Active Protection System Market USD 4.61 Billion Forecast by 2028
The global active protection system market size is expected to reach USD 4.61 billion in 2028, exhibiting a CAGR of 8.14% during the forecast period. The increasing need for APS systems for protection against anti-tank threats will favor healthy growth of the market during the forecast period, states Fortune Business Insights, in a report titled “Active Protection System Market, 2021-2028.” The market size stood at USD 2.81 billion in 2020.
Delayed Deliveries of APS to Inhibit Market During Coronavirus
The COVID-19 pandemic had a dramatic impact on the defense industry. The lockdown implemented in European and South Asian Countries massively disrupted the supply chain of the aerospace & defense industry. The reduced demand and delayed APS deliveries have led to an enormous loss for the active protection system market.
For instance, the Republic of Korea Armed Forces planned to reduce the USD 240 million defense budget during 2019-2020. Moreover, the demand for defense equipment and active protection system-related services was massively affected because of the low defense budget of the European Union. Also, the decreased defense spending and slow APS production have thwarted the growth of the market.
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List of the Leading Companies Profiled in the Global Active Protection System Market are:
Airbus S.A.S. (Netherlands)
Artis, LLC (The U.S.)
Aselsan A.S. (Turkey)
Israel Military Industries (Israel)
Rafael Advanced Defense Systems Ltd. (Israel)
Raytheon Technologies Corporation (The U.S.)
Rheinmetall AG (Germany)
Saab AB (Sweden)
Based on the platform the active protection market is classified into land-based, airborne, and marine. Further, the land-based is divided into main battle tank (MBT), light protected vehicles (LPV), amphibious armored vehicles (AAV), mine-resistant ambush-protected (MRAP), infantry fighting vehicles (IFV), armored personnel carrier (APC), and others. The Land-based segment held a dominant share in 2020 owing to the increased funding from private firms to procure defense equipment and combat vehicles for the U.S. government.
The Airborne segment is categorized as fighter aircraft, transport aircraft, and trainer aircraft. The Airborne segment is projected to register a higher CAGR attributed to the increasing demand for fifth-generation fighter jets from Japan and India.
Based on kill system type analysis, the market is separated as soft kill system, hard kill system, and reactive armor. The soft kill system is classified as an electro-optic jammer, radar decoy, infrared decoy, and others.
What does the report on the active protection system market feature?
An all-inclusive study of the market
Essential facts about prominent players
Main regions in the market
Key drivers and trends
Browse Detailed Summary of Research Report with TOC: