Rise in cross-border conflicts, technological advancements in weapon system, and use of new-age weapons including drones drive the growth of the global air defense systems market.
PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Range (Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System), by Platform (Ground, Airborne, Naval), by Type (Missile Defense System, Anti-Aircraft, Counter Rocket, Artillery, and Mortar System): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global air defense system industry was pegged at $46.2 billion in 2021, and is estimated to generate $78.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
Download FREE Report Sample (345 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/8154
Major determinants of the market growth
Rise in cross-border conflicts, technological advancements in weapon system, and use of new-age weapons including drones drive the growth of the global air defense systems market. In addition, surge in defense budgets across the globe supplement the market growth. However, high cost associated with air defense systems hinders the market growth. On the contrary, development of new-generation air and missile defense systems is expected to open lucrative opportunities in the future.
Covid-19 Scenario:
- The Covid-19 pandemic had a minor effect on the global defense industry. However, the allocation of financial and non-financial resources toward managing the pandemic took a hit during the pandemic.
- The global shutdown of trade, decline in manufacturing, and challenges in logistics negatively affected the market.
The counter rocket, artillery, and mortar system segment to portray the highest CAGR through 2028
By type, the counter rocket, artillery, and mortar system segment would register the highest CAGR of 6.6% during the forecast period, due to increase in importance of systems capable of defending against a wide range of projectiles. However, the missile defense system segment held the largest share in 2021, accounting for around two-fifths of the global air defense systems market, owing to rise in importance of systems capable of defending against a wide range of projectiles.
The weapon system segment held the lion’s share
By component, the weapon segment dominated the market in terms of revenue in 2021, contributing to nearly two-fifths of the global air defense systems market, due to rise in demands for means to counter threats such as enemy drones and ballistic missiles. However, the command-and-control system segment is projected to register the highest CAGR of 6.6% from 2022 to 2031, owing to rise in use of command-and-control systems to improve communication systems and computing power to analyze and forecast data more effectively.
The short-range air defense system segment to showcase the highest CAGR by 2021
By range, the short-range air defense system segment is projected to register the highest CAGR of 6.3% during the forecast period, due to increase in demand for means to counter short-range threats such as terrorist attacks. However, medium-range air defense system segment held the largest share in 2021, accounting for more than two-fifths of the global air defense systems market, owing to high reliability of medium-range air defense systems in intercepting medium range threats such as cruise missiles.
The ground segment held the largest share
By platform, the ground segment held the largest share in 2021, contributing to more than two-fifths of the global air defense systems market, due to rise in demand for defense system that has capability to intercept any small, medium, and long-range threats. However, the airborne segment is estimated to showcase the highest CAGR of 6.6% during the forecast period, owing to rise in demand to counter new projectiles such as drones.
North America dominated the market in terms of revenue
By region, the market across North America held the largest share in 2021, contributing to nearly one-third of the global air defense systems market, due to presence of prominent market players and huge investments by governments in the region. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 6.3% during the forecast period, owing to rise in investments made by countries to develop advanced air defense system to strengthen defense system and tackle inter-regional conflicts.
Interested to Procure the Data with Actionable Strategy & Insights? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/8154
Key market players
- Saab AB
- Lockheed Martin Corporation
- BAE Systems PLC
- Rheinmetall AG
- Thales Group
- Kongsberg Gruppen
- Raytheon Technologies
- MBDA
- Northrop Grumman Corporation
- Boeing
- Hanwha Corporation
- Leonardo S.P.A.
- Airbus Defense and Space
- Aselsan A.S.
- Elbit Systems
- General Dynamics
Similar Reports We Have on Military/ Defense Industry:
Drone Defense System Market Expected to Reach $16.76 Billion, at 26.6% CAGR by 2030
Ground Defense System Market Expected to Reach $79.16 Billion, at 5.2% CAGR by 2030
Missile Defense System Market Expected to Reach $40.04 Billion, at 4.4% CAGR by 2030
Long Range Air Defense Systems Market by Type, Platform, and Component, 2020–2031
Short Range Air Defense Systems Market by Type, Platform and Component, 2020–2031
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/aerospace-and-defence
Follow Our Blog: www.theinnovativereport.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
