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Global Close-In Weapon Systems (CIWS) Market to Grow at a CAGR of 11.7% During 2022-2027, Aided by the Rapid Advancements in the Defence Technology

According to a new report by EMR titled, ‘Global Close-In Weapon Systems (CIWS) Market Report and Forecast 2022-2027’, the market reached a value of nearly USD 5.4 billion in 2020. The market is further expected to grow at a CAGR of 11.7% between 2022 and 2027.

The close-in weapon systems industry is driven by the rising investments by the government of the sovereign nations to improve their air defence system, owing to the growing threat of air-to-air and air-to-surface missiles, rapid advancements in the missile technology, and rising geopolitical tensions. The use of close-in weapon systems increases the area which an air unit can defend. Also, the system reduces the wastage of interceptors by eradicating the necessity of launching more than one interceptor towards the same target. Hence, these advantages are likely to enhance the utilisation of the product in the military and defence sector over the forecast period. Moreover, the market is anticipated to be augmented by the rising defence expenditure in emerging economies, growing research and development activities by the major defence equipment manufacturers, and the increasing government efforts to bolster the war preparedness amidst the rising security concerns.

In June 2021, Raytheon Technologies (NYSE: RTX) announced that the company would be  modernising the close-in weapon systems (CIWS) for the US Navy and South Korea under a contract worth $344 million.

In terms of region, North America accounts for the largest share of the market and is anticipated to retain its position in the forecast period. The United States of America is the military superpower of the world and is witnessing rapid advancements in the missile defence technology. Additionally, increased efforts by the US government to provide improved security and enhance the surveillance systems to curb terrorism are anticipated to propel the demand for the product in the forecast period.

Market Breakup by Type, Platform, and Region:

  • The market is segmented, based on type, into gun based and missile based.
  • Based on platform, the market has been segmented into terrestrial and navy.
  • Region-wise, the global market for close-in weapon systems can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for close-in weapon systems is being driven by factors such as the rising military expenditure and stringent government regulations to curb terrorism. 
  • The rising geopolitical tension and the rising investments by the government of sovereign nations to prepare against air attacks are likely to augment the market growth. 
  • The rapid technological advancements in missile defence technology in order to improve the accuracy and effectiveness of defence systems are anticipated to support the market in the forecast period.
  • The market is further expected to be aided by the increasing innovations by major defence manufacturers to develop advanced detection systems.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for close-in weapon systems for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, platforms, and major regions of close-in weapon systems.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global close-in weapon systems (CIWS) market are ASELSAN A.S., BAE Systems, General Dynamics Corporation, Raytheon Technologies Corporation, and Lockheed Martin Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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