This report provides an analysis of the Air Defense System Market from 2017 to 2024. It discusses industry and technology trends that are currently prevailing in the air defense system market. It also analyzes the factors that drive and restrain the growth of the air defense system market as well as the challenges faced by the market. 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. Some of the key drivers for the growth of the air defense system market include increasing defense expenditure of various countries for the development of air and missile defense systems, changing nature of warfare, and growing geopolitical instabilities across the globe.
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Among platforms, the naval segment of the air defense system market is projected to grow at the highest CAGR during the forecast period. 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. Continuous advancements and modifications in naval air defense systems are expected to drive the growth of the air defense system market during the forecast period.
Among ranges, the long range air defense (LRAD) system segment is expected to lead the air defense system market during the forecast period. Increase in attack threats from intercontinental ballistic missiles across the globe is fueling the demand for long range air defense systems, thereby leading to the growth of the long range air defense (LRAD) system segment of the air defense system market.
The Asia Pacific region is projected to lead the air defense system market during the forecast period. The Asia Pacific air defense system market is projected to grow at the highest CAGR from 2017 to 2024. Rising incidences of insurgencies, territorial disputes, terrorism, and unrest between neighboring nations, along with increasing defense spending by emerging economies of the Asia Pacific region are the factors fueling the growth of the Asia Pacific air defense system market.
China is estimated to account for the largest share of the Asia Pacific air defense system market in 2017. Due to the ongoing border issues with its neighboring countries, China is investing increasingly in the development of new and advanced air defense systems. This, in turn, is fueling the growth of the China air defense system market.
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