Over the past years, there have been significant developments in the field of air defense system technologies, resulting in a growing interest and escalating demand for advanced air defense systems for different military platforms such as airborne, ground, and naval. The advancements in air defense systems have further led to an increase in military budgets across the globe. Additionally, the rising cross-border conflicts among various countries are raising the demand for more robust air defense systems. Therefore, air defense systems are developed with the aim of countering the growing threat for ballistic missiles, combat aircrafts, unmanned aerial vehicles, precision guided munitions, and drone swarms, among others.
The major driving forces behind the growth of the air defense systems market are modernization of missile defense systems, expansion of surveillance radar coverage, and development of modern air defense systems including directed energy weapons, counter hypersonic, electromagnetic railguns and so on. Moreover, upgradation and development programs of air defense systems are largely attributed to the increase in demand for air defense systems and associated investments.
In terms of military budget, the U.S. has been dominating over other countries for over a decade, with a military budget of $718 billion for FY2020. Moreover, U.S. Department of Defense (DoD) has requested $11.60 billion for FY2021 for the missile defeat and defense programs.
The global air defense systems market is expected to witness a moderate growth during the forecast period 2020-2025, owing to the implementation of advanced technologies and modernization of air defense systems. Moreover, threats and affordability are the two main factors that are expected to influence the defense spending of countries in the coming years. Although the COVID-19 pandemic has changed the dynamics of various industries, it has not shown any immediate effect on the defense sector, apart from some supply chains disruption.
With reference to past patterns, countries may give most weight to threats, real or perceived, over the near term. Governments are anticipated to calibrate their defense budgets according to situation prevail in terms of threats due to ongoing conflicts or to reallocate the budget for health measures. The air defense systems market is in maturity phase with the leading players actively competing against each other to gain a greater share in the industry in the future. The competitive landscape of the air defense systems industry exhibits an inclination toward emerging strategies and developments by market players.
For Sample Report, Click here: https://bisresearch.com/requestsample?id=965&type=download
The key players that are actively participating in the air defense systems market include Almaz Antey, Aselsan A.S. BAE Systems, Boeing, Elbit Systems Ltd., General Atomics, Hanwha Defense, Israel Aerospace Industries Ltd, KONGSBERG, Lockheed Martin Corporation, Leonardo S.p.A, MBDA, Raytheon Technologies Corporation, Rafael Advanced Defense Systems Ltd., Rheinmetall AG, Saab AB, and Thales Group.
The prominent players in the air defense systems market adopted strategies of product launches, mergers and acquisitions, partnerships and collaborations, contracts, and other strategies to expand their business. The companies are also involved in some of the other developments that include demonstrations, integrations, and business expansions. Due to the intensive competition, the air defense systems industry requires manufacturers to constantly innovate and develop cost-effective products.
UPCOMING INDUSTRY TRENDS 