Short Range Air Defense Systems Market Expected to Hit $21.1 Billion with a 5.6% CAGR From 2021-2031

According to a new report published by Allied Market Research, titled, "Short Range Air Defense Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by Platform : Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the 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.

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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.

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.

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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Key Finding of the Study:

➢ By Component, the weapon system segment is anticipated to exhibit significant growth in the near future.
➢ By type, the missile defense system segment is anticipated to exhibit significant growth in the near future.
➢ By platform, the vehicle mounted segment is anticipated to exhibit significant growth in the near future.
➢ By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key Benefits For Stakeholders:

➢ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the short range air defense systems market analysis from 2021 to 2031 to identify the prevailing short range air defense systems market opportunities.
➢ The 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 short range air defense systems market segmentation assists to determine the prevailing market opportunities.
➢ Major countries in each region are mapped according to their revenue contribution to the global market.
➢ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
➢ The report includes the analysis of the regional as well as global short range air defense systems market trends, key players, market segments, application areas, and market growth strategies.

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