Air defense system market is available in various type including, Long range, medium range and short range. Increasing attack threats from intercontinental ballistic missiles worldwide is fueling growth of long-range segment. The development of this segment can be attributed to introduction of innovative technologies for medium & short range and guided missile systems. They can be deployed on land platform that includes 3D radar, weapons (missiles & guns), ready-to-fire missiles, fire command vehicles and counter-RAM.
The product is used in three platforms, that includes airborne, naval and land. Naval segment will witness fastest growth as it offers complete protection against several types of projected & known air threats. Continuous modification and advancements in naval segment are anticipated to drive industry growth during the forecast period.
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The product contains weapon, fire control and command & control system. Further, there are several types of air defense system that includes, missile, anti-plane and counter rocket, artillery & mortar (C-RAM). Missile segment is likely to lead the industry due to increased investments by the countries including, the U.S., France, North Korea, Russia, India, China and Iran for development of the advanced missile defense systems.
Rise in number of terrorist attacks and increase in government spending for strengthening the defence sector for safeguarding borders are major factors propelling air defence system market. Further, rise in extremist activities, particularly in developing countries will provide lucrative opportunities for industry growth. Rising need for newer devices and gadgets with continuous technological advancement is likely to support the industry growth.
Increasing conflicts between various countries coupled with growing asymmetric warfare situations is projected to drive air defense system market. For instance, rise in global wars including, Lebanon, ISIS & Syrian civil wars, conflicts between the U.S. & North Korea and Indo-Pak conflict over Kashmir has increased the demand for such products for shield.
North America, dominated by the U.S. for air defense system market is likely to remain the largest industry owing to high defense spending by the U.S. government. Besides, growing involvement of the U.S. military in the middle east regions including, Iraq & Syria and rising concern over the terrorist attacks are few of the key drivers for the industry growth in the region.
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Asia Pacific air defense system market is anticipated to exhibit significant growth as the countries are strengthening their defense system with continuous increment in the government spending. Hostile relations between some of the countries in Asia including, South Korea, China, India and Pakistan is the chief reason behind high investment on the product in the region.
Middle East and Africa air defense system market will foresee substantial growth owing to rising incidences of terrorism, territorial disputes, insurgencies and unrest between the neighboring nations coupled with increased defense expenditure by emerging economies in the region are factors fueling industry demand.
Up surge in number of armed conflicts worldwide is expected to propel air defense system market. Rapid development of missiles coupled with disputes & hostilities across borders have prompted countries to focus more on their defensive strategies, that has led to increase in product demand.
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Global air defense market is moderately consolidated with presence of few market leaders in the industry. Some of the key players include Saab AB, Israel Aerospace Industries, Raytheon, Thales Group, Lockheed Martin Corporation, Hanwa Corporation and BAE Systems.