Close-in weapon systems market is anticipated to grow at a CAGR of 7.8% during the forecast period. One of the key factors that are fueling the market is the rising technological advancement in the system. Close-in weapon systems are defense weapons that can detect and destroy an enemy aircraft and short-range incoming missiles which have penetrated the outer defenses, usually mounted on a naval ship. Such advanced technology has strengthened the defense of multiple countries such as India, China, the US, and others which has increased the demand for more advancement in the technology to have an edge over other armies. For instance, in March 2022, Indian companies conducted tests for meeting an Indian Air Force (IAF) requirement for close-in weapon systems (CIWS), a defense tool that works against hostile air attacks. Such limited tender got released at the end of December 2017, with a $1.5 billion allocation for this ‘Buy and Make (Indian)’ project. The RFP requested CIWS for protecting airbases in contradiction of aircraft, UAVs, helicopters, and cruise missiles.
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North American region is anticipated to hold a prominent share in the market owing to the growing demand for close-in weapon systems from the US Deployment of the US military troops in various areas across the globe, owing to the engagement of the US in various global struggles, which is one of the core features driving the revenue growth from the region. Such military deployment has gained a lot of enemies as countries and terrorist groups for the US. This has caused the rise in the highest defense budget of the country across the globe. The country has been focusing on advancing the existing defense technology onboard several of its defense platforms for fighting against the enemies. For instance, in April 2022, a robust plan for modernizing regional defenses under the North American Aerospace Defense Command (NORAD) was conversed between the US and Canadian defense organizations, to install close-in defense weapons that can retort to any opponent’s air attacks. The US National defense totaled as of 2022 was valued at $782 billion, grown by 3.9% over the military expenditure budget in 2021.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Close-In Weapon Systems Market Report by Segment
By Type
- Gun-Based
- Missile-Based
By Platform
- Terrestrial
- Naval
Global Close-In Weapon Systems Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global close-in weapon systems market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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