Constant improvisation in Radio Frequency technology, as well as the growing need for means of early identification is driving governments across the globe to invest in the radar market. The immense need for Radar as an integral part of nearly all the prominent defense equipment such as aircraft, helicopters, naval vessels, armored vehicles, as well as UAVs, is leading the military radar market to grow rapidly
As per the report "Military Radar Market By Type (Ground Based, Naval, Airborne, and Space Based),Industry trends, estimation & forecast,2016 - 2024", the Global Military Radar market was valued at $10.85 billion in 2016, and is projected to reach $14.09 billion by 2024, growing at a CAGR of 3.4% from 2017 to 2024. In 2016, the airborne radar segment generated the highest revenue share in the global military radar market.
Among major regions, North American military radar market was the highest revenue generating market valued at $3.57 billion in 2016.
The Airborne military radar segment lead the global military radar market garnering a revenue of $3.32 billion in 2016.
Moreover, the highest CAGR of 3.6% is also supposed to be witnessed by the same segment during the forecast period. This is because of the considerable increase in the demand for the airborne military as a result of growing risks of air strikes and penetration of terrorists.
There are tremendous opportunities for the research and development in this very segment and hence innovative technical advancements will be flourishing the airborne military radar systems as an integral part of various defense systems.
North American Military Radar Market held more than 30% of radar market in 2016, growing at a CAGR of 3.3% during forecast
The global military radar market is geographically segmented as North America, Europe, Asia-pacific and Rest of World. Among all these regions, North America leads the market fulfilling high volume of demand for military radar.
This has only been possible as a result of strong support from the government and the existence of leading vendors in the countries such as U.S. and Canada. US is spending considerable amounts for the R&D of radar technology.
Asia Pacific region is expected to grow at the highest CAGR of 3.6% during the forecast period
Asia-Pacific radar market earned a revenue of approx. $3.28 billion in 2016. Further, the market is expected to grow with the highest CAGR of 3.6% during the forecast period.
Emerging nations such as India, China, South Korea, and Japan are anticipated to invest substantial capital for the enhancement of their respective defense systems. China and India are estimated to be the most profitable markets for military radar systems owing to growing terror activities and border disputes.
In 2017, the Indian government presented a budget of $53.5 billion for the defense sector.
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