The Global Air Defense Systems Market To Witness Strong Growth Accelerated By Increasing Defense Budgets
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| Air Defense Systems Market |
Air defense systems provide
detection and interception capabilities against threats like missiles,
aircraft, drones, and rockets. Such systems are crucial for homeland security
due to rising geopolitical tensions and instances of cross-border terrorism. Key
factors driving increased demand include modernization of armed forces and
rising defense budgets of developing nations. The global Air Defense Systems
Market is estimated to be valued at US$
16.94 Mn in 2023 and is expected to exhibit a CAGR of 13.7% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing defense budgets across
major economies is one of the key factors accelerating growth of the air
defense systems market. Many countries are investing heavily in strengthening
their defense mechanisms in view of evolving security challenges. For instance,
the US defense budget for the fiscal year 2023 stands at USD 778 billion,
marking a 4.1% rise from 2022. Similarly, India's defense budget for 2023 saw
an increase of around 8% over the previous year, amounting to USD 74.21
billion. Such rising capital infusions into defense modernization programs are
expected to propel the demand for advanced air defense systems over the forecast
period.
Segment Analysis
The global air defense systems
market is segmented based on platform, type, and region. The land-based systems
sub-segment dominates the market due to the requirement of air defense systems
on land borders to counter border intrusions and terrorist activities from the
air. Land systems offer persistent and fixed protection to strategic assets and
locations on the ground from air threats like unmanned aerial vehicles, cruise
missiles, and helicopters.
Key Takeaways
The Global
Air Defense Systems Market Size is expected to witness high growth. The
market size is projected to grow from US$
16.94 Mn in 2023 to US$ 51.43 Mn by 2030, registering a CAGR of 13.7% during the forecast period.
Regional analysis:
The North America region holds
the highest share in the global air defense systems market and is expected to
maintain dominance during the forecast period. This is attributed to increased
defense spending by the US, growing investments in developing advanced air
defense systems, and presence of major players in the region. However, the Asia
Pacific region is projected to register the fastest growth rate over the next
few years owing to rising geopolitical tensions, increasing defense budgets of
emerging economies like India and China, and growing demand for air defense
systems to secure borders.
Key players:
Key players operating in the
global air defense systems market are Hanwha Defense, Raytheon Company, Aselsan
AS, Israel Aerospace Industries Ltd., The Boeing Company, Rheinmetall AG,
Northrop Grumman Corporation, Thales Group, Kongsberg Gruppen, Lockheed Martin
Corporation, Leonardo SpA, and SAAB AB. Lockheed Martin Corporation holds the
largest market share due to its diversified product portfolio for air defense
systems and increasing number of contracts from various countries. However,
other players like Leonardo SpA and SAAB AB are focusing on product innovation
and expanding their geographical footprint to strengthen market position.
Get More Insights Here
https://www.newsstatix.com/air-defense-systems-market-size-share-growth-outlook-2023/
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