PUBLISHER: Allied Market Research | PRODUCT CODE: 1193034
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193034
Air defense systems include land, aerial, and marine-based technologies used by the defense forces to guard against a variety of missiles, including cruise and ballistic missiles. Amid rise in conflicts and war-like situations across different parts of the world, the demand for air defense systems have grown at a significant rate. Air defense systems ensure the safety of national assets and citizens against missile attacks. With the introduction of more lethal, covert, and nimble enemies, the character of modern warfare has evolved. As the nature of warfare has changed, countries tend to invest in defensive spending; this has resulted in the development of numerous air defense systems. Currently, large defense corporations globally are substantially investing on the development of missile defense systems.
Growth of the air defense system market is driven by factors such as increase in cross border conflicts, technological advancement in weapon system, usage of new age weapons such as drone, and increasing defense budget expenditure are primary factors supporting the market growth. The global defense expenditure has seen exponential growth in recent years. According to Stockholm International Peace Research Institute (SIPRI), global defense spending reached $1,981 billion in 2020 with a 2.6% year-on-year increase. The military expenditure accounted for 2.4% of the global gross domestic product (GDP) in 2020. Thus, increase in global military expenditure has augmented the adoption of efficient missile defense systems, including the U.S.'s Terminal High Altitude Area Defense (THAAD), Israel's Iron Dome, and Russia's S-400.
The air defense system market is segmented on the basis of component, range, platform, type, and region. The component segment is divided into weapon system, fire control system, command and control system, and others. The range segment is divided into short range air defense system, medium range air defense system, and long range air defense system. The platform segment includes ground, naval, and airborne. The market within the type segment is divided into missile defense system, anti-aircraft, and counter rocket, artillery, and mortar system. By region, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA
Companies have adopted product development and product launch as their key development strategies in the air defnse system industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players operating in the market are 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, and General Dynamics.
Key Benefits For Stakeholders
By Type
By Component
By Range
By Platform
By Region