Ocean View, DE -- (SBWIRE) -- 05/19/2020 -- With rising technological advancements in counter UAVs, fire control systems, and hyper sonics missiles, the air defense system market is projected to experience tremendous growth in the forthcoming years.

Expansion of this market can also be attributed to growing geopolitical tension in the APAC and rising cross-border disputes and defense budgets. Furthermore, rising investments in activities of R&D by major defense companies are likely to further fuel the global air defense system market share by 2026.

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BAE Systems PLC, Kongsberg Gruppen, Thales Group, MBDA, Rheinmetall AG, The Boeing Company, Raytheon Company, JSC Concern Vko, Northrop Grumman Corporation, Aselsan A.S., and Leonardo S.P.A. are some of the major players operating in the air defense system market.

The demand for new technology and improving the existing system are contributing to the growth of the air defense system market share. It presents opportunities, for introducing more efficient platforms and new technologies such as AI-integrated drones and application of lasers that can destroy any incoming projectiles, which are set to be some of the major market accelerators.

for instance, Russia in 2018 portrayed a concept to develop a nuclear-powered cruise missile. The nuclear missile showcases a limitless target range at a constant cruising speed at low altitude because it is fueled by a small-scale nuclear reactor.

The rising defense budget and increasing cross-border disputes between India, Pakistan and China are some of the key drivers that are set to fuel the growth of the air defense system market.

Meanwhile, the increasing defense budgets are further helping the growth of weapon suppliers and air defense system market players across the globe. In fact, Boeing, in 2018, was granted more than 20 agreements with total cost of $13.7 billion by United States for bringing forth developments in its defense sector.

Some of the prominent players experienced a significant rise in their revenues owing to government contracts; like Almaz-Antey witnessed a rise of 17% from the sale of its weapon systems, mostly from the sale of S-400 air ground-to-air defense systems to China and India.

Companies operating in the air defense system market are increasingly focusing on strategic partnerships and long-term contracts with government agencies to gain a competitive edge over their rivals. They are focused on offering more advanced, tailor-made systems and defense solutions to the government agencies.

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Prominent air defense system market players are investing in R&D efforts for developing new technologies that includes hypersonic missiles for a plethora of defense applications. The investments in R&D activities, on average, represents more than 10% of the total revenue in major defense companies.

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