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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.
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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.
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