Air Defense System Market Size to Worth Around US$ 65 Billion by 2030

According to Precedence Research, the global air defense system market size is expected to be worth around US$ 65 billion by 2030 and expanding growth at a CAGR of 5.25% from 2022 to 2030.


Tokyo, June 07, 2022 (GLOBE NEWSWIRE) -- The global air defense system market size was reached at US$ 41 billion in 2021. The demand for the air defense systems is expected to grow significantly across the globe owing to the rising geopolitical instabilities, territorial disputes among nations, changing nature of warfare, and technological advances in the missile and air defense technologies. The rising adoption of various lethal, untraceable, and agile autonomous weapons has necessitated the development of advanced air defense systems and its demand is rising rapidly across the various developing nations. The rapidly rising defense and military expenditures in nations like India, China, Pakistan, and Vietnam is significantly driving the growth of the global air defense system market.

Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1768

The rising geopolitical disputes among nations across the major regions like Europe, Asia Pacific, and Middle East are expected to boost the growth of the market. The rapid adoption of various latest technologies like radars and sensors is driving the adoption across the globe. Furthermore, the growing need for upgrading the old and outdated air defense systems is expected to fuel the demand for the air defense systems in Latin America, Middle East, and Africa. The surging investments by the market players in the research and development of advanced air defense systems are further fueling the market growth.

Report Highlights

  • Based on the platform, the land segment dominated in 2021. The huge demand for the land based air defense systems to ensure the safety of the personnel and ground station from any aerial attack has boosted the adoption of the land based systems across the globe. The US, Russia, and Israel are the major suppliers of the land based air defense systems.
  • Based on range, the medium range air defense (MRAD) systems dominated the global market in 2021. The rising disputes among the major nations and their neighbors have boosted the demand for the MRAD systems. Most of the disputes are among the neighbors and hence the MRAD systems are considered to be an effective tool for defense.

Scope of the Report

Report AttributeDetails
Market Size in 2021USD 41 Billion
Revenue Forecast by 2030USD 65 Billion
CAGR5.25% from 2022 to 2030
Base Year2021
Forecast Year2022 to 2030
Key PlayersHanwha Corporation, Northrop Grumman Corporation, Lockheed Martin Corporation, Bae Systems PLC, Saab AB, Rheinmetall AG, MBDA, Kongsberg Gruppen, Aselsan A.S., General Dynamics, Thales Group, L3 Harris, Elibit Systems

Ask here for more customization study@ https://www.precedenceresearch.com/customization/1768

Regional Snapshot

Asia Pacific dominated the global air defense system market in 2021. This dominance is attributed to the increased demand for the air defense systems in the nations like India, China, Vietnam, Pakistan, and Taiwan. China has border disputes to all of its neighbors and most of the nations close to China considers it a potential threat. The rising government defense expenditures is propelling the adoption of the air defense systems and the rising number of geopolitical disputes in the region is fueling the market growth significantly. The disputes in the South China Sea are rising and hence the demand for the air defense systems is growing rapidly in this region. The major exporters of air defense systems like US, Israel, and Russia are seeking for growth opportunities in the Asia Pacific region.

Europe is expected to witness the fastest-growth during the forecast period. This growth is attributed to the rising demand for the air defense systems in the Nordic countries to counter any potential adversaries from Russia. The ongoing tensions between Russia and Ukraine owing to the rising influence of NATO in Europe have led to the increased demand for the air defense systems in Europe.

Market Dynamics

Driver

Growing number of conflicts around the globe

The rise in conflicts among the various nations such as China-Taiwan, China-India, China-Japan, Russia-Ukraine, Middle East nations and Israel is boosting the demand for the air defense systems. India and Turkey recently received their first batch of S-400 air defense systems from Russia. In February 2020, Russia delivered the second regimental set of S-400 Triumf long-range interceptor-based air defense systems for Chinese People’s Liberation Army Air Force (PLAAF). Hence, the rising demand for the advanced air defense systems is expected to boost the market growth during the forecast period.

Restraint

High costs involved

According to the Congressional Budget Office (CBO) report, US Department of Defense’s missile defense costs could reach a massive value of US$186 billion between 2022 and 2030. The significantly high costs associated with the acquisition of advanced air defense systems are a major factor that restricts its adoption in the developing and underdeveloped economies.

Opportunity

Rising defense budgets

According to Stockholm International Peace Research Institute (SIPRI), the defense expenditure has reached around US$1,981 billion in 2020 across the globe and it is growing by 2.6% year on year. The significantly rising defense budgets in the developing nations like India, China, and Vietnam is presenting a lucrative growth opportunity for the market players.

Challenge

High government intervention

The intervention of government is very high as the air defense systems and other warfare equipment are acquired and sold for serving the national interest. The companies are under the direct supervision and control of the government and the manufacturers cannot sell their products as per their will.

Recent Development

  • In November 2018, Saudi Arabia and US entered into an agreement wherein US was to supply 44 THAAD missiles and launchersto Saudi Arabia for US$15 billion.

Market Segmentation

By Platform

  • Land Based
  • Sea Based
  • Air Based

By Range

  • Short Range Air Defense System
  • Medium Range Air Defense System
  • Long Range Air Defense System

By Type

  • Missile Defense System
  • Anti-Aircraft System
  • Counter Rocket, Artillery, and Mortar (C-RAM) System

By Component

  • Weapon System
    • Turret Systems
    • Missile Launching System
  • Fire Control System
    • Air Defense Radar
    • Electro-Optic & Laser Range Finder
  • Command and Control System
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1768

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com  | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R

Get Our Latest Press Releases@ https://www.precedenceresearch.com/press-releases