Military radars market is projected to grow from USD 13.06 billion in 2017 to USD 15.42 billion by 2022, at a CAGR of 3.38% from 2017 to 2022.
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Top Companies Analyzed for Military Radars Market are – Raytheon (US), Northrop Grumman (US), Saab (Sweden), Israel Aerospace Industries (Israel), Lockheed Martin (US),Hensoldt (Germany), Terma (Denmark), Leonardo (Italy), and BAE Systems (UK), among others.
Asia Pacific region is estimated to account for the largest share of the military radars market in 2017, followed by the North American military radars market, which is projected to grow at a CAGR of 3.33% from 2017 to 2022. Rising transnational disputes and increased defense spending by emerging economies are factors fueling the growth of the military radars market in the Asia Pacific region.
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The increasing defense expenditure of emerging economies, such as China, India, and Saudi Arabia is expected to offer several growth opportunities for stakeholders in the military radars market.
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This, combined with increasing R&D activities on solid-state electronics for the development of military radars with longer detection range, is expected to propel the growth of the military radars market across the globe during the forecast period from 2017 to 2022. However, the high cost involved in the development of advanced military radars and the requirement of large R&D budgets for their development are some of the factors restraining the growth of the military radars market across the globe.
Based on end user, the army segment of the military radars market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the introduction of new air defense systems along with long-range surveillance radars.
Up gradation of fleet and installation of various ground surveillance radars are major factors driving the growth of the army end-user segment.
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- Manufacturers of Military Radars
- System Integrators
- Manufacturers of Sensors and Components
- Defense Software Providers
- Original Equipment Manufacturers (OEMs)
- Subcomponent Manufacturers
- Military Service Providers
- Potential Investors (Venture Capitalists)
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The military radars market has been segmented based on platform (airborne, land, naval and space),product type (surveillance &airborne early warning, tracking &fire control radar, multi-function radar, synthetic aperture & moving target indicator radar, weapon locating radar & C-RAM, ground penetrating radar, and weather radar), frequency band, end user (army, navy, and air force), dimension, application (airspace monitoring &traffic management, air &missile defense, weapon guidance, ground surveillance &intruder detection, airborne mapping, navigation, mine detection &underground mapping, ground force protection &counter battery, and weather monitoring).
The military radars market has been studied for North America, Europe, Asia Pacific, Middle East, and Rest of the World (RoW). The report provides an in-depth market intelligence regarding market dynamics as well as major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the military radars market.
It also analyzes micro markets with respect to individual growth trends, future prospects, and their contribution to the military radars market.
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