Air Defense System Market Size: Application and Future Forecast by 2026

Air Defense System Market Share to hit USD 35 billion by 2026; according to a new research report by Global Market Insights, Inc. With rising technological advancements in counter UAVs, fire control systems, and hyper sonics missiles, the air defense system market is projected to experience tremendous growth in the forthcoming years.

Expansion of this market can also be attributed to growing geopolitical tension in the APAC and rising cross-border disputes and defense budgets. Furthermore, rising investments in activities of R&D by major defense companies are likely to further fuel the global air defense system market share by 2026.

BAE Systems PLC, Kongsberg Gruppen, Thales Group, MBDA, Rheinmetall AG, The Boeing Company, Raytheon Company, JSC Concern Vko, Northrop Grumman Corporation, Aselsan A.S., and Leonardo S.P.A. are some of the major players operating in the air defense system market.

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The demand for new technology and improving the existing system are contributing to the growth of the air defense system market share. It presents opportunities, for introducing more efficient platforms and new technologies such as AI-integrated drones and application of lasers that can destroy any incoming projectiles, which are set to be some of the major market accelerators.

for instance, Russia in 2018 portrayed a concept to develop a nuclear-powered cruise missile. The nuclear missile showcases a limitless target range at a constant cruising speed at low altitude because it is fueled by a small-scale nuclear reactor.

The rising defense budget and increasing cross-border disputes between India, Pakistan and China are some of the key drivers that are set to fuel the growth of the market.

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Meanwhile, the increasing defense budgets are further helping the growth of weapon suppliers and industry players across the globe. In fact, Boeing, in 2018, was granted more than 20 agreements with total cost of $13.7 billion by United States for bringing forth developments in its defense sector.

Some of the prominent players experienced a significant rise in their revenues owing to government contracts; like Almaz-Antey witnessed a rise of 17% from the sale of its weapon systems, mostly from the sale of S-400 air ground-to-air defense systems to China and India.

Furthermore, in 2017, the weapons sales by Thales Group witnessed about 7% increase, with BAE Systems following with a 3.3% increase and Northrop with 2.4% respectively.

Companies operating in the air defense system market are increasingly focusing on strategic partnerships and long-term contracts with government agencies to gain a competitive edge over their rivals. They are focused on offering more advanced, tailor-made systems and defense solutions to the government agencies.

Prominent industry players are investing in R&D efforts for developing new technologies that includes hypersonic missiles for a plethora of defense applications. The investments in R&D activities, on average, represents more than 10% of the total revenue in major defense companies.

Additionally, limited contract opportunities with a limited customer base have made the market more competitive. The last three-year R&D expenditure of BAE System has been going up from $2.02 billion in 2016 to $2.18 billion in 2017 and $2.26 billion in 2018. Raytheon’s R&D expenditure has also increased by 20% in 2018 as compared to its 2017 numbers.

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As per a research by Global Market Insights, Inc., global air defense system market is anticipated to exceed $35 billion through 2026.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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