UK Defense Market Size

Statistics for the 2023 & 2024 UK Defense market size, created by Mordor Intelligence™ Industry Reports. UK Defense size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of UK Defense Industry

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UK Defense Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 64.55 Billion
Market Size (2029) USD 75.27 Billion
CAGR (2024 - 2029) 3.12 %
Market Concentration Low

Major Players

UK Defense Market Major Players

*Disclaimer: Major Players sorted in no particular order

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UK Defense Market Analysis

The UK Defense Market size is estimated at USD 64.55 billion in 2024, and is expected to reach USD 75.27 billion by 2029, growing at a CAGR of 3.12% during the forecast period (2024-2029).

As per NATO, the United Kingdom (UK) is one of the top countries globally in terms of defense spending. The country met 2% of its GDP target in 2021 and 2022. In February 2022, the government announced its plan to invest EUR 238 billion (USD 270 billion) in procuring new-generation military equipment and providing required services for existing services over 2021-2031. The investment is expected to support the government in strengthening its digital and cyber capabilities as well as air, land, and sea capabilities.

The country has been increasing its defense budget and spending over the past few years to achieve NATO's defense spending target of 2% of the total country's GDP, which is a significant driver for the market's growth.

As environmental concerns gain prominence worldwide, governments and defense organizations are under pressure to reduce their carbon footprint. This may act as a restraint and can impact the growth of land-based and air-based military vehicles during the forecast period.

Investments in technological advancements to enhance the lethality, precision, and range of weapons, communication range, and other support services to address new and rapidly evolving threats to the country are expected to propel the market's growth.

UK Defence Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)