December 13, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Air Defense System Market Size By Component (Weapon System, Fire Control System, Command & Control (C2) System), By System (Missile Defense System, Anti-Aircraft System, Counter Rocket, Artillery, and Mortar (C-RAM) System), By Range (Short Range Air Defense (SRAD)System, Medium Range Air Defense (MRAD) System, Long Range Air Defense (LRAD) System), By Application (Land, Naval, Airborne), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, the global air defense system market is expected to cross USD 35 billion by the year 2026.
Increasing cross-border conflicts, in consort with territorial disputes are major factors driving the air defense system market growth. Soaring advancements in technologies such as counter UAVs, automatic fire control systems, and hyper sonic missiles are also contributing towards the industry outlook. Moreover, surging need for advanced and efficient defense systems such as AI integrated platforms and drones, coupled with advanced laser application to terminate incoming projectiles are augmenting the demand for air defense systems across the globe.
Manufacturing of defense systems requires skilled labor and substantial budgets & investments. Thus, scarcity of skilled manpower, in tandem with lack of defense budgets may hamper the market growth. Moreover, increasing number of peace treaties and initiatives by various global entities such as NATO, UN, UNESCO and EU may hinder the growth of the air defense system market.
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The report cites that rising geopolitical tensions in Asia-Pacific region, especially in India and China is also aiding the expansion of the market. China and India are primarily focused on acquiring various types of defense systems and enhancing their defense capabilities which in turn is facilitating the market growth. On the other hand, escalating investments in research & development activities by key players in the industry across Europe and North America is also fueling the expansion of the market.
The prominent companies operating in the air defense system market are Thales Group, BAE Systems Plc, Leonardo S.P.A, Rheinmetall AG, Kongsberg Gruppen, Northrop Grumman Corp., Raython Co., The Boing Company, MBDA, Almaz-Antey, and Aselsan A.S. Notably, few key players in the industry witnessed significant growth by establishing government contracts. For instance, Almaz-Antey registered 17% increase in sales by providing S-400 weapons to China and India.
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