According to the new market research report "Air Defense System Market - 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.
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 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. 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. 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. 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.
Source: ASDReports - Market Research
Date: Oct 3, 2017