The Europe air defense systems market is anticipated to register a CAGR of over 6% during the forecast period.
– The increased defense spending towards the protection of military assets by European countries in the wake of the growth in air-based threats is driving the growth of the market. Countries like Poland, Finland, etc. have increased the budget for the procurement of air defense systems from foreign countries.
– The market is also witnessing collaborations between various countries in Europe for the development of new and technologically advanced air defense systems. This is also expected to help the market growth during the forecast period.
– However, the growth of the market in Europe is subjective to several associative factors, such as allocation of funds, which can be adversely affected due to the projected onset of an economic turndown that is further triggered by the Covid-19 pandemic, and various technical factors that may eventually lead to the program delays and cancellations.
For more information about this report visit: https://www.sdki.us/sample-request-88278
Key Market Trends
Land-based Segment Held the Largest Share in 2019
In segmentation by Platform, the Land-based segment held the highest share in the market in 2019. Land-based air defense is an important and effective means for neutralizing incoming aerial threats and plays a key role in any integrated air defense system. There is a growing procurement of ground-based air defense systems by several armed forces in Europe, to protect their territories from emerging threats. In this regard, several countries are procuring various types of threat detection and countermeasure systems for their armies. For instance, in February 2019, Thales has been awarded a series contract by the Netherlands Defence Materiel Organization (DMO) to deliver the Multi-Mission Radar (MMR) for the Royal Netherlands Army (RNLA). Under the contract, the company will deliver a total of nine MMRs to the RNLA. MMR is developed for ground domain applications such as artillery, 4D air surveillance, air defense, and security. In addition to Radar systems, several countries are developing or ordering advanced ground-launched missiles to neutralize aerial threats, which are scheduled to enter service during the forecast period. These factors would drive the land-based segment of the market during the forecast period
Russia held the Largest Market Share in 2019
Russia is one of the top five defense spenders in the world. In late 2019, the government announced a federal military budget of about USD 154.1 billion for the period 2020-2022. In 2020, the country plans to spend USD 47.55 billion on defense and further increase it to USD 50 billion in 2021 and USD 51.3 billion in 2022. The country’s massive investments in the defense sector are propelling the indigenous air defense system development programs. Since 2010, Russia has been engaged in modernizing and upgrading the existing Arctic bases to bolster its presence in the area and expand the protective shield of anti-aircraft weapons along its Northern Sea Route. In April 2020, the country inducted an S-300 surface-to-air air defense system at the airbase, located near Tiksi. Similarly, in December 2019, Russia installed a new over-the-horizon radar installation and sophisticated S-400 air defense system at the Rogachevo Airbase on Novaya Zemlya. Russia is developing the state-of-the-art Struna-1/Barrier-E bistatic radar system that can detect stealth combat aircraft. While the Struna-1 cannot be used as a targeting radar due to its inability to provide constant radar illumination tracking a target, it can be used to assist in precisely detecting the location and heading of a stealth aircraft by augmenting the effective radar cross section (RCS) of a target by 3x, and acting as a radar tripwire for even cruise missiles. The country is also developing hypersonic interceptor missiles to protect its borders against incoming aerial weaponry. In June 2019, Russia reportedly conducted the first test fire of the new hypersonic missile. Thus, the development of such advanced air defense systems and their induction into the military is expected to bolster the market prospects in Russia during the forecast period.
Get the inside scoop with Sample report: https://www.sdki.us/sample-request-88278
Some of the prominent players in Europe Air Defense Systems Market are Raytheon Technologies Corporation, Rheinmetall AG, Thales Group, Lockheed Martin Corporation, Kongsberg Gruppen ASA, among others. The market is witnessing a significant investment in research and development of advanced air-defense systems, from several countries across Europe. The air-defense systems manufacturers are collaborating, forming joint ventures for sharing of technology and expertise which will help them develop sophisticated systems in the future, which, in turn, will help them in attracting new customers and increase their market presence and share in the region during the forecast period.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
Back Table and Cart Covers Market
Linear Particle Accelerators Market
Clinical Laboratory Services Market
Hemostasis Diagnostics Market
Orthopedic Braces & Support, Casting & Splints Market
Tuberculosis Testing Market