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Short Range Air Defense System Market Trends, Insights, Share, Demand, and Size Report 2024 - 2033
Short Range Air Defense System Market Trends,
According to The Business Research Company's, the short range air defense system market size has grown strongly in recent years. It will grow from $13.81 billion in 2023 to $14.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to military threat landscape, geopolitical tensions, terrorist threats, modernization programs, force protection requirements..
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%. The growth in the forecast period can be attributed to asymmetric warfare, emerging threats, global defense budgets, regional security concerns, collaborative defense initiatives.. Major trends in the forecast period include integration of directed energy weapons, advancements in radar and sensor technologies, development of mobile and man-portable systems, enhanced interoperability and network integration, development of non-kinetic interception technologies..
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Market Drivers and Trends:
The increased terrorism is expected to propel the growth of the short range air defense system market going forward. Terrorism refers to violence or the threat of violence to instill fear and achieve political, ideological, religious, or social objectives with the aim of creating an atmosphere of fear and panic targeting civilians. Short range air defense systems are used to prevent terrorist activities by detecting, tracking, and mitigating the aerial threats from terrorists at military bases, critical infrastructure, airports, or public events. For Instance In March 2023, according to the Global Terrorism Index, a report published by the Institute for Economics and Peace, an Australia based global think tank, There were an average of 1.3 deaths per terrorist attack in 2021, and it has increased to an average of 1.7 people per attack in 2022. Therefore, increased terrorism is driving the growth of the short range air defense system market.
Major companies operating in the short range air defense (SHORAD) systems market are focusing on innovations, such as vertical launched short-range surface-to-air missile systems, to provide reliable services to their customers. Vertical launched short-range surface to air missile systems is a next generation surface-to-air missile designed for airborne targets within a range of 40 to 50 km and at an altitude of around 15 km. For instance, in February 2023, Bharat Dynamics Limited (BDL), an Indian-based manufacturer of ammunition and missile systems, and the Defence Research and Development Organization (DRDO), an Indian based government agency, launched vertical launched short- range surface-to-air missile systems (VL SR SAM). This is a ship-based and all-weather air defense system. It is used by the navy as a point defense with quick reaction against fast-sea skimming threats.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Israel Aerospace Industries, Saab AB, BAE Systems plc, Lockheed Martin Corporation, Thales Group, RTX Corporation, Rheinmetall AG, MBDA Inc., Leonardo S.p.A., Elbit Systems Ltd., Kongsberg Gruppen, ASELSAN A.Ş., L3Harris Technologies Inc., Boeing Company, General Dynamics Corporation, Toshiba Infrastructure Systems & Solutions Corporation, Nexter Systems , Kongsberg Gruppen, Diehl Defence GmbH & Co. KG, Bharat Electronics Limited, ASELSAN A.Ş., Norinco Group, Hensoldt AG, Denel Dynamics, Rafael Advanced Defense Systems Ltd., Israel Aerospace Industries, Avibras Indústria Aeroespacial S/A, LIG Nex1 Co. Ltd., Thales Group, Almaz Antey Corporation
Short Range Air Defense System Market 2024 Key Insights:
• The short range air defense system market is expected to grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Increased Terrorism Driving Growth of Short Range Air Defense System Market
• Increasing Focus On Product Innovation To Provide Reliable Services To Their Customers
• North America was the largest region in the short range air defense system market in 2023
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