuel the market during the forecast period.
Geographically, North America dominates the military shelter market due to the presence of key manufacturers, government initiatives to modernize military infrastructure, and high defense spending. However, the Asia-Pacific region is expected to witness significant growth due to the increasing defense expenditure and growing focus on strengthening military infrastructure.
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Regional Insights
North America to Dominate Backed by Increasing Investment on Military Forces
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to increasing investments on military forces. The adoption of smart shelters in the region is also boosting the market expansion for military shelters. For instance, in June 2019, the U.S. Army made a contract worth USD 44 million with General Dynamics Corporation to provide them with extended rigid wall shelters, which should be expandable at one side and two-side expandable shelters to the U.S. Army. The region's market stood at USD 309.9 million in 2020.
Asia Pacific is expected to showcase a significant military shelter market share in upcoming years, due to the cross-border issues between India-China, India-Pakistan, and growing terrorism in the region. For instance, in May 2020, Galwan Valley in Ladakh had experienced a violent clash between Indian and Chinese soldiers.
Competitive Landscape
Key Players to Focus on Collaborations and Agreements to Strengthen Market Growth
The market is combined by prime companies striving to preserve their position by emphasizing on procurements. For example, in April 2020, AAR made a deal worth USD 11.9 million with the U.S. Army. This agreement focuses on providing three alternatives of Lightweight Multipurpose Shelters (LMS) to the U.S army. These shelters will be utilized for Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) and other operations while being vehicle mounted.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Military Shelter Market
- Impact of COVID-19 on Global Military Shelter Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
Key Industry Development
May 2021 – Western Metal Supply Co. Inc. made a contract worth USD 9.39 million with the U.S. Army to design and build F-35A aircraft shelters. The agreement provides for the design, manufacture, and installation of F-35A aircraft shelters.
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