PUNE, India, April 6, 2017 /PRNewswire/ --
According to a new market research report, "Active Protection System Market by End User (Defense, Homeland Security), Platform (Land-Based, Naval, Airborne), Kill System Type (Soft Kill System, Hard Kill System, Reactive Armor), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is estimated to reach USD 4.15 Billion by 2022, at a CAGR of 6.50% from 2016 to 2022.
Browse 121 market data Tables and 63 Figures spread through 169 Pages and in-depth TOC on "Active Protection System Market"
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This growth can be attributed to the increasing incidences of armed conflict, war, and terrorism, which are driving the demand for active protection systems globally.
The land-based segment is expected to lead the active protection system market during the forecast period
Based on platform, the active protection system market was dominated by the land-based segment in 2016, and this dominance is expected to continue till 2022. Developing countries, such as China and India, among others, are building large forces of IFVs and armored vehicles. These countries are investing more in automated technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, India recently signed a contract with Russia for 464 T-90 main battle tanks to help the country significantly enhance its offensive capabilities vis-à-vis China and Pakistan.
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The defense end user segment is projected to grow at the highest CAGR during the forecast period
The active protection system market has been analyzed and segmented on the basis of end user into defense and homeland security. The market was dominated by the defense segment in 2016. This segment's market is also projected to grow at the highest CAGR during the forecast period, primarily driven by the upgrade and modernization programs, procurement of new military equipment, and an increase in defense budgets of emerging nations.
The U.S. and India are expected to be lucrative markets for active protection system
The U.S. and India are expected to lead the active protection system market in the coming years. The U.S. is estimated to dominate the active protection system market during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the country for the development of advanced technology-based designs of combat systems. The Indian active protection system market is projected to grow at the highest CAGR from 2016 to 2022. The demand for active protection systems in India is increasing due to the modernization of existing fleets, as well as delivery of these systems for land and naval platforms.
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Major players in the active protection system market include Rheinmetall AG (Germany), Saab AB (Sweden), Raytheon Company (U.S.), Israel Military Industries (Israel), and Rafael Advanced Defense Systems (Israel), among others.
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