PUBLISHER: The Business Research Company | PRODUCT CODE: 1455326
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455326
Short-Range Air Defense (SHORAD) systems are military equipment designed to provide protection against low-altitude aerial threats at short ranges, serving various purposes in military operations and defense strategies. These systems act as counter-weapon systems for a range of air threats.
The main component types of short-range air defense systems include weapon systems, fire control systems, command and control systems, and others. Weapon systems are combinations of interconnected components, including weapons, support equipment, electronics, and personnel, working together to achieve specific military or defense objectives. The various ranges include short-range (up to 5 km) and very short-range (up to 2 km), employing technologies such as radar-guided systems, electro-optical systems, infrared (EO/IR) systems, and jamming technologies.
The short-range air defense systems market research report is one of a series of new reports from The Business Research Company that provides short-range air defense systems market statistics, including short-range air defense systems industry global market size, regional shares, competitors with a short-range air defense systems market share, detailed short-range air defense systems market segments, market trends, and opportunities, and any further data you may need to thrive in the short-range air defense systems industry. This short-range air defense systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be attributed to factors such as the evolving military threat landscape, geopolitical tensions, the presence of terrorist threats, ongoing modernization programs, and the need for 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 anticipated growth in the forecast period can be attributed to factors such as asymmetric warfare, emerging threats, global defense budgets, regional security concerns, and collaborative defense initiatives. Major trends expected in the forecast period include the integration of directed energy weapons, advancements in radar and sensor technologies, the development of mobile and man-portable systems, enhanced interoperability and network integration, and the development of non-kinetic interception technologies.
The short range air defense system market is anticipated to experience growth due to the rising threat of terrorism. Terrorism involves the use of violence or the threat of violence to instill fear and achieve political, ideological, religious, or social objectives, aiming to create an atmosphere of fear and panic among civilians. Short range air defense systems play a crucial role in preventing terrorist activities by detecting, tracking, and mitigating aerial threats at military bases, critical infrastructure, airports, or public events. Notably, the Global Terrorism Index's March 2023 report revealed an increase in the average number of deaths per terrorist attack from 1.3 in 2021 to 1.7 in 2022, further emphasizing the role of short range air defense systems in addressing this growing concern.
The short range air defense system market is expected to be boosted by an upswing in defense expenditures. Defense expenditures encompass the total funds allocated by a government for military purposes, covering personnel, equipment, operations, and facilities. Governments allocate funds to develop and acquire advanced Short-Range Air Defense (SHORADS) systems with enhanced capabilities, including improved detection, tracking, and engagement ranges, higher accuracy, and resistance to electronic countermeasures. For example, the U.S. Department of Defense reported a budget increase from $776.6 billion in Fiscal Year 2022 to $851.8 billion in the enacted budget for Fiscal Year 2023. This surge in defense expenditures is a driving force behind the growth of the short range air defense system market.
The primary hindrance to the growth of the short-range air defense system market in the forecast period is the escalating competition from alternative defense systems. With advancements in the defense sector, there is a growing need for more intricate and advanced defensive systems capable of intercepting threats from extended distances. Hypersonic missiles, unmanned aerial systems (UAS), and other contenders are exerting pressure on the short-range air defense systems market. For example, in December 2022, as reported by RFE/RL Inc., a media organization based in the Czech Republic, Ukraine heavily relied on the S-300 long-range surface-to-air system during the war. The S-300 is employed by at least 17 nations, including Ukraine, Russia, and numerous NATO members. Consequently, the heightened competition from alternative defense systems is obstructing the expansion of the short-range air defense system market.
Prominent companies in the short-range air defense (SHORAD) systems market are prioritizing innovation, such as the development of vertical launched short-range surface-to-air missile systems, to deliver dependable services to their clientele. The vertical launched short-range surface-to-air missile system is a next-generation surface-to-air missile crafted for airborne targets within a range of 40 to 50 km and at an altitude of approximately 15 km. For instance, in February 2023, Bharat Dynamics Limited (BDL), an Indian manufacturer of ammunition and missile systems, in collaboration with the Defence Research and Development Organization (DRDO), introduced vertical launched short-range surface-to-air missile systems (VL SR SAM). This system serves as a ship-based, all-weather air defense system, employed by the navy for point defense with rapid reactions against fast-sea skimming threats.
In September 2023, Bharat Electronics Limited (BEL), an Indian aerospace and defense electronics company, entered into a partnership with Israel Aerospace Industries for an undisclosed amount. Through this collaboration, Bharat Electronics Limited (BEL) enhances its cooperation in the domain of short-range air defense systems and reinforces the 'make-in-India' policies to meet their high-end operational requirements. Israel Aerospace Industries, an Israel-based company, specializes in the manufacturing of short-range defense systems.
Major companies operating in the short range air defense system market report are 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.S., 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.S., Norinco Group, Hensoldt AG, Denel Dynamics, Rafael Advanced Defense Systems Ltd., Israel Aerospace Industries, Avibras Industria Aeroespacial S/A, LIG Nex1 Co. Ltd., Thales Group, Almaz Antey Corporation
North America was the largest region in the short range air defense system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the short range air defense system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the short-range air defense system (SHORAD) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The short-range air defense system (SHORAD) market consists of revenues earned by entities by providing services such as maintenance and repair services, cybersecurity services, and testing and evaluation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The short-range air defense system (SHORAD) market also includes sales of iron dome, spyder, and, sky shield. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Short Range Air Defense System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on short range air defense system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for short range air defense system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The short range air defense system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.