0

Short Range Air Defense Systems Market Expected to Reach $21.1 Billion by 2031—Allied Market Research

 
2022
Short Range Air Defense Systems Market

Report Code : A09346

quote By Components, the Weapon System segment dominated the global market in 2021, in terms of revenue, and is expected to lead the market throughout the forecast period. By Type, the Missile Defense System segment accounted for a major share in 2021. By platform, the Vehicle Mounted segment is anticipated to witness lucrative growth over the forecast timeframe. At present, North America is the highest revenue contributor, followed by Europe quote

Mayank Halmare - Lead Analyst
Aerospace & Defense at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Short Range Air Defense Systems Market," The short range air defense systems market was valued at $12.4 billion in 2021, and is estimated to reach $21.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

The need for aerial defense systems is growing as tensions between several countries rise, including Israel, the Middle East countries, Russia-Ukraine, China-India, China-Israel, China-Japan, China-Russia, and China-Taiwan. As a result, nations around the world are heavily spending on updating their defensive equipment. For instance, Thales signed a contract extension by the Royal Marines and British Army in March 2021 to maintain the Short-Range Air Defense (SHORAD) for military and navy applications. The contract was for $137 million (£98.4 million). As a result of the increased demand for advanced air defense

North America currently dominated the global short range air defense system market in 2021. This is primarily due to the active presence of market players across the region and an increase in an upgrade, procurement, and modernization plans for enhancing the capabilities of defense forces. The defense budget of the major North American countries, such as the U.S. and Canada, has perceived a modest Y-o-Y growth over the last decade. In addition, the U.S. is the most active user of air defense systems in North America, and it is now focusing on modernizing its existing military fleet. Furthermore, the country is a major exporter and consumer of air defense systems on a global scale. Furthermore, the U.S. is home to significant businesses involved in short-range air defense systems, including General Dynamics, L3Harris Technologies, Inc., Lockheed Martin Corporation, Northrop Grumman, and Raytheon Technologies Corporation.

Moreover, Canada is expanding its efforts to improve defense spending as a result of the codified 20% GDP contribution to defense modernization by all North Atlantic Treaty Organization (NATO) member countries. Several programs for building and inducting complex military assets are now underway, such as the F-35 program and the FFG(X) program, which will generate chances for market players to construct modern air defense systems around the country. Furthermore, it is home to the Canadian NORAD Region (CANR), one of three North American Aerospace Defense Command (NORAD) areas. It is in charge of significant tasks such as providing aerospace surveillance, identification, control, and warning for the defense of Canada and North America. 

On the basis of type, the global short-range air defense system market has been segmented into missile defense systems, anti-aircraft, and counter rocket, artillery, and mortar (C-RAM) Systems. The missile defense system segment is expected to experience significant growth during the forecast period. Within the missile defense system segment, a short-range air defense system that is especially integrated to counter incoming missile threats can be considered. Because missile defense systems require extensive infrastructure for operations, they are heavily integrated with the ground defense system. A technological breakthrough in developing small-sized missile defense systems allow them to be integrated into several platforms while enhancing logistics and flexibility of operations to support corporate growth.  

Significant factors that impact the growth of the short range missile defense system market comprise the growing use of unmanned aerial vehicles in modern battles and governments of developing nations enhancing defense activities to create protection against air attacks and threats. However, factors such as the high development costs of short-range air defence systems and Increased regulation by global organizations and government intervention are expected to hamper the market growth. Furthermore, the growing technological innovation across the aerial threats and modern warfare systems is expected to create new growth opportunities for the short range missile defense system during the forecast period.

Countries such as India, China, and Russia have developed difficult-to-intercept drones and missiles for missile defence. Russia, for instance, is claimed to have explosive drones, sometimes known as loitering bombs; they are small weapons that are tough to defend against. These advancements have necessitated the creation of new low-speed air defence electronic warfare systems. Global governments are working on the creation of stealth drones. Simultaneously, they are actively investing in modern surveillance systems, such as short-range air defence systems, to counter such threats.

COVID-19 Impact Analysis

Lockdowns undertaken by many countries in response to the rapid spread of the COVID19 virus have impacted activities in defense, aviation, electronics, and other industries. Governments around the world emphasized the healthcare industry to tackle the spreading COVID-19 virus, which harmed the defense industry's performance. Owing to growing trade restrictions, revenue crisis and raw material scarcity were among the key concerns negatively impacting the short-range air defense system manufacturing companies.

KEY FINDINGS OF THE STUDY

  • By Component, the weapon system segment is anticipated to exhibit significant growth in the near future.
  • By type, the missile defense system segment is anticipated to exhibit significant growth in the near future.
  • By platform, the vehicle mounted segment is anticipated to exhibit significant growth in the near future.
  • By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global short-range air defense system market include Airbus, BAE Systems, Boeing, Elbit Systems Ltd., General Dynamics, L3Harris Technologies, Inc., Lockheed Martin Corporation., Northrop Grumman, Raytheon Technologies Corporation, and Thales Group.

 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Short Range Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Type (Missile Defense System, Anti-Aircraft,  Counter Rocket, Artillery, and Mortar (C-RAM) System), by Platform (Man Portable, Vehicle Mounted): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Short Range Air Defense Systems Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers