Market Share of US Defense Industry
The US defense market is semi-consolidated as several players in the market support the US defense market. However, Lockheed Martin Corporation, The Boeing Company, RTX Corporation, General Dynamics Corporation, and Northrop Grumman Corporation are some prominent players expected to hold a significant share. These companies conduct various initiatives and product innovations to strengthen their presence in the market.
In this regard, in December 2023, the US Army and the Defense Innovation Unit selected Neya Systems, Robotic Research Autonomous Industries, and Carnegie Robotics to create heavy-duty vehicles capable of restocking soldiers in the field and independently navigating themselves in rugged terrains.
The provision of long-term contracts for the development of new military equipment and technologies is anticipated to propel the revenues of various companies in the US. For instance, in December 2023, the US Army Special Operations Aviation Command (USASOAC) awarded The Boeing Company a contract to deliver six MH-47G Block II Chinooks for USD 271 million. Such contracts are expected to help the companies increase their market share.
US Defense Market Leaders
Lockheed Martin Corporation
The Boeing Company
General Dynamics Corporation
RTX Corporation
Northrop Grumman Corporation
*Disclaimer: Major Players sorted in no particular order
