Air Defense Systems Market to Reach $78.2 Billion, Globally, by 2031 at 5.6% CAGR: Allied Market Research
PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Range (Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System), by Platform (Ground, Airborne, Naval), by Type (Missile Defense System, Anti-Aircraft, Counter Rocket, Artillery, and Mortar System): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global air defense system industry was pegged at $46.2 billion in 2021, and is estimated to generate $78.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
- PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ --Allied Market Research recently published a report, titled, " Air Defense Systems Market by Component (Weapon System, Fire Control System, Command and Control System, Others), by Range (Short Range Air Defense System, Medium Range Air Defense System, Long Range Air Defense System), by Platform (Ground, Airborne, Naval), by Type (Missile Defense System, Anti-Aircraft, Counter Rocket, Artillery, and Mortar System): Global Opportunity Analysis and Industry Forecast, 2021-2031".
- However, high cost associated with air defense systems hinders the market growth.
- On the contrary, development of new-generation air and missile defense systems is expected to open lucrative opportunities in the future.
- However, medium-range air defense system segment held the largest share in 2021, accounting for more than two-fifths of the global air defense systems market, owing to high reliability of medium-range air defense systems in intercepting medium range threats such as cruise missiles.