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Projected Strong Growth for Air Defense System: Expectations and Key Trends for 2024-2029
Air Defense System Market Size
• The strong growth of the air defense system market in recent years is mainly due to cold war era military buildup, missile defense systems development, threat from aerial warfare, shift from conventional to asymmetric warfare, and national security imperatives.
• The market is expected to grow from $33.05 billion in 2024 to $35.25 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%.
• Furthermore, by 2029 the market size will reach $45.44 billion at a continuous CAGR of 6.6%.
• This prospective growth is driven by increased defense budgets, growing threats from unmanned systems, geopolitical instabilities, demand for multi-layered defense, and a shift towards directed energy weapons.
What are the Driving Factors for the Growth in the Air Defense System Market?
The growth of the air defense system market is being propelled by the rising demand due to global conflicts. These confrontations have prompted countries to heavily invest in air defense capabilities, playing a crucial role in conflict situations by safeguarding airspace and protecting against aerial threats like missiles, drones, and aircraft. For example, the full-scale Russian invasion of Ukraine in 2022 recorded 174 instances of violent crises globally, escalating the war to a level that overshadowed all other conflicts in scale and death toll. Thus, the rising demand due to global conflicts drives the growth of the air defense system market onward.
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What Key Players are Driving the Growth in the Air Defense System Market?
The key players driving growth include:
• Lockheed Martin Corporation
• BAE Systems plc
• Rheinmetall AG
• Thales Group
• Northrop Grumman Corporation
• Hanwha Corporation
• Leonardo SPA
• L3Harris Technologies Inc
• Saab AB
• Israel Aerospace Industries Ltd.
What are the Key Trends in the Air Defense System Market?
Key trends include:
• Advancements in missile technology
• Rise in asymmetric warfare
• Drone and UAV proliferation
• Integrated air defense networks
• Focus on cybersecurity
What are the Segments of the Global Air Defense System?
The air defense system market is segmented by:
1) Type: Missile Defense System, Anti-Aircraft System, Counter Rocket, Artillery And Mortar (C-RAM) System
2) Component: Weapon System, Fire Control System, Command And Control System, Other Components
3) Range: Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System
4) Application: Land, Naval, Airborne
What Region Leads in the Air Defense System Market?
In 2024, North America was the largest region in the air defense system market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What is covered in the Air Defense System Global Market Report?
Market Size Analysis: Analyzing the Air Defense System Global Market Report size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identifying various subsegments within the Air Defense System Global Market Report for effective categorization.
Key Player Focusing on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examining individual growth trends and prospects in the Market.
Market Contribution: Evaluating contributions of different segments to the overall Air Defense System Global Market Report growth.
Growth Drivers: Detailing key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyzing challenges and risks affecting the Air Defense System Global Market Report.
Competitive Developments: Analyzing competitive developments, such as expansions, agreements, and new product launches in the market.
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