Air Defense Systems Market Size to surpass $35bn by 2026

Air Defense Systems Market size is poised to surpass USD 35 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

The growth of the air defense systems market can be attributed to an increase in the defense budget and increasing investments for the development of the system for better protection against various global threats. Rising geopolitical tension and the demand for advanced air defense systems are driving the market growth. The air defense system plays a crucial part in the defense forces of nations and most of the countries are collaborating with air defense systems industry players for new advanced multipurpose systems that can help in various applications including air surveillance & detection. For instance, in October 2017, the U.S. Army selected Raytheon to provide next-generation radar systems. The new Lower Tier Air and Missile Defense Sensor (LTAMDS) is a 360-degree radar system, which will replace the current system used by the U.S. Army. Under this contract, the company will provide six LTAMDS radars, which will be operated under the Integrated Air and Missile Defense network.

 

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Advancements in Fire Control Systems will remain a key trend for the industry growth

Fire control system held a market share of over 45% in 2018 due to technological advancements and rising defense expenditure form the countries of Asia Pacific. The fire control system is one of the most crucial components for air defense system platforms. The system helps in tracking and hitting the acquired target. The fire control system market is segmented into air defense radar and electro optic sensors & laser range finder. With the rising demand for armored vehicles and battle tanks and the introduction of advanced technologies including automatic fire control systems, the demand for fire control systems is expected to increase during the forecast time frame.
 

Browse key industry insights spread across 330 pages with  464 market data tables & 27  figures & charts from the report, “Air Defense Systems 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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/air-defense-system-market
 

Collaboration between countries for the development of advanced missile systems

Missile defense systems are expected to grow at a significant rate during the market forecast time frame. The growth of the system can be attributed to the rising investments in advanced technologies and strategic collaborations between the regions for the development of new missile systems. The increasing geopolitical threats in South Korea and the Middle East are also contributing to the growth in these markets. Projects, such as BrahMos, are also supporting the growth as India and Russia are looking to develop more advanced BrahMos missiles with increased range and precise target hitting capability supporting new market opportunities. For instance, the U.S. Missile Defense Agency has awarded a USD 320 million contract to Lockheed Martin to support the development of Ballistic Missile Defense Systems (BMDS). The air defense systems work in multi-domain systems connecting weapon systems, autonomous sensors, and satellites.  
 

Rising demand for Long-Range Air Defense (LARD) systems in Asia Pacific

The Asia Pacific region is one of the fastest-growing regions in the global air defense market. The major market factors for growth are territorial disputes, increasing defense capability, and industrial growth. The demand for LARD systems is supported by the growing tensions between East & South China seas and territorial disputes between China, India, and Pakistan. For instance, in October 2018, India signed an agreement with Russia for the procurement of S-400 surface to air missile systems. The agreement is valued at USD 5.43 billion and is expected to be delivered from October 2020 with all the five systems expected to be delivered by 2023. The S-400 missile system is a multi-operation system and can be used against medium-range missiles and land systems.
 

Rising military expenditure in the Middle East

The Middle East & Africa air defense systems market is expected to grow at a CAGR of over 3% during the forecast period due to the increasing defense budget and geopolitical tensions in the Middle East region. The defense spending is expected to reach USD100 billion in 2019, supporting the growth the market. The major air defense system capabilities of the Middle East region are situated in Israel, the UAE, and Saudi Arabia and some of the major defense system manufacturers present in the region including Israel Aerospace Industries.
 

Market leaders operating in the market are focusing on strategic collaborations for the support & development of advanced air defense systems. For instance, in June 2019, Northrop and Raytheon signed an agreement for the development of hypersonic weapons. The teaming agreement was signed for the development of next-generation hypersonic tactical missile systems. Under this agreement, Northrop will provide its advanced scramjet combustors for supporting Raytheon’s missile systems.
 

The major market players operating in the air defense systems market include Saab AB, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Leonardo S.P.A., BAE Systems PLC, Rheinmetall AG, Thales Group, Kongsberg Gruppen, Raytheon Company, MBDA, Northrop Grumman Corporation, The Boeing Company, Aselsan A.S., JSC Concern Vko "Almaz-Antey", Hanwha Corporation, General Dynamics, Elibit Systems, and L3 Harris Technologies.
 

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