Close-In Weapon Systems Market 2022-2028

Title:Global Close-In Weapon Systems Market Size, Share & Trends Analysis Report, By Type (Gun-Based and Missile-Based), By Platform (Terrestrial and Naval), Forecast Period (2022-2028).

The global close-in weapon systems market is anticipated to grow at a CAGR of 7.8% during the forecast period. One of the key factors that are fueling the market is the growing defense budgets of most countries. Nations across the globe have been raising their national defense budget as tensions rise on borders between multiple countries such as China, India, the US, Russia, and others. For instance, in February 2022, Russia invaded Ukraine which caused more than 7.7 million Ukrainians escaping the nation, and a third of the population of the country displaced. Such incidences have influenced the defense budget of multiple nations which has contributed to the growth of the close-in weapon systems market. For instance, in March 2022, China increased its annual defense budget by 7.1% to reach $230 billion.

The global close-in weapon systems market is segmented based on the type and platform. Based on the type, the market is segmented into gun-based and missile-based. Based on the platform, the market is segmented into terrestrial and naval. The above-mentioned segments can be customized as per the requirements. Based on the platform, the naval segment is anticipated to grow significantly in the market during the forecast period owing to rising naval securities, and budgets. This has increased the importance of installing high technological weapons such as close-in weapon systems which can protect the ship and borders from Ariel attacks at the time of war. Such demand can be seen through the developments of technologies in these weapons. For instance, in June 2020, the Defense Acquisition Program Administration (DAPA) of South Korea permitted the progression of a new close-in weapon system for the Navy of the Republic of Korea (ROK). It is known as the CIWS-II program, the new system defends ROK Navy surface vessels against fast attack craft and anti-ship missiles.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific region is anticipated to grow significantly in the market during the forecast period owing to the high tension between the countries in the region over border distribution between countries such as China, India, Pakistan, and others. These countries have been battling over the borderline for years. For instance, in May 2020, Chinese and Indian troops battled over the boundary for disputed areas. Such instance has increased the demand for close-in weapon systems to compete in such situations.

The major companies serving the global close-in weapon systems market include ASELSAN A.S., BAE Systems plc, Leonardo S.p.A., Raytheon Technologies Corp., and Thales S.A. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, the Kalyani Group, an Indian company, verified its indigenous Close-In Weapons Systems (CIWS). The system was based on BAE's 40 MK-4 Naval guns and contributes to India's work for reducing dependence on CIWS imports.

Research Methodology

The market study of the global close-in weapon systems market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

• Global Close-In Weapon Systems Market Research and Analysis by Type
• Global Close-In Weapon Systems Market Research and Analysis by Platform

The Report Covers:

• Comprehensive research methodology of the global close-in weapon systems market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global close-in weapon systems market.
• Insights about market determinants that are stimulating the global close-in weapon systems market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.