Nichols Martin
A new Research and Markets report forecasts that the air defense system market will experience a 5.74 percent compound annual growth rate and reach nearly $45.2 billion by 2024.
The company said Wednesday increased military spending on efforts to develop air and missile defense systems, evolution of warfare and geopolitical challenges worldwide are among the factors that will drive market activity over the next seven years.
The report categorized the air defense industry into land, naval and airborne segments.
The land segment captured an estimated 71.6 percent market share during 2017 as a result of technological advancements in ground-based short-range, medium-range and guided missile systems.
BAE Systems, Boeing, Lockheed Martin, Northrop Grumman and Raytheon are among key industry players featured in the report.
