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Air Defense System Market 2020| Industry Growth by Forecast to 2026

Author : Rahul Varpe | Published Date : 2020-08-25 

Rise in territorial disputes among nations along with vulnerability to air-based threats is likely to drive global air defense system market outlook. Countries across the globe are increasing their defense budget to safeguard their countries with the deployment of advanced air defense systems. In this regard, increasing cross-border conflicts among APAC countries is a key factor fueling industry growth.

Major defense companies are investing in R&D activities to provide advanced air defense systems. Continuous introduction of technologically advanced air defense systems, such as counter UAVs, automatic fire control systems, and hyper sonics missiles will change air defense system market trends over the coming years. Air defense system industry size is forecast to cross the USD 35 billion mark by 2026.

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Increase in defense budget

Rising geopolitical tension between countries, such as China, Pakistan, and India have prompted the governments of the respective economies to increase their defense budget, which is supporting the growth of industry players & weapon suppliers globally. For instance, Boeing was granted more than 20 contracts, amounting to USD 13.7 billion by the U.S. defense sector in 2018.

Key industry players across air defense system industry experienced significant growth in their revenues from government contracts. For example- Almaz-Antey, a developers of anti-aircraft defense systems witnessed 17% increase in weapon sales, majorly due to increased sales of S-400 in China and India. In 2017, weapon sales of Thales Group increased by 7%, followed by BAE Systems by 3.3%, and Northrop by 2.4%.

Proliferation of new-age technologies

Penetration of new-age technologies, such as machine learning and artificial intelligence in defense equipment may change air defense system market trends over the analysis period. Implementation of new technology and upgradation of the existing system are positively impacting the industry. The technological landscape of the industry is rife with the introduction of ground-breaking technologies, including AI and drones and the development of super-efficient defense platforms. Also, utilization of laser technology to destroy incoming projectiles is an emerging trend within the industry, which will change the business landscape. For instance, Russia had put forward a concept for developing a nuclear-powered cruise missile in 2018. The concept demonstrated that the missile will be powered by a small nuclear reactor and will have an infinite target range at a cruising speed with low altitude.

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Industry players aiding product innovation

The average investment by major defense companies in R&D activities is more than 10% of their total revenue. Limited contract opportunities and a smaller limited client base is likely to turn the market more competitive. For instance, R&D expenditure of BAE System’s has risen from USD 2.02 billion in 2016 to USD 2.18 billion in 2017 and to USD 2.26 billion in 2018. Also, the R&D expenditure of Raytheon increased by 20% in 2018 as compared to its expenditure in 2017.

Major players in the air defense system industry are striving to provide advanced and tailored-made solutions & systems as per specific requirement of government agencies across the globe. The manufacturers are investing heavily in R&D activities in order to develop new technologies and integrate them in defense systems. Invention of hypersonic missiles & utilization of AI & drones for defense applications well exemplifies this.

 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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