Short Range Air Defense Systems Market Analysis By Industry Value, Market Size, Top Companies And Growth Forecast To 2031

The need for aerial defense systems is growing as tensions between several countries rise, including Israel, the Middle East countries, Russia-Ukraine, China-India, China-Israel, China-Japan, China-Russia, and China-Taiwan. As a result, nations around the world are heavily spending on updating their defensive equipment. For instance, Thales signed a contract extension by the Royal Marines and British Army in March 2021 to maintain the Short-Range Air Defense (SHORAD) for military and navy applications. The contract was for $137 million (£98.4 million). As a result of the increased demand for advanced air defense

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According to a new report published by Allied Market Research, titled, "Short Range Air Defense Systems Market," The short range air defense systems market was valued at $12.4 billion in 2021, and is estimated to reach $21.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

North America currently dominated the global short range air defense system market in 2021. This is primarily due to the active presence of market players across the region and an increase in an upgrade, procurement, and modernization plans for enhancing the capabilities of defense forces. The defense budget of the major North American countries, such as the U.S. and Canada, has perceived a modest Y-o-Y growth over the last decade. In addition, the U.S. is the most active user of air defense systems in North America, and it is now focusing on modernizing its existing military fleet.

Furthermore, the country is a major exporter and consumer of air defense systems on a global scale. Furthermore, the U.S. is home to significant businesses involved in short-range air defense systems, including General Dynamics, L3Harris Technologies, Inc., Lockheed Martin Corporation, Northrop Grumman, and Raytheon Technologies Corporation.

Moreover, Canada is expanding its efforts to improve defense spending as a result of the codified 20% GDP contribution to defense modernization by all North Atlantic Treaty Organization (NATO) member countries. Several programs for building and inducting complex military assets are now underway, such as the F-35 program and the FFG(X) program, which will generate chances for market players to construct modern air defense systems around the country.

Furthermore, it is home to the Canadian NORAD Region (CANR), one of three North American Aerospace Defense Command (NORAD) areas. It is in charge of significant tasks such as providing aerospace surveillance, identification, control, and warning for the defense of Canada and North America.

On the basis of type, the global short-range air defense system market has been segmented into missile defense systems, anti-aircraft, and counter rocket, artillery, and mortar (C-RAM) Systems. The missile defense system segment is expected to experience significant growth during the forecast period. Within the missile defense system segment, a short-range air defense system that is especially integrated to counter incoming missile threats can be considered. Because missile defense systems require extensive infrastructure for operations, they are heavily integrated with the ground defense system. A technological breakthrough in developing small-sized missile defense systems allow them to be integrated into several platforms while enhancing logistics and flexibility of operations to support corporate growth.

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Significant factors that impact the growth of the short range missile defense system market comprise the growing use of unmanned aerial vehicles in modern battles and governments of developing nations enhancing defense activities to create protection against air attacks and threats. However, factors such as the high development costs of short-range air defence systems and Increased regulation by global organizations and government intervention are expected to hamper the market growth. Furthermore, the growing technological innovation across the aerial threats and modern warfare systems is expected to create new growth opportunities for the short range missile defense system during the forecast period.

Countries such as India, China, and Russia have developed difficult-to-intercept drones and missiles for missile defence. Russia, for instance, is claimed to have explosive drones, sometimes known as loitering bombs; they are small weapons that are tough to defend against. These advancements have necessitated the creation of new low-speed air defence electronic warfare systems. Global governments are working on the creation of stealth drones. Simultaneously, they are actively investing in modern surveillance systems, such as short-range air defence systems, to counter such threats.

COVID-19 Impact Analysis

Lockdowns undertaken by many countries in response to the rapid spread of the COVID19 virus have impacted activities in defense, aviation, electronics, and other industries. Governments around the world emphasized the healthcare industry to tackle the spreading COVID-19 virus, which harmed the defense industry's performance. Owing to growing trade restrictions, revenue crisis and raw material scarcity were among the key concerns negatively impacting the short-range air defense system manufacturing companies.

Key players operating in the global short-range air defense system market include Airbus, BAE Systems, Boeing, Elbit Systems Ltd., General Dynamics, L3Harris Technologies, Inc., Lockheed Martin Corporation., Northrop Grumman, Raytheon Technologies Corporation, and Thales Group.

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