All for Joomla All for Webmasters

The Market Aspect of Air Defense System

4183908A00000578-4615480-A_Sukhoi_Su_25_fighter_jet_performs_at_the_Aviamix_airshow_the_o-a-58_1497800180679.jpg

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% from 2017 to 2024. The increasing defense expenditures of emerging economies such as China, India, South Korea, and Turkey are expected to offer several growth opportunities for stakeholders of the air defense system market.

This, combined with increasing R&D activities for the development of air defense systems with advanced radar and long range weapon systems, is expected to propel the growth of the air defense system market across the globe during the forecast period from 2017 to 2024. However, the high costs involved in the development of advanced air defense systems and regulatory hurdles related to transfer of arms from one place to another are some of the factors restraining the growth of the air defense system market across the globe.

Based on platform, the land segment is estimated to account for the largest share of the air defense system market in 2017. The growth of this segment of the market can be attributed to the introduction of new technologies for short range, medium range, and guided missile systems. Air defense systems that are deployed on the land platform include weapons (missiles and guns), 3D radar, counter-RAM, fire command vehicles, and ready-to-fire missiles.

“The Asia Pacific region is estimated to account for the largest share of the air defense system market in 2017; the Asia Pacific air defense system market is projected to grow at the highest CAGR during the forecast period.” The Asia Pacific region is estimated to account for the largest share of the air defense system market in 2017. The Asia Pacific air defense system market is projected to grow at the highest CAGR of 6.06% during the forecast period.

It is expected to be followed by the Europe air defense system market, which is projected to grow at a CAGR of 5.76% 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 leading players in the air defense system market include Saab AB (Sweden), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin Corporation (US), and BAE Systems plc (UK), among others.

Source: Market Insider

Leave a Reply

Your email address will not be published. Required fields are marked *

Top