LONDON, March 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Short Range Air Defense System Global Market Report 2024, the global short range air defense system market is witnessing significant growth, with a projected value of $14.75 billion in 2024, according to recent market analysis. The short range air defense system market, which stood at $13.81 billion in 2023, is expected to exhibit a compound annual growth rate (CAGR) of 6.9% from 2023 to 2024. The short range air defense system market size is expected to see strong growth in the next few years. It will grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
Factors Driving Growth
The surge in the short range air defense system market is attributed to several key factors:
- Military Threat Landscape: Evolving military threats worldwide are prompting nations to bolster their defense capabilities, including investments in short range air defense systems.
- Geopolitical Tensions: Heightened geopolitical tensions in various regions are driving governments to prioritize defense modernization programs and force protection requirements.
- Terrorist Threats: The persistent threat of terrorism has spurred increased demand for advanced air defense technologies to safeguard civilian and military assets.
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Future Outlook
Looking ahead, the short range air defense system market is poised for continued expansion, with a projected value of $18.34 billion by 2028, representing a CAGR of 5.6% during the forecast period. Emerging trends such as the integration of directed energy weapons, advancements in radar and sensor technologies, and the development of mobile and man-portable systems are expected to fuel short range air defense system market growth.
Increase in Defense Expenditures
Rising defense expenditures worldwide are a significant driver of market growth. Governments are allocating substantial funds to develop and acquire advanced short range air defense systems with enhanced capabilities, including improved detection, tracking, and engagement ranges, as well as resistance to electronic countermeasures.
For instance, the U.S. Department of Defense reported a notable increase in its budget from $776.6 billion in Fiscal Year 2022 to $851.8 billion in Fiscal Year 2023, underscoring the commitment to enhancing defense capabilities.
Key Players and Innovations
Major companies operating in the short range air defense system market, including Israel Aerospace Industries, Saab AB, BAE Systems PLC, and Lockheed Martin Corporation, are focusing on innovations to meet evolving defense needs. For example, vertical launched short-range surface-to-air missile systems represent a next-generation solution for airborne targets, offering enhanced reliability and performance.
Regional Insights
While North America dominated the short range air defense system market in 2023, Asia-Pacific is expected to emerge as the fastest-growing region during the forecast period. This growth can be attributed to increasing defense investments and regional security concerns.
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Market Segmentation
The short range air defense system market is segmented based on components, range, and technology, including weapon system, fire control system, command and control system, short-range, very short range, radar-guided systems, electro-optical systems, infrared (EO/IR) systems, and jamming technologies.
In conclusion, the short range air defense system market is witnessing robust growth driven by evolving threats, defense budget allocations, and technological advancements. As nations strive to enhance their defense capabilities in an increasingly complex security landscape, investments in advanced air defense systems are expected to remain a top priority.
Short Range Air Defense System Global Market Report 2024 by The Business Research Company provides insights on the short range air defense system market size, short range air defense system market segments, short range air defense system market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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