Rise in cross-border conflicts, technological developments in weapon system, and use of new-age weapons together with drones drive the expansion of the worldwide air protection programs market.
PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ — Allied Market Research just lately printed a report, titled, “Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Range (Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System), by Platform (Ground, Airborne, Naval), by Type (Missile Defense System, Anti-Aircraft, Counter Rocket, Artillery, and Mortar System): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the worldwide air protection system business was pegged at $46.2 billion in 2021, and is estimated to generate $78.2 billion by 2031, rising at a CAGR of 5.6% from 2022 to 2031.
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Major determinants of the market progress
Rise in cross-border conflicts, technological developments in weapon system, and use of new-age weapons together with drones drive the expansion of the worldwide air protection programs market. In addition, surge in protection budgets throughout the globe complement the market progress. However, excessive price related to air protection programs hinders the market progress. On the opposite, growth of new-generation air and missile protection programs is anticipated to open profitable alternatives sooner or later.
Covid-19 Scenario:
- The Covid-19 pandemic had a minor impact on the worldwide protection business. However, the allocation of economic and non-financial sources towards managing the pandemic took a success through the pandemic.
- The international shutdown of commerce, decline in manufacturing, and challenges in logistics negatively affected the market.
The counter rocket, artillery, and mortar system phase to painting the very best CAGR via 2028
By kind, the counter rocket, artillery, and mortar system phase would register the very best CAGR of 6.6% through the forecast interval, due to enhance in significance of programs able to defending in opposition to a variety of projectiles. However, the missile protection system phase held the biggest share in 2021, accounting for round two-fifths of the worldwide air protection programs market, owing to rise in significance of programs able to defending in opposition to a variety of projectiles.
The weapon system phase held the lion’s share
By element, the weapon phase dominated the market by way of income in 2021, contributing to almost two-fifths of the worldwide air protection programs market, due to rise in calls for for means to counter threats comparable to enemy drones and ballistic missiles. However, the command-and-control system phase is projected to register the very best CAGR of 6.6% from 2022 to 2031, owing to rise in use of command-and-control programs to enhance communication programs and computing energy to analyze and forecast knowledge extra successfully.
The short-range air protection system phase to showcase the very best CAGR by 2021
By vary, the short-range air protection system phase is projected to register the very best CAGR of 6.3% through the forecast interval, due to enhance in demand for means to counter short-range threats comparable to terrorist assaults. However, medium-range air protection system phase held the biggest share in 2021, accounting for greater than two-fifths of the worldwide air protection programs market, owing to excessive reliability of medium-range air protection programs in intercepting medium vary threats comparable to cruise missiles.
The floor phase held the biggest share
By platform, the bottom phase held the biggest share in 2021, contributing to greater than two-fifths of the worldwide air protection programs market, due to rise in demand for protection system that has functionality to intercept any small, medium, and long-range threats. However, the airborne phase is estimated to showcase the very best CAGR of 6.6% through the forecast interval, owing to rise in demand to counter new projectiles comparable to drones.
North America dominated the market by way of income
By area, the market throughout North America held the biggest share in 2021, contributing to almost one-third of the worldwide air protection programs market, due to presence of outstanding market gamers and large investments by governments within the area. However, the market throughout Asia-Pacific is anticipated to painting the very best CAGR of 6.3% through the forecast interval, owing to rise in investments made by nations to develop superior air protection system to strengthen protection system and deal with inter-regional conflicts.
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Key market gamers
- Saab AB
- Lockheed Martin Corporation
- BAE Systems PLC
- Rheinmetall AG
- Thales Group
- Kongsberg Gruppen
- Raytheon Technologies
- MBDA
- Northrop Grumman Corporation
- Boeing
- Hanwha Corporation
- Leonardo S.P.A.
- Airbus Defense and Space
- Aselsan A.S.
- Elbit Systems
- General Dynamics
Similar Reports We Have on Military/ Defense Industry:
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Ground Defense System Market Expected to Reach $79.16 Billion, at 5.2% CAGR by 2030
Missile Defense System Market Expected to Reach $40.04 Billion, at 4.4% CAGR by 2030
Long Range Air Defense Systems Market by Type, Platform, and Component, 2020–2031
Short Range Air Defense Systems Market by Type, Platform and Component, 2020–2031
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