According to the new market
research report "Air Defense System Market by Component (Weapon
System, Fire Control System, Command and Control System), Type (Missile Defense
System, Anti-Aircraft System, C-Ram System), Platform (Land, Naval, Airborne),
Range, Region - Global Forecast to 2024", The
air defense system market is projected to grow from USD 30.57 Billion in 2017
to USD 45.19 Billion by 2024, at a CAGR of 5.74% during the forecast period.
Browse 133
Market Data Tables and 44 Figures spread through 187 Pages and
in-depth TOC on "Air Defense System Market
- Global Forecast to 2024"
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Changing nature of modern
warfare is one of the most important factors driving the demand for air defense
systems across the globe. The nature of warfare has improved over the years
with various technological advancements taking place in the defense sector,
which has resulted in increased defense expenditure across the globe. The
changing nature of aerial warfare across the globe has led to the acquisition
of advanced air defense systems by various countries, which help them defend
themselves from unwanted aerial threats.
Based on platform, the
naval segment of the air defense system market is projected to grow at the
highest rate during the forecast period.
Based on platform, the naval
segment of the air defense system market is projected to grow at the highest
CAGR between 2017 and 2024. Naval air defense capability of a ship is crucial
for its survivability. Naval air defense systems offer complete protection against
all types of projected and known air threats. Continuous advancements and
modifications in naval air defense systems are expected to drive the growth of
the naval segment of the air defense system market during the forecast period.
Based on range, the long
range air defense (LRAD) system segment is estimated to account for the largest
share of the air defense system market in 2017.
Based on range, the long range
air defense (LRAD) system segment is estimated to account for the largest share
of the air defense system market in 2017. Increase in attack threats from
intercontinental ballistic missiles across the globe is fueling the growth of
the long range air defense (LRAD) system segment of the air defense system
market.
Based on type, the
missile defense system segment is projected to lead the air defense system
market during the forecast period from 2017 to 2024.
Based on type, the missile
defense system segment is projected to lead the air defense system market
during the forecast period. The growth of this segment of the market can be
attributed to increased investments by countries such as the US, China, Iran,
India, Russia, North Korea, and France for the development of advanced missile
defense systems.
The Asia Pacific region
is projected to lead the air defense system market during the forecast period.
The Asia Pacific region is
projected to lead the air defense system market during the forecast period.
Moreover, the Asia Pacific air defense system market is projected to grow at
the highest CAGR from 2017 to 2024. Rising incidences of insurgencies,
territorial disputes, terrorism, and unrest between neighboring nations, along
with increased defense spending by emerging economies of the Asia Pacific
region are the factors fueling the growth of the Asia Pacific air defense
system market.
The ecosystem of the air
defense system market includes manufacturers of air defense systems such as
Saab AB (Sweden), Israel Aerospace Industries Ltd. (Israel), Raytheon Company
(US), Thales Group (France), Lockheed Martin Corporation (US), Hanwa
Corporation (South Korea), and BAE Systems PLC (UK), among others.
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