Lockheed Martin is an American aerospace, defense, security, and advanced technologies corporation. It was established in 1912 and is headquartered in Bethesda, Maryland. Lockheed Martin employs nearly 110,000 workers all over the world and is the arena’s largest defense contractor. The corporation operates in five business segments: Aeronautics, Information Structures & Global Solutions, Missiles & Fire Control, Mission Systems & Training, and Space Structures. However, the corporation does have a number of competitors, both in terms of other large protection contractors and smaller niche players. Let’s know about Lockheed Martin Competitors.
There are many players in the market that give a tough competition to Lockheed Martin. Few of the major competitors for Lockheed include – Boeing, General Dynamics and more. Although these companies work in the same sector, they still have many differences.
In this article, we’ll find out about some of Lockheed Martin’s main and important competitors and the way they stack up.
What are Lockheed Martin’s competitors?
Lockheed Martin’s main competitors are:
Boeing:
- Headquarters: united states of America
- Revenue: $62.3B
Boeing business enterprise (BA) generates more than two times Lockheed Martin’s sales, but simply over 1/3rd comes from defense contracts. This aerospace corporation is the sector’s largest, and a significant producer of commercial and government planes. on the protection aspect, it manufactures fighter jets, helicopters, and the B-52 bomber.
Northrop Grumman:
- Headquarters: united states of America
- Revenue: $35.7
Northrop Grumman Aerospace structures (additionally called Aeronautics systems) is a corporation offering navy planes, self-sustaining systems, and aerospace structures.
General Dynamics:
- Headquarters: united states of America
- Revenue: 38.5B
General Dynamics company’s (GD) records date back to the past due nineteenth century as a naval manufacturer for the US and different international countries. It discontinued the manufacturing of F-16 jet fighters, but the company’s most demanded fighter-bomber continues to be considered the workhorse of air forces around the arena.
Raytheon:
- Headquarters: united states of America
- Revenue: 64.4B
Raytheon Co. (RTN), the world’s best in missile building is one of the biggest beneficiaries of extended tensions around the globe. Countries in the center East, Asia, and Europe are expanding and maximizing their defenses with Raytheon’s Patriot missile gadget. In addition to this, the company constructs a variety of different types of air-to-air, air-to-surface, and floor-to-floor missiles.
Leidos:
- Headquarters: united states of America
- Revenue: $13.74B
Leidos (previously referred to as technological know-how programs international organization, SAIC) is a science, engineering, and facts era organization that offers offerings and answers in the defense, intelligence, civil, and fitness markets.
Boeing, Northrop Grumman, and General Dynamics are three companies that are all large defense contractors that compete with Lockheed Martin for government contracts. These companies compete with Lockheed Martin in the areas of aeronautics, information technology, missiles & fire control, mission systems & training, and space systems.
Lockheed Martin’s market share compared to other competitors
Lockheed Martin is one of the world’s largest defense contractors and it has a market share that is significantly higher than its competitors. In terms of overall sales, Lockheed Martin accounted for 19% of the global defense market in 2013. This is compared to its closest competitor, Boeing, which had a market share of 12%. Other major competitors include Northrop Grumman (9%), Raytheon (6%), and General Dynamics (5%).
Lockheed Martin’s main competitors compete with Lockheed Martin for defense contracts from the US government and other countries. If we calculate the overall sales data, Lockheed Martin has a significantly higher market share than its competitors like Boeing and Northrop Grumman, etc. In 2013, Lockheed Martin accounted for 19% of the global defense market while its closest competitor, Boeing, only had 12%. While Lockheed Martin has a large market share in the defense industry, it must continually innovate and invest in new technologies to stay ahead of its competitors.
Why is Lockheed Martin a successful company?
There are a few key reasons why Lockheed Martin is such a successful company.
- Firstly, they have got a very robust focus on innovation. They invest in abundance in research and development, which has allowed them to stand at the cutting edge of technology. This has been particularly critical in the aerospace sector, where they are a chief player.
- Secondly, they have got a very disciplined approach to venture control. This has helped them to keep away from high-priced delays and overruns that could plague major projects.
- The company’s products and services include air traffic management, plane engines, cyber security, logistics, missiles, satellites, space exploration, and more. Lockheed Martin also has a protracted history of operating with the American government on classified projects.
- Subsequently, they have a very strong subculture of safety and protection. This has been significant in winning contracts from the American government, in addition to providing their employees peace of mind.
Conclusion
There are a few companies that compete with Lockheed Martin in the aerospace and defense industry. These include Northrop Grumman, Boeing, and General Dynamics. These corporations are all leaders within the aerospace and defense industries with their own strengths and weaknesses. Lockheed Martin ought to always innovate and evolve its products and services to stay ahead of the competition and has consistently been the top performer in this space.
