Air Defense Systems Market is Estimated to Witness High Growth Owing to Opportunity for Border Protection

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Increasing defense budgets across major economies is one of the key factors accelerating growth of the air defense systems market. Many countries are investing heavily in strengthening their defense mechanisms in view of evolving security challenges. For instance, the US defense budget for the fiscal year 2023 stands at USD 778 billion, marking a 4.1% rise from 2022. Similarly, India's defense budget for 2023 saw an increase of around 8% over the previous year, amounting to USD 74.21 billion. Such rising capital infusions into defense modernization programs are expected to propel the demand for advanced air defense systems over the forecast period.

Segment Analysis

The global air defense systems market is segmented based on platform, type, and region. The land-based systems sub-segment dominates the market due to the requirement of air defense systems on land borders to counter border intrusions and terrorist activities from the air. Land systems offer persistent and fixed protection to strategic assets and locations on the ground from air threats like unmanned aerial vehicles, cruise missiles, and helicopters.

 

Key Takeaways

The Global Air Defense Systems Market Size is expected to witness high growth. The market size is projected to grow from US$ 16.94 Mn in 2023 to US$ 51.43 Mn by 2030, registering a CAGR of 13.7% during the forecast period.

 

Regional analysis:

The North America region holds the highest share in the global air defense systems market and is expected to maintain dominance during the forecast period. This is attributed to increased defense spending by the US, growing investments in developing advanced air defense systems, and presence of major players in the region. However, the Asia Pacific region is projected to register the fastest growth rate over the next few years owing to rising geopolitical tensions, increasing defense budgets of emerging economies like India and China, and growing demand for air defense systems to secure borders.

 

Key players:

Key players operating in the global air defense systems market are Hanwha Defense, Raytheon Company, Aselsan AS, Israel Aerospace Industries Ltd., The Boeing Company, Rheinmetall AG, Northrop Grumman Corporation, Thales Group, Kongsberg Gruppen, Lockheed Martin Corporation, Leonardo SpA, and SAAB AB. Lockheed Martin Corporation holds the largest market share due to its diversified product portfolio for air defense systems and increasing number of contracts from various countries. However, other players like Leonardo SpA and SAAB AB are focusing on product innovation and expanding their geographical footprint to strengthen market position.

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https://healthcarelatesteditionnews.blogspot.com/2023/12/the-global-air-defense-systems-market.html

 

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