Air Defense Systems Market to Reach $78.2 Billion, Globally, by 2031 at 5.6% CAGR: Allied Market Research

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Oct 17, 2022, 04:30 ET

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.

PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Range (Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System), by Platform (Ground, Airborne, Naval), by Type (Missile Defense System, Anti-Aircraft, Counter Rocket, Artillery, and Mortar System): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global air defense system industry was pegged at $46.2 billion in 2021, and is estimated to generate $78.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

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Major determinants of the market growth

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.

Covid-19 Scenario:

The Covid-19 pandemic had a minor effect on the global defense industry. However, the allocation of financial and non-financial resources toward managing the pandemic took a hit during the pandemic.
The global shutdown of trade, decline in manufacturing, and challenges in logistics negatively affected the market.

The counter rocket, artillery, and mortar system segment to portray the highest CAGR through 2028

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.

The weapon system segment held the lion's share

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.

The short-range air defense system segment to showcase the highest CAGR by 2021

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.

The ground segment held the largest share

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.

North America dominated the market in terms of revenue

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.

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Key market players

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
General Dynamics

Similar Reports We Have on Military/ Defense Industry:

Drone Defense System Market Expected to Reach $16.76 Billion, at 26.6% CAGR by 2030

Ground Defense System Market Expected to Reach $79.16 Billion, at 5.2% CAGR by 2030

Missile Defense System Market Expected to Reach $40.04 Billion, at 4.4% CAGR by 2030

Long Range Air Defense Systems Market by Type, Platform, and Component, 2020–2031

Short Range Air Defense Systems Market by Type, Platform and Component, 2020–2031

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