The nature of air-based warfare has changed in the recent years with the advent of more lethal, agile and untraceable threats having autonomous capabilities. As threats increase, the countries are compelled to safeguard their territories from potential adversaries at any cost, due to which the emphasis on enhancing the air defense capabilities increased. Major defense exporters, like the United States, Russia, and Israel, are looking at Asia-Pacific as the region with the highest growth potential and are pitching their air defense systems to various countries in the region. The growing territorial disputes in the region are propelling the countries to develop their own air defense systems to reduce dependency. Rapidly emerging technologies have substantially altered the balance of power in recent years. The market is expected to grow primarily due to the growth in air-based threats and the increasing defense expenditures that facilitate both procurement and R&D in newer technologies. However, this growth is subjective to several associative factors, such as allocation of funds, which can be adversely affected due to the projected onset of an economic turndown and various technical factors that may eventually lead to the program delays and cancellations.