LONDON, June 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Active Protection Systems Market Report 2023, the market will grow from $3.4 billion in 2022 to $3.6 billion in 2023, at a compound annual growth rate (CAGR) of more than 6%. Further, the market will reach $4.6 billion by 2027 at a CAGR of more than 6%. North America was the largest region in the active protection systems market in 2022.
One of the driving factors behind the growth of the active protection systems industry is the rising frequency of terrorist attacks and threats. These attacks aim to instill fear and create terror among people and often involve violent acts against individuals or specific locations. Active protection systems play a crucial role in safeguarding against such attacks by providing defense against short-range maneuverable projectiles like anti-tank-guided missiles and sea-skimming weapons.
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Major active protection systems companies are Artis LLC, Aselsan A.S., JSC Konstruktorskoye Byuro Mashinostroyeniya, Krauss-Maffei Wegmann GmbH & Co. KG, Rafael Advanced Defense System Ltd., IMI Systems Ltd., General Dynamics Corporation, Rostec State Corporation, and BAE Systems Plc.
Key trend in the active protection systems market is the development of innovative protection systems. Key companies operating in this market are investing in the research and development of advanced systems to maintain their market position.
For example, ASELSAN, a Turkish arms manufacturing company, initiated the development of the KAMA active protection system in May 2021. This system aims to provide self-defense capabilities with minimal environmental impact to mitigate losses and their subsequent consequences.
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The global active protection systems market is segmented as -
1) By Solution: Hardware, Software
2) By Kill System Type: Soft Kill System, Hard Kill System, Reactive Armor
3) By Platform: Land-Based, Airborne, Marine
4) By End Users: Defense, Homeland Security
The active protection systems market report provides an in-depth analysis of the market, highlighting its projected growth, key drivers, major players, emerging trends, and regional dynamics. It is crucial for stakeholders, including policymakers, defense organizations, manufacturers, and investors, to comprehend the market dynamics and emerging trends outlined in this report. By understanding the growth potential, market players can make informed decisions, capitalize on opportunities, and adapt their strategies accordingly.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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