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Air Defense System Market Projected to Reach $45.1 Billion by 2024
December 27, 2017 | PRNewswireEstimated reading time: 1 minute
The air defense system market is projected to grow from $30.57 billion in 2017 to $45.19 billion by 2024, at a CAGR of 5.74% from 2017 to 2024. Increasing defense expenditure for the development of air and missile defense systems, changing nature of warfare, and growing geopolitical instabilities across the globe are some of the significant factors fueling the demand for air defense systems. The air defense system market has been segmented based on component, range, platform, type, and region.
Based on platform, the air defense system market has been segmented into land, naval, and airborne. The land segment is projected to lead the air defense system market in 2017 by accounting for a share of 71.6% of the market. Technological advancements taking place in short range, medium range, and guided missile systems are the factors driving the growth of the land segment of the air defense system market.
Based on range, the air defense system market has been segmented into long range air defense (LRAD) system, medium range air defense (MRAD) system, and short-range air defense (SHORAD) system. The long-range defense (LRAD) system segment is estimated to lead the air defense system market in 2017. Increasing attack threats from long range missile launches, asymmetric warfare, and intercontinental ballistic missiles across the globe are some of the factors fueling the growth of the long-range defense (LRAD) system segment of the air defense system market.
Based on type, the air defense system market has been segmented into anti-aircraft system, missile defense system, and Counter Rocket, Artillery, and Mortar (C-RAM) system. The missile defense system segment is projected to lead the air defense system market during the forecast period.
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