Air defense systems are developed to ensure the security of personnel from aerial attacks that result from the use of ballistic missiles, Unmanned Aerial Vehicles (UAVs), Rockets, Artillery, and Mortar (RAM), etc. in battlefields or administrative and industrial installations. 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. The growth of the market can be attributed to the increasing concerns across the globe towards preventing the use of ballistic and stealth missiles. Moreover, air defense systems can also be used for the issuance of early warnings, airborne fire control, surveillance activities, and ground mapping, among others. Thus, the increasing use of air defense systems in all these applications is fueling the growth of the air defense system market, globally.
Technological advancements are taking place in the field of air defense systems, owing to increased threats of aerial attacks across the globe. Technological developments in the field of weapons, fire control systems, radar, and command and control systems have led to the development of air defense systems, which are highly efficient.
Saab AB (Sweden), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin Corporation (US), and BAE Systems plc (UK) are the key players operating in the of air defense system market. These market players have been focusing on securing contracts to ensure their organic growth in the air defense system market. The core competencies of these market players include their widespread geographical presence and increased investments in R&D activities.
Saab AB (Sweden) is a major player in the air defense system market. The company focuses on extensive R&D activities to gain contracts. Saab AB has a diversified product portfolio. It also offers various air defense equipment such as radar, missiles, and Counter Rocket, Artillery, and Mortar (C-RAM). More than 50% of the revenue of the company is generated outside Sweden, and thus, the company has a strong foothold in the international market. As a part of its key growth strategy, the company focuses on partnerships and contracts to enhance its presence in the air defense system market. For instance, in August 2017, Saab AB received a three-year contract extension from the UK Ministry of Defence (MoD) to provide Tactical Engagement Simulation (TES) as a fully managed service and support for overseas training exercises of the British Army.
Israel Aerospace Industries Ltd. (Israel) is another major player in the air defense system market. It offers air defense systems through its theater defense segment. Some of the products offered by the company include Air Defense Command Control & Communication (ADC3) systems, air defense electro-optical fire control systems, land-based Barak-8, and Super-Vulcan, among others. The company also provides multi-layered air and missile defense solutions. It is expanding its business in air defense system market through partnerships and joint ventures. For instance, in August 2017, Israel Aerospace Industries Ltd. and Kalyani Strategic Systems Ltd. (India) signed a Memorandum of Understanding (MOU) for setting up a manufacturing facility in Hyderabad (India) to carry out maintenance of advanced air defense systems.
Air Defense System Market by Component (Weapon System, Fire Control System, Command and Control System), Type (Missile Defense System, Anti-Aircraft System, C-Ram System), Platform (Land, Naval, Airborne), Range, Region - Global Forecast to 2024
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