Air and Missile Defence System market is projected to grow at a CAGR of 3.7% by 2034: Visiongain
Visiongain has published a new report entitled *Air and Missile Defence System Market Report 2024-2034**: Forecasts by End-user (Military, Homeland Security), by Platform (Ground-Based Systems, Naval-Based Systems, Airborne Systems), by System (Ballistic Missile Defense Systems, Anti-Aircraft Defense Systems, Anti-Ship Missile Defense Systems, Other), by Technology (Radar Systems, Command and Control Systems, Missile Interceptor Technologies, Electronic Warfare Systems, Other), by Type (Ground-Based Midcourse Defense (GMD), Counter-rocket, Artillery, and Mortar (C-RAM) Systems, Surface-to-Air Missile (SAM) Systems, Close-In Weapon Systems (CIWS), Terminal High Altitude Area Defense (THAAD), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis**.*
The global air and missile defence system market was valued at US$61.4 billion in 2023 and is projected to grow at a CAGR of 3.7% during the forecast period 2024-2034.
*Increased Frequency of Asymmetric Warfare*
The rise in asymmetric warfare scenarios underscores the need for versatile air and missile defense systems. Conventional threats are no longer the sole focus, as adversaries employ unconventional tactics, such as short-range rocket attacks and the use of unmanned aerial vehicles (UAVs). Israel's Iron Dome system, tailored to intercept a variety of projectiles, including short-range rockets and artillery shells, exemplifies the market's adaptability to counter unconventional threats. The versatility of defense systems is crucial in addressing the dynamic nature of modern conflicts, making them an integral component in a nation's defense strategy.
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*How has COVID-19 had a significant negative impact on the Air and Missile Defence System Market?*
The COVID-19 pandemic has had several notable impacts on the Air and Missile Defence System Market. Firstly, the pandemic emphasized the enduring importance of national defence and security. Governments around the world continued to prioritize investments in air and missile defence, recognizing that threats from hostile states or non-state actors remained, even during a global health crisis. While defence budgets in some countries faced potential constraints due to the economic fallout of the pandemic, these investments were considered essential.
Secondly, the pandemic prompted a reassessment of the global threat landscape. As countries redirected resources to combat the virus, there were concerns about potential vulnerabilities in defence systems. The use of drones for surveillance and, in some cases, as a potential delivery mechanism for biological or chemical agents, underscored the need for advanced air and missile defence technologies to counter evolving threats.
The pandemic also accelerated the integration of technology within air and missile defence systems. Remote monitoring, data analysis, and artificial intelligence became more crucial in the development and operation of these systems. The need for contactless or remote systems in the face of a highly contagious virus led to innovations in how defence systems are operated, further enhancing their efficiency.
*How will this Report Benefit you?*
Visiongain’s 433-page report provides 131 tables and 214 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global air and missile defence system market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Air and Missile Defence System. Get financial analysis of the overall market and different segments including end-user, platform, system, technology, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing air and missile defence system market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
*What are the Current Market Drivers?*
*Strategic Importance of Air and Missile Defense in Integrated Warfare*
The evolving nature of modern warfare emphasizes the integration of air and missile defense into broader military strategies. Integrated air defense systems, like the European NATO Integrated Air and Missile Defense System, demonstrate the market's recognition of the strategic importance of a comprehensive defense approach. This integration allows nations to synchronize their defense capabilities, providing a more coordinated response to aerial and missile threats. As military strategies evolve towards a more integrated framework, air and missile defense systems become pivotal components in ensuring national security across diverse threat scenarios.
*Proliferation of Cruise Missiles and UAVs*
The proliferation of cruise missiles and unmanned aerial vehicles (UAVs) poses a significant challenge to traditional air defense systems. As these threats become more widespread and technologically sophisticated, there is a heightened demand for air and missile defense systems capable of effectively countering them. The French SAMP/T system, designed specifically to address the challenges posed by cruise missiles, exemplifies the market's response to emerging threat scenarios. The adaptability of defense systems to counter diverse aerial threats remains a critical factor in maintaining a nation's defensive posture against evolving and unconventional challenges.
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*Where are the Market Opportunities?*
*Increased Air Attacks Need Airborne Weapons Against a Variety of Targets*
The evolving landscape of modern warfare has seen an increase in air attacks, necessitating the development and deployment of advanced airborne weapons systems designed to counter a wide range of threats. This presents a significant market opportunity for air and missile defence systems. These systems, including air-to-air missiles, anti-aircraft artillery, and integrated air defence networks, are vital for safeguarding airspace and countering aerial threats. With various hostile actors seeking to exploit vulnerabilities in air defence, the demand for versatile and highly capable systems is on the rise. Market players can capitalize on this opportunity by innovating and offering solutions that effectively neutralize diverse airborne threats, providing nations with a robust defence against aerial attacks.
For instance, On 7 Sept 2023, Ukraine reinforces air defense in anticipation of a renewed Russian assault on its power grid this winter. Following extensive damage to energy facilities last year, Kyiv aims to counter missile and drone strikes with upgraded weapons systems to avoid widespread power disruptions.
*Expansion into International Market Opportunities for the Market Growth*
The global air and missile defense systems market is poised for significant growth as nations increasingly expand into international markets and seek to enhance their defense capabilities. With geopolitical tensions and security concerns rising worldwide, there is a growing demand for advanced air and missile defense systems to safeguard against potential threats. As nations look to strengthen their defense infrastructure, they are turning to cutting-edge technologies and systems that offer comprehensive protection against a variety of airborne threats.
One key driver for the growth of the Air and Missile Defense Systems market is the strategic imperative for nations to cater to the defense needs of other countries. As geopolitical alliances evolve and nations collaborate on security initiatives, the transfer of defense technologies becomes a crucial aspect of diplomatic and strategic relationships. Countries with advanced capabilities in air and missile defense are well-positioned to offer their expertise and systems to others facing similar security challenges. This not only fosters international cooperation but also opens up new avenues for market expansion.
*Competitive Landscape*
The major players operating in the air and missile defence system market are BAE Systems PLC, Elbit Systems Ltd, General Dynamics Corporation, Israel Aerospace Industries Ltd, Kongsberg Gruppen, L3Harris Technologies, Inc., Leonardo S.p.A, Lockheed Martin Corporation, MBDA, Mitsubishi Heavy Industries, Ltd, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Saab AB, Thales Group. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
*Recent Developments*
· 23 Aug 2023, Northrop Grumman awarded $713 million contract to supply Integrated Air and Missile Defence Battle Command System (IBCS) to Poland.
· 11 May 2023, In a flight test, an M903 launcher modified by Germany successfully fired a Lockheed Martin (NYSE: LMT) PAC-3 Missile Segment Enhancement (MSE) interceptor.
· 03 April 2023, Switzerland will get the PatriotTM air defence system thanks to a $1.2 billion foreign military sales deal given to Raytheon Technologies (NYSE: RTX) by the U.S. Army.
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*To find more Visiongain research reports on the defence sector, click on the following links:*
· Military Communications & COTS Market Report 2023-2033
· C4ISR Market Report 2023-2033
· Aerospace & Defence Telemetry Market Report 2023-2033
· Military Electro-Optical and Infrared (EO/IR) Systems Market Report 2022-2032
· Military ADS-B Receiver Market Report 2022-2032
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*About Visiongain*
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