Air Defense Systems Market to Reach $78.2 Billion by 2031, Weapon System Segment Leads Growth

According to a new report published by Allied Market Research, titled, "Air Defense Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Range, by Platform, by Type : Global Opportunity Analysis and Industry Forecast, 2021-2031". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future.

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Rise in cross-border conflicts, technological advancements in weapon system, and use of new-age weapons including drones drive the growth of the global air defense systems market. In addition, surge in defense budgets across the globe supplement the market growth. However, high cost associated with air defense systems hinders the market growth. On the contrary, development of new-generation air and missile defense systems is expected to open lucrative opportunities in the future.

The air defense system market is expected to witness a significant growth rate owning to increase in defense budgets of nations across the globe and rising concerns of nations to protect themselves from conventional and modern threats. While the deployment of air defense systems is costly and requires large capital spending for its integration in a variety of platforms, increase in defense expenditure facilitates the implementation of expensive yet necessary missile defense system technologies. Furthermore, advancements of weapons and attacking capabilities globally have created the demand for modernization and installation of sophisticated defense technologies by governments to prevent threats and offensive attacks from foreign countries. Hence, increase in defense expenditure is expected to open new avenues for the growth of the air defense system market during the forecast period.

Also, adoption of internet of things (IoT) within the air defense system market is expected to change the business dynamics during the forecast period. One of the popular air defense systems is the Iron Dome. It is an artificial intelligence (AI)-powered anti-missile system that is reportedly 90% effective. The Iron Dome employs artificial intelligence to decide if the approaching wave of short-range rockets and missiles will strike the common people or the state's important assets. Unmanned Aerial Vehicles (UAVs), guided missiles, and cruise missiles are among the threats that the AI system identifies, analyzes, and ultimately obstructs. In addition, AI and machine learning (ML) could also be useful in analyzing a vast amount of missile testing-data. A typical testing of ground-based midcourse defense generates terabytes of data. Using AI can ease the processing of data and provide vital insights to improve the functioning of the missile defense system.

To fulfill the changing demand scenarios, market participants are concentrating on product launches to offer a diverse range of products and meet new business opportunities. In addition, market participants are continuously focusing on contracts and partnership efforts to match changing end-user requirements and improve the growth of the air defense system market.

The air defense system market is segmented on the basis of component, range, platform, type, and region. The component segment is divided into weapon system, fire control system, command and control system, and others. The range segment is divided into short range air defense system, medium range air defense system, and long range air defense system. The platform segment includes ground, naval, and airborne. The market within the type segment is divided into missile defense system, anti-aircraft, and counter rocket, artillery, and mortar system. By region, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA.

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By type, the counter rocket, artillery, and mortar system segment would register the highest CAGR of 6.6% during the forecast period, due to increase in importance of systems capable of defending against a wide range of projectiles. However, the missile defense system segment held the largest share in 2021, accounting for around two-fifths of the global air defense systems market, owing to rise in importance of systems capable of defending against a wide range of projectiles.

By component, the weapon segment dominated the market in terms of revenue in 2021, contributing to nearly two-fifths of the global air defense systems market, due to rise in demands for means to counter threats such as enemy drones and ballistic missiles. However, the command-and-control system segment is projected to register the highest CAGR of 6.6% from 2022 to 2031, owing to rise in use of command-and-control systems to improve communication systems and computing power to analyze and forecast data more effectively.

By range, the short-range air defense system segment is projected to register the highest CAGR of 6.3% during the forecast period, due to increase in demand for means to counter short-range threats such as terrorist attacks. However, medium-range air defense system segment held the largest share in 2021, accounting for more than two-fifths of the global air defense systems market, owing to high reliability of medium-range air defense systems in intercepting medium range threats such as cruise missiles.

By platform, the ground segment held the largest share in 2021, contributing to more than two-fifths of the global air defense systems market, due to rise in demand for defense system that has capability to intercept any small, medium, and long-range threats. However, the airborne segment is estimated to showcase the highest CAGR of 6.6% during the forecast period, owing to rise in demand to counter new projectiles such as drones.

By region, the market across North America held the largest share in 2021, contributing to nearly one-third of the global air defense systems market, due to presence of prominent market players and huge investments by governments in the region. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 6.3% during the forecast period, owing to rise in investments made by countries to develop advanced air defense system to strengthen defense system and tackle inter-regional conflicts.

The key players operating in the air defense system market are 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, and General Dynamics.

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Key Benefits For Stakeholders:

This report provides a quantitative analysis of the air defense systems market segments, current trends, estimations, and dynamics of the air defense systems market analysis from 2021 to 2031 to identify the prevailing air defense systems market opportunities.
The air defense systems market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the air defense systems market segmentation assists to determine the prevailing air defense systems market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global air defense systems market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the air defense systems market players.
The report includes the analysis of the regional as well as global air defense systems market trends, key players, market segments, application areas, and air defense systems market growth strategies.

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