According to the latest report published by Variant Market Research,the global air defense system market size is projected to reach $49.5 billion by 2025. In this report, air defense systemmarket forecast says that the global market is growing at a CAGR of 6.2% from 2017 to 2025. By geography, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Air defense system types such as missile defense system, anti-aircraft system, and counter rocket, artillery, and mortar (C-RAM) system are used around the globe in many countries to strengthen their defense systems. Growing defense expenditure for the advancement of air and missile defense systems is one key factor which affect the growth of this market over coming years.
Air Defense System Market (By Component: Weapon System, Fire Control System, Command and Control System, and Others; By Platform: Airborne, Land, and Naval Range Segment Long Range Air Defense (LRAD) System, Medium Range Air Defense (MRAD) System, and Short Range Air Defense (SHORAD) System; By Type: Missile Defense System, Anti-Aircraft System, and Counter Rocket, Artillery, and Mortar (C-RAM) System; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Rising defense spending for the improvement of air & missiles defense systems drives the global air defense system market
The global air defense system market trend includes fluctuating nature of defense warfare, rising defense spending for the improvement of air & missiles defense systems, and increasing geopolitical instabilities around the globe. Though, high costs investment in the advancement of air defense systems might act as a roadblock for the global air defense system market growth. Moreover, increasing development of air and missile defense systems in emerging economies is likely to offer worthwhile opportunities for the market in the coming years.
Component, platform, range, type, and geography are the classification of the global air defense system market. The component segment is categorized into weapon system, fire control system, command and control system, and other components. Airborne, land, and naval are the segregation of platform segment. Range segment is sub-segmented into long range air defense (LRAD) system, medium range air defense (MRAD) system, and short range air defense (SHORAD) system. On the basis of type, the segmentation includes missile defense system, anti-aircraft system, and counter rocket, artillery, and mortar (C-RAM) system.
By geography, global air defense system market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Russia, France, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Long range air defense (LRAD) system, by range projected to account for the largest share of the air defense system market in 2017
On the basis of range, long range air defense (LRAD) system segment is expected to account for the largest share of the air defense system market in 2017. Growing attack threats from intercontinental ballistic missiles around the world is driving the growth of the long range air defense (LRAD) system segment of the global air defense system market.
Naval, by platform is anticipated to gain the fastest CAGR between 2017 and 2025
Naval, by platform is predicted to achieve the fastest CAGR during the forecast period, owing to rise in passenger traffic. Naval air defense competence of a ship is critical for its survivability. These naval air defense systems provide complete protection against all types of projected as well as known air threats. Further, constant improvements & modifications in naval air defense systems are likely to fuel the growth of the naval segment of the air defense system market over the forecast period.
Asia-Pacific is expected to be the fastest growing market during the forecast period
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as growing occurrences of insurgencies, terrorism, territorial disputes, as well as conflict between bordering nations, coupled with high defense expenditure by developing economies of the Asia Pacific region.
Key players are offering innovative products and services to increase their air defense system market share. Main players competing in the market include Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Saab AB, Leonardo S.p.A., BAE Systems, Rheinmetall AG, Kongsberg Gruppen (KONGSBERG), Raytheon Company, and MBDA, and Thales Group, among others.