In-depth Analysis for Air Defense System Market Growth by 2024, at a CAGR of 5.74%

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science-technology

Summary

The Air Defense System Market is projected to grow from USD 30.57 Billion in 2017 to USD 45.19 Billion by 2024, at a CAGR of 5.74% from 2017 to 2024.

Press Release

According to the new market research report Air Defense System Market by Component (Weapon System, Fire Control System, Command and Control System), Type (Missile Defense System, Anti-Aircraft System, C-Ram System), Platform (Land, Naval, Airborne), Range, Region – Global Forecast to 2024″, The air defense system market is projected to grow from USD 30.57 Billion in 2017 to USD 45.19 Billion by 2024, at a CAGR of 5.74% during the forecast period.

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Changing nature of modern warfare is one of the most important factors driving the demand for air defense systems across the globe. The nature of warfare has improved over the years with various technological advancements taking place in the defense sector, which has resulted in increased defense expenditure across the globe.

Based on platform, the naval segment of the air defense system market is projected to grow at the highest rate during the forecast period.

Based on platform, the naval segment of the air defense system market is projected to grow at the highest CAGR between 2017 and 2024. Naval air defense capability of a ship is crucial for its survivability. Naval air defense systems offer complete protection against all types of projected and known air threats.

Based on range, the long range air defense (LRAD) system segment is estimated to account for the largest share of the air defense system market in 2017.

Based on range, the long range air defense (LRAD) system segment is estimated to account for the largest share of the air defense system market in 2017. Increase in attack threats from intercontinental ballistic missiles across the globe is fueling the growth of the long range air defense (LRAD) system segment of the air defense system market.

Based on type, the missile defense system segment is projected to lead the air defense system market during the forecast period from 2017 to 2024.

Based on type, the missile defense system segment is projected to lead the air defense system market during the forecast period. The growth of this segment of the market can be attributed to increased investments by countries such as the US, China, Iran, India, Russia, North Korea, and France for the development of advanced missile defense systems.

The Asia Pacific region is projected to lead the air defense system market during the forecast period.

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Key Market Players

Saab AB (Sweden), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin Corporation (US), and BAE Systems plc (UK), among others, are the major players operating in the air defense system market.