Active Protection Systems Market to Witness Substantial Growth Within The Coming Years
Majorly fuelling the global active protection systems market is the strong demand for land based defense system and for ballistic missile defense system. Collective efforts by the governments of the U.S. and South Korea to build land based air and missile defense in South Korea is a macro-economic factor bolstering the active protection systems market. Likewise, India and China’s effort to bolster missile defense system is further slated to catalyze growth in the active protection system market.
According to a report by Transparency Market Research, the global active protection systems market will likely reach a value of US$5.253 bn by 2025 from US$2.847 bn in 2016 by rising at a CAGR of 7.1% from 2017 to 2025.
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Radar Decoy System Leads Market
Depending upon the types of systems, the global active protection systems market can be divided into infrared decoy, radar decoy, directed energy, electro-optics jammers, light weapon defense, and rocket/missile based, among others. Of them, the radar decoy segment leads the market with maximum share and is trailed by infrared decoy segment. The others segment, consisting of DROZD active protection system, LEDS active protection system, iron curtain active protection system, iron fist active protection system, and ZASLON active protection system is also predicted to clock good growth in the years to come.
Rapid Modernization of Military Equipment Makes Asia Pacific Key Region
North America, at present, is a dominant market that accounts for maximum market share. In 2016, the market in the region held a share of 26.8%. Supplanting of old technology with new advanced technology and growing automation in defense are predicted to be the two major growth drivers in the North America in the next couple of years.
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Europe, powered by the U.K., is another key market for active protection systems. The growth in the regions is also supported by Russia, Germany, and France. Rising allocation for defense, increasing terrorist attacks, and replacement of old defense equipment with new ones, are some of the factors pushing up demand in the market in the region.
Asia Pacific, of all the regions, is expected to clock maximum growth in the global active protection systems market in the years to come. The factors serving to catalyze growth in the region are the rapid modernization of military equipment in different countries of China, India, South Korea, and Japan. India is expected to grow at the highest rate for the forecast period.
Saudi Arabia contributes the most to the Middle East and Africa active protection systems market. Rising geo-political tensions in the region is boosting the market for the active protection system. United Arab Emirates is expected to grow at the highest CAGR for the forecast period.
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Some of the prominent participants operating in the global active protection systems market are SAAB AB, The Raytheon Company, Airbus Group, KONSTRUKTORSKOYE BYURO MASHYNOSTROYENIYA, Rafael Advanced Defense Systems Ltd., Rheinmetall AG, Safran Electronics & Defence, Aselsan A.S., Artis, LLC, and Israel Military Industries.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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