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APAC Air Defense System Market Size to Reach USD 13 bn by 2026
Published Date: 2020-02-28
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According to the Graphical Research new growth forecast report titled “Asia Pacific Air Defense System Market Size By Component, System, Range, Application, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026”, Estimated To Exceed USD 13 Billion By 2026. Asia Pacific air defense system market growth is attributed to growing territorial disputes and several geo-political concerns among neighboring countries in the region. Active investments in the military aviation sector by developing countries including India and China are driving the market over the study timeframe. These countries are increasing their military aircraft fleet to strengthen the defense sector due to rising geo-political concerns and terrorist activities among neighboring countries. For instance, in July 2019, India moved closer to invite bids for the order of 114 multirole fighter jets with a deal of more than USD 15 million. This order is expected to strengthen the defense base of the country. This attracts several major players including Lockheed Martin Corporation, Boeing, and Saab AB across the globe.
The weapon system segment is expected to register a growth with a CAGR of over 3% during the forecast period. The weapon systems include missile systems and turret systems. The increasing demand for automated weapon systems, such as missiles and drones, with enhanced capabilities, such as real-time information and precise target location, will support market growth over the coming years. Industry participants are engaged in developing automated weapons that are expected to attack the selected targets without any human involvement. The turret system is gaining traction due to rising incidences of military forces and asymmetric warfare of countries. On-going enhancements in technology due to increase in geo-political conflicts and terrorist attacks, this enhances the efficiency of weapon systems that further supports the market growth over the coming years.
The missile defense system segment is projected to grow at a CAGR of over 4% in the Asia Pacific air defense system market. The enhancement in the missile defense system is attracting defense sectors of various countries to strengthen and safeguard their borders. Industry participants are engaged in developing new and enhanced products with the upgrading of existing defense systems, driving the market share during the forecast timeframe. The rise in missile development capabilities and enhanced technology among the developing countries is supporting the industry size. For instance, in November 2019, the Japanese Ministry of Defense signed a strategic contract with Lockheed Martin Corporation for the development of two solid state radar antenna sets. These radar antenna sets will provide missile defense against short to intermediate-range ballistic missiles and safeguard the nation.
Some of the key vendors in the Asia Pacific air defense system market include Saab AB, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, Leonardo S.P.A., BAE Systems, Rheinmetall AG, Thales Group, Kongsberg Gruppen, Raytheon Company, MBDA, Northrop Grumman Corporation, Boeing, Hanwha Corporation, General Dynamics, Rafael Advanced Defense Systems, L3Harris Technologies Inc., Almaz-Antey, and Diehl Defence.
The Asia Pacific air defense system market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2019 to 2026, for the following segments:
Asia Pacific Air Defense System Market Share, By Component
- Weapon System
- Turret System
- Missile Launching System
- Fire Control System
- Air defense Radar
- Electro Optic Sensor & Laser Range Finder
- Command & Control (C2) System
Asia Pacific Air Defense System Market Size, By System
- Missile Defense System
- Anti-Aircraft System
- Counter Rocket, Artillery, and Mortar (C-RAM) System
Asia Pacific Air Defense System Market Value, By Range
- Short Range Air Defense System
- Medium Range Air Defense System
- Long Range Air Defense System
Asia Pacific Air Defense System Market Forecast, By Range
The above information has been provided for the following regions and countries:
- Asia Pacific
- South Korea