Pune, India, May 19, 2021 (GLOBE NEWSWIRE) -- The global active protection system market size is expected to reach USD 4.61 billion in 2028, exhibiting a CAGR of 8.14% during the forecast period. The increasing need for APS systems for protection against anti-tank threats will favor healthy growth of the market during the forecast period, states Fortune Business Insights, in a report titled “Active Protection System Market, 2021-2028.” The market size stood at USD 2.81 billion in 2020.
COVID-19 Impact:
Delayed Deliveries of APS to Inhibit Market During Coronavirus
The COVID-19 pandemic had a dramatic impact on the defense industry. The lockdown implemented in European and South Asian Countries massively disrupted the supply chain of the aerospace & defense industry. The reduced demand and delayed APS deliveries have led to an enormous loss for the active protection system market.
For instance, the Republic of Korea Armed Forces planned to reduce the USD 240 million defense budget during 2019-2020. Moreover, the demand for defense equipment and active protection system-related services was massively affected because of the low defense budget of the European Union. Also, the decreased defense spending and slow APS production have thwarted the growth of the market.
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List of the Leading Companies Profiled in the Global Active Protection System Market are:
- Airbus S.A.S. (Netherlands)
- Artis, LLC (The U.S.)
- Aselsan A.S. (Turkey)
- Israel Military Industries (Israel)
- KBM (Russia)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Raytheon Technologies Corporation (The U.S.)
- Rheinmetall AG (Germany)
- Saab AB (Sweden)
- Safran (France)
Market Segments:
Based on the platform the active protection market is classified into land-based, airborne, and marine. Further, the land-based is divided into main battle tank (MBT), light protected vehicles (LPV), amphibious armored vehicles (AAV), mine-resistant ambush-protected (MRAP), infantry fighting vehicles (IFV), armored personnel carrier (APC), and others. The Land-based segment held a dominant share in 2020 owing to the increased funding from private firms to procure defense equipment and combat vehicles for the U.S. government.
The Airborne segment is categorized as fighter aircraft, transport aircraft, and trainer aircraft. The Airborne segment is projected to register a higher CAGR attributed to the increasing demand for fifth-generation fighter jets from Japan and India.
Based on kill system type analysis, the market is separated as soft kill system, hard kill system, and reactive armor. The soft kill system is classified as an electro-optic jammer, radar decoy, infrared decoy, and others.
What does the report on the active protection system market feature?
- An all-inclusive study of the market
- Essential facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant development
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/active-protection-system-market-104049
Driving Factor:
Procurement of Cutting-edge Main Battle Tank (MBT) to Aid Business Development
The expansion of armed forces due to geopolitical conflicts and illegal cross-border activities will spur opportunities for the active protection system industry in the forthcoming years. For instance, China and India enlarged their armed forces due to cross-border conflicts.
The increasing defense expenditure and procurement of new generation main battle tanks will boost the market in the forthcoming years. For instance, in February 2021, the defense ministry of India and the Ordnance Factory Board (OFB) signed a contract to provide 118 Arjun Mk-1A tanks for the Indian Army. These tanks are equipped with active protection systems and countermeasure systems.
Similarly, In November 2019, the Indian Ministry of Defense (MoD) and Ordnance Factory Board (OFB) signed a contract with a valuation of USD 2800 million to offer 464 additional T-90S main battle tanks (MBTs) for the Indian Army. The T-90S main battle tanks are also equipped with APS. Also, the increasing procurement of MBT across South Asian Countries can have an outstanding effect on the active protection system market growth.
Regional Insight:
Existing Players to Boost Business in North America
The market size in North America stood at USD 0.95 billion in 2020. The growth is due to the presence of several key players and major APS manufacturers in the region. Companies such as Artis, LLC and Raytheon Technologies Corporation are boosting the growth of the market. The market in Europe is expected to rise exponentially during the forecast period due to the increasing demand for APS from the European Union's armed forces.
For instance, In October 2019, BAE Systems launched the RAVEN Countermeasure system for combat vehicles. The RAVEN Countermeasure system is a protective shield of its integrated vehicle protection system suite of APS products. Asia Pacific is expected to hold a significant active protection system market share during the forecast period due to the increasing procurement of China's APS system. Moreover, the heavy demand for the main battle tank, armored personnel carrier, infantry fighting vehicles, and amphibious armored vehicles from the emerging economy such as China and India will aid development in the region.
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Notable Development:
January 2020: Elbit Systems and the Israeli Ministry of Defence (IMOD) signed a contract with a valuation of USD 31 million for Iron Fist Active Protection Systems (APS). The APS system consists of optical sensors, launchers, countermeasure munitions, and tracking radar. The APS system is majorly used for the Eitan Armored Fighting Vehicles of the Israeli Defense Forces.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Active Protection System Market
- Impact of COVID-19 Pandemic on Global Active Protection System Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
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