The Short Range Air Defense System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Short Range Air Defense System Global Market Report 2024, 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..
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.
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The short range air defense system market covered in this report is segmented –
1) By Component: Weapon System, Fire Control System, Command And Control System, Other Components
2) By Range: Short-Range (Up To 5 km), Very Short Range (Up To 2 km)
3) By Technology: Radar-Guided Systems, Electro-Optical Systems, Infrared (Eo/Ir) Systems, Jamming Technologies
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.
The short range air defense system market report table of contents includes:
1. Executive Summary
2.Short Range Air Defense System Market Characteristics
3.Short Range Air Defense System Market Trends And Strategies
4.Short Range Air Defense System Market analysis
5.Short Range Air Defense System Market Size And Growth
6.Short Range Air Defense System Segmentation
7.Short Range Air Defense System Regional And Country Analysis
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27.Short Range Air Defense System Competitive Landscape And Company Profiles
28.Short Range Air Defense System Key Mergers And Acquisitions
29.Short Range Air Defense System Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Israel Aerospace Industries
- Saab AB
- BAE Systems PLC
- Lockheed Martin Corporation
- Thales Group
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