Anti-aircraft warfare market worth $28.6 billion by 2028 - Exclusive Report by MarketsandMarkets
PR Newswire
CHICAGO, Nov. 21, 2023
CHICAGO, Nov. 21, 2023 /PRNewswire/ -- The Anti-aircraft warfare market is projected to grow from USD 20.9 billion in 2023 and is estimated to reach USD 28.6 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The demand for these weapons has witnessed significant growth recently due to growing threats from unmanned aerial vehicles, proliferation of advanced technologies like stealth and electronic countermeasures in aircraft. Thus, it is imperative to avoid collateral damage and provide combatants with advanced defence systems have led to the growth of anti-aircraft warfare market.
The Anti-aircraft warfare market includes major players Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), BAE Systems (UK), and General Dynamics Corporation (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World.
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Anti-aircraft warfare Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $20.9 billion |
Estimated Value by 2028 | $28.6 billion |
Growth Rate | Poised to grow at a CAGR of 6.5% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Capability, System, Platform, Range, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Technical Challenges Of Counter-Unmanned Aerial Vehicles (C-UAV) |
Key Market Opportunities | Development of directed energy-based air defence system |
Key Market Drivers | Increasing development of indigenous air defense systems to drive market |
"The attack segment is projected to grow at the highest CAGR rate for the anti-aircraft warfare market during the forecast period."
Based on capability, the anti-aircraft warfare industry has been segmented into Support, and Protection and Attack. The attack segment is projected to reach USD 19.4 billion by 2028. In the Asia Pacific region, this segment is projected to register the highest CAGR during the forecast period.
"The weapon system segment is projected to register the highest CAGR of 7.1% during the forecast period."
Based on system, the anti-aircraft warfare market has been segmented into weapon system, radar system, electronic warfare system, command and control system and others. The weapon segment will secure leading market position in 2023. It is expected to have a market size of USD 9.2 billion in 2023 and grow at a CAGR of 7.1% to reach USD 12.9 billion in 2028. This is due to the increasing demand for advanced and sophisticated weapons from militaries around the world.
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"The naval segment is projected to grow at the highest CAGR rate for the Anti-aircraft warfare market during the forecast period."
Based on platform, the market segmented into airborne, land and naval. The Naval segment is estimated to account for the largest share of 55.1% of the anti-aircraft warfare market in 2023. The air defense systems mounted on naval platforms are in huge demand due to development and procurement of anti-aircraft warfare systems for naval ships and unmanned surface vehicles.
"By range, the medium range segment is estimated to account for the largest share of the Anti-aircraft warfare market in 2023."
Based on range, the market is segmented into short range (<20 KM), medium range (20 - 100 km), and long range (>100 km). The medium range segment is estimated to account for the largest share of 53.3% of the anti-aircraft warfare market in 2023. This is due to increased procurement of medium range anti-aircraft weapon systems with their spare parts which serves as a vital layer of defense for the protection of strategic infrastructure.
"The North American market to contribute the largest share in 2023."
The North American market is going to contribute the largest share of 46% to the anti-aircraft warfare market in 2023. This is attributed to the presence of major companies such as Northrop Grumman Corporation, Lockheed Martin, Raytheon Technologies, and General Dynamics Corporation in the US, which are continuously investing in the R&D of new and advanced technologies in the anti-aircraft warfare market. These investments are driving the growth of the market in North America.
Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), BAE Systems (UK), and General Dynamics Corporation (US) are some of the leading players operating in the Anti-aircraft warfare companies.
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