The air defense systems market has witnessed different market dynamics across various regions of the globe. Moreover, the key air defense systems manufacturing companies have witnessed a rising demand from countries such as the U.S., India, China, and Russia. The global air defense systems market size was valued at $34,956.8 million in 2019 and is projected to reach $42,879.2 million by 2025, registering a CAGR of 3.25% during the forecast period. North America dominated the air defense systems market with a share of 35.51% in 2019. The U.S. is one of the prominent countries in the world and recorded the highest market revenue of $12,146.6 million in 2019 and is expected to reach $15,105.8 million by 2025.
The global air defense systems market is expected to witness a moderate growth during the forecast period 2020-2025, owing to the implementation of advanced technologies and modernization of air defense systems. Moreover, threats and affordability are the two main factors that are expected to influence the defense spending of countries in the coming years. Although the COVID-19 pandemic has changed the dynamics of various industries, it has not shown any immediate effect on the defense sector, apart from some supply chains disruption.
With reference to past patterns, countries may give most weight to threats, real or perceived, over the near term. Governments are anticipated to calibrate their defense budgets according to situation prevail in terms of threats due to ongoing conflicts or to reallocate the budget for health measures.
Asia-Pacific, which includes China, India, Japan, and South Korea, among others, is the second most prominent region for the air defense systems market. The air defense systems market in Asia-Pacific reported $11,397.7 million revenue in 2019 and is expected to grow at a CAGR of 5.04% during the forecast period. In Asia-Pacific, China acquired the major market share of 38.01% in 2019 and grow with a CAGR of 4.88% during the forecast period. This region is growing at a much faster rate as compared to North America and Europe due to constant efforts by the governments of Asia-Pacific countries for strengthening their defense forces with advanced air defense systems.
Europe, including major countries such as Russia, the U.K., Germany, and France, is the third-most prominent region for the air defense systems market. The air defense systems market in Europe reported revenue of $8,250.6 million in 2019 and is expected to grow at a CAGR of 2.21% during the forecast period. In Europe, Russia acquired the major market share 13.10% in 2019 and grow with a CAGR of 2.34% during the forecast period.
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The air defense systems market is in maturity phase with the leading players actively competing against each other to gain a greater share in the industry in the future. The competitive landscape of the air defense systems industry exhibits an inclination toward emerging strategies and developments by market players. The key players that are actively participating in the air defense systems market include Almaz Antey, Aselsan A.S. BAE Systems, Boeing, Elbit Systems Ltd., General Atomics, Hanwha Defense, Israel Aerospace Industries Ltd, KONGSBERG, Lockheed Martin Corporation, Leonardo S.p.A, MBDA, Raytheon Technologies Corporation, Rafael Advanced Defense Systems Ltd., Rheinmetall AG, Saab AB, and Thales Group.
The prominent players in the air defense systems market adopted strategies of product launches, mergers and acquisitions, partnerships and collaborations, contracts, and other strategies to expand their business. The companies are also involved in some of the other developments that include demonstrations, integrations, and business expansions. Due to the intensive competition, the air defense systems industry requires manufacturers to constantly innovate and develop cost-effective products.
According to 6Wresearch, North America Short-Range Air Defense Systems Market size is projected to grow during 2019-25.
Growing US government expenditure to strengthen the air defense system would fuel the market demand for short-range air defense market.
U.S. Army has recently awarded a contract to Northrop Grumman and Raytheon to build a 50-kilowatt-class laser weapon for the Short-Range Air Defense system market and has also passed a budget of over $600 billion for the defense sector, which is the highest amount spent on defense globally, which might further propel the growth of short-range air Defense System Market in the forecast period.
Key Highlights of the Report:North America Short Range Air Defense System Market OverviewNorth America Short Range Air Defense System Market OutlookNorth America Short Range Air Defense System Market ForecastHistorical Data of North America Short Range Air Defense System Market Revenues & Volume for the Period 2015-2018North America Short Range Air Defense System Market Size and North America Short Range Air Defense System Market Forecast of Revenues & Volume, Until 2025Historical Data of North America Short Range Air Defense System Market Revenues and Volume, By Types, for the Period 2015-2018Market Size & Forecast of North America Short Range Air Defense System Market Revenues and Volume, By Types, Until 2025Historical Data of The United States Short Range Air Defense System Market Revenues and Volume, for the Period 2015-2018 About Us-6Wresearch is the premier, one stop market intelligence and advisory centre, known for its best in class business research and consulting activity.
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