Ground-based Aircraft And Missile Defense Systems Market Size

Ground-based Aircraft And Missile Defense Systems Market Analysis

The ground-based aircraft and missile defense systems market is anticipated to grow at a CAGR of more than 4% during the forecast period.

• The onset of the COVID-19 pandemic minimally impacted the global defense sector, and the effects of the disruption were also temporary. Though the lockdowns imposed by the government caused disruptions in supply chains, and a shortage of raw materials, countries across the globe increased their defense expenditures due to increasing conflicts among neighboring countries, cross-border disputes, and rising terrorist activities. This bolstered a strong recovery of the defense sector and showcased enhanced growth in defense equipment. Despite the pandemic, global defense expenditure reached almost USD 2 trillion in 2020.
• The current advancements in aircraft stealth technology and electronic warfare have necessitated the adoption of advanced aircraft and missile defense systems at strategically important military bases globally to sense, engage, and neutralize an incoming hostile asset or weapon before on-site detonation. The ongoing geopolitical rift among certain countries has increased instances of airspace violations for capturing critical surveillance data. Thus, several nations are investing in enhancing their defense capabilities by inducting new and improved ground-based aircraft and missile defense systems variants to detect any such incursion into their airspace.
• The ongoing war between Russia and Ukraine, political tensions between China and Taiwan, and growing terrorist activities worldwide increased the demand for advanced defense systems. Increased procurement of advanced fighter aircraft and missile defense systems drives the market's growth.