by Air defense systems, also known as anti-aircraft systems, are designed to detect, track, engage and destroy incoming aircraft, missiles and other projectiles while providing protection against enemy air attacks. Some key applications of air defense systems include protection against bomber aircraft, fighter aircraft, transport aircraft, attack aircraft and helicopters, ballistic missiles, and cruise missiles. The systems consist of weapon systems and radars configured for different types of aerial threats. Radars are used to detect, identify and guide weapons, while weapons such as guns, guided projectiles and missiles are utilized to engage the threats. Major components of air defense systems include radars, missile launchers, interceptor missiles, command and control centers, and support vehicles.
The global Air Defense Systems Market is estimated to be valued at US$ 16.94 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing investments by Asian countries such as India, China and South Korea in modernizing their armed forces is expected to drive the growth of the global air defense systems market. For instance, according to a report by Stockholm International Peace Research Institute (SIPRI), China’s defense budget increased by 21% in 2021 and South Korea’s defense budget increased by 5.6% to US$ 47.5 billion in 2022. Both these countries are focusing on developing capabilities to counter escalating aerial threats from hostile nations. Additionally, the rising frequency and sophistication of aerial threats such as unmanned aerial vehicles (UAVs) and precision guided munitions necessitate advanced air defense solutions for countering them, thereby boosting demands. The growing territorial disputes and cross border conflicts between nations also necessitate investments in air defense capabilities. With the volatile geopolitical situation globally, countries are focusing on strengthening their aerial defense systems, which is expected to fuel market growth over the forecast period.
Segment Analysis
This market is segmented into Missiles and Air-to-Air Missiles. The Missiles segment dominates with more than 50% market share owing to increased usage of Missiles in military applications due to their high efficiency and ability to intercept aerial threats from long range. Within Missiles, Surface to Air Missiles sub-segment holds the largest share due to large scale procurement of these Missiles by various defense forces worldwide.
PEST Analysis
Political: Many countries are upgrading and expanding their defense capabilities due to rising geopolitical tensions, instabilities and threat of terrorism. This is positively impacting demand.
Economic: Rising defense budgets of emerging economies and developed nations are driving investments in advanced air defense systems especially Missiles.
Social: Growing security concerns regarding territorial conflicts and transnational threats have increased focus on strengthening air defense capabilities.
Technological: Developments in radar technology, propulsion, guidance systems and integration of drones/UAVs are enhancing effectiveness of new generation Missiles and air defense weaponry.
Key Takeaways
The Global Air Defense Systems Market Demand is expected to witness high growth over the forecast period.
Regional Analysis: The North American region currently dominates led by substantial defense spending of US and procurement of advanced systems by Canada. Asia Pacific is poised to be the fastest growing region with increasing procurement by India, China, Japan and South Korea as they seek to strengthen air defense networks amid rising regional tensions.
Key players operating in the Air Defense Systems market are Everlast, Century Martial Arts, Twins Special, Adidas, Brucelee, Combat Sports International, Fairtex, King Professional, Title Boxing, Ringside, Revgear, Rival Boxing, Venum, Winning, Sanabul, Hayabusa, RDX, Elite Sports, Cleto Reyes, Ring To Cage. Everlast, Century Martial Arts and Adidas captured significant market share owing to their extensive experience and innovative product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
