Increase in government funded contracts and rise in weapon sales is expected to aid companies operating in the air defense system market. In 2017, French multinational company, Thales Group witnessed a 7% increase in weapon sales. Whereas Northrop and BAE Systems recorded similar sale growth at around 2.4% and 3.3% respectively. Russian arms company Almaz-Antey has also seen a substantial rise of about 17% in weapon sales, primarily from the sale of S-400 to China and India. The air defense systems market is anticipated to record over USD 35 billion by 2026.
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Growing need to upgrade existing defense system and a rising inclination towards adopting new technologies have massively contributed to the growth of air defense system market. Advent of more efficient technologies such as artificial intelligence in drones and implementation of lasers to destroy inbound projectiles would improve systems offering. Reportedly, in 2018, Russia displayed its concept of nuclear-powered cruise missile. As per experts, this missile would be powered by a small nuclear reactor which would allow it to demonstrate an infinite target range at low altitude with cruising speed.
Rising geopolitical tension and cross-border conflicts across Asia Pacific is expected to fuel the demand for advanced air defense systems. Countries like India and China are increasingly seen expanding their defense capabilities of late. Meanwhile, nations worldwide are pouring in hefty investments to strengthening their overall military base. Taking 2018 for instance, the U.S. granted more than 20 defense contracts, worth around US $13.7 billion, to aerospace company Boeing. Companies operating in the defense sector are also actively enhancing their focus on R&D to develop technological advanced systems like hyper sonics missiles, automatic fire control systems and counter UAVs. This would help fuel demands in air defense system market in the coming years.
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However, multiple treaties and defense system regulations enforced by governing organizations like NATO, UN, UNESCO, and the EU may impact air defense system market growth. These regulations intend to limit conflicting countries from having excessive defense equipment after a point. Reportedly, the Key Arms Control Treaty, signed by major North American and European countries, restricted the development of missile systems including nuclear weapons. However, in 2019, the United States backed out from the treaty, forcing other countries to improve their air defense systems.
Few of the key players advancing the air defense system market include BAE Systems PLC, Leonardo S.P.A., Thales Group, JSC Concern Vko "Almaz-Antey, Rheinmetall AG, Raytheon Company, Kongsberg Gruppen, Northrop Grumman Corporation, MBDA, Aselsan A.S., and The Boeing Company. Strategic collaborations and long-term contracts with federal agencies will help firms gain a competitive edge over rivals. High-rise demand for C-RAM and counter UAV system, especially by the NATO countries, is anticipated to fuel air defense system market growth over the estimated period.
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Increasing focus on tacking cyber security threats has led defense companies to develop next-gen technologies. Citing an instance, Elbit Systems bagged a four-year, USD 73 million contract from Diehl Defense to deliver J-Music DIRCM (Directed Infrared Counter Measure) system which will be assembled into German Air Force A400M airplanes.
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