New York, United States , Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Air Defense System Market Size is to Grow from USD 43.65 Billion in 2022 to USD 71.73 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.09% during the projected period.
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Air defense systems are used to defend against incoming threats such as missiles, enemy aircraft, and unmanned aerial vehicles. The air defense system acts as an anti-weapon system for all incoming air threats and is used for a variety of operations such as air space surveillance. Land-based, aerial-based, and marine-based air defense systems are used by defense forces to counter a variety of missiles, including cruise and ballistic missiles. The introduction of more lethal, covert, and nimble adversaries has changed the nature of modern warfare. As the nature of warfare has shifted, countries' defense spending has shifted, resulting in the development of numerous air defense systems. Globally, large defense corporations are investing heavily in the development of missile defense systems. Technology's constant evolution is a major driving force in the air defense system market. Advances in radar systems, command and control systems, missile defense systems, and electronic warfare capabilities improve the overall effectiveness of air defense systems. However, transporting massive, heavy equipment from one place to another remains a challenge for the market of these systems.
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The weapon system segment is expected to grow at the fastest pace in the global air defense system market during the forecast period.
The global air defense system market is segmented by component into weapon system, fire control system, and command and control system. Among these, the weapon system segment is projected to expand at the fastest rate in the global air defense system market during the forecast period. The weapon system segment of the air defense market includes various interceptors, missiles, guns, and other weapon platforms.
The missile defense system segment is expected to grow at the highest rate in the global air defense system market during the forecast period.
The global air defense system market is classified into three types: missile defense system, anti-aircraft system, and c-ram system. In the global air defense system market, the missile defense system segment is projected to expand at the fastest rate during the forecast period. The growing demand for missile defense in military applications, as well as the increasing use of missiles during any battle, are the primary reasons for the segmental rapid expansion.
The land segment is expected to hold the largest share of the global air defense system market during the forecast period.
The global air defense system market is divided into three platforms: land, naval, and airborne. The land segment is projected to account for the majority of the global air defense system market throughout the forecast period. The growing need to protect ground troops from aerial threats has increased demand for land-based air defense systems.
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Asia Pacific is projected to hold the largest share of the global air defense system market during the study period.
Asia Pacific is expected to hold the largest share of the global air defense system market during the forecast period. The Asia Pacific air defense system market is being driven by rising defense budgets in countries such as China, India, South Korea, Pakistan, Indonesia, and Vietnam. The increasing disputes over territory in the South Asia and South China Sea regions have significantly boosted demand for the region's air defense system market. China has conflicts over borders with almost all of its neighbors, which has pushed up demand for air defense systems among China's neighbors. Increased expenditures in the production of advanced and untraceable missiles are increasing spending on air defense systems.
Europe is expected to grow at the fastest pace in the global air defense system market during the forecast period. The ongoing conflict between Ukraine and Russia has resulted in a rapid increase in demand for air defense systems among Russia's neighbors such as Sweden, Finland, and Poland. Because the Nordic countries in Europe see Russia as a potential threat, they are implements advanced air defense systems to defend their borders from Russian invasion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Air Defense System Market include Hanwha Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Lockheed Martin Corporation, Bae Systems PLC, Thales Group, Rheinmetall AG, MBDA, Kongsberg Gruppen, Aselsan A.S., General Dynamics, L3 Harris, Elibit Systems, The Boeing Company, Israel Aerospace Industries Ltd., Leonardo S.P.A., and Others.
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Recent Development
- In April 2022, Lockheed Martin received a USD 4.7 billion contract to manufacture radar and THAAD air defense systems for the US and allied nations, providing a critical capability to defend against short- and medium-range ballistic missiles.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Air Defense System Market based on the below-mentioned segments:
Global Air Defense System Market, By Component
- Weapon System
- Fire Control System
- Command and Control System
Global Air Defense System Market, By Type
- Missile Defense System
- Anti-Aircraft System
- C-Ram System
Global Air Defense System Market, By Platform
- Land
- Naval
- Airborne
Global Air Defense System Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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