The global military radar market is expected to grow at a CAGR of 4.8% over the forecast period i.e. 2017-2024. Additionally, the factors propelling the growth of military radar market includes growing security concerns coupled with increasing defense budgets across the globe. Moreover, advancement in radar technology is believed to foster the growth of military radar market.“Global Military Radar Market: Global Demand Analysis & Opportunity Outlook 2024”
The global military radar market is segmented into platform such as ground based, naval based, air borne and space based. Among these segments, ground based segment is expected to occupy the top position in global military radar market. Further, rising demand for land based military radars for border surveillance application is projected to supplement the growth of ground based military radars segment. Moreover, advancement in ground based radars such as development of radio frequency tiles and Gallium nitride (GaN) transmitters is anticipated to fuel the growth of ground based radars market.
Global Military Radar Market is expected to flourish at a significant CAGR of 4.8% over the forecast period. Factors such as rising cross border tensions in neighboring countries and government spending to encourage the development of advanced military technologies are some of the factors which are anticipated to accelerate the growth of the global military radar product market. Moreover, the Global Military Radar Market is expected to garner USD 9.2 Billion by the end of 2024.
North America captured the largest market share in overall military radar market in 2016. This can be attributed to the presence of major manufacturers in the region. Further, government policies to strengthen and equip the military with advanced military technologies are expected to impel the growth of the military radar market in the North America. Asia Pacific is also expected to showcase significant growth in the military radar market. Increasing border tensions and rising government initiatives to reduce the terrorism activities in the region is anticipated to foster the growth of the military radar market.
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Technological Enhancements & Developments
Significant funding by the government agencies to the manufacturers to develop advanced military radar technologies is anticipated to accelerate the growth of the military radar market. Moreover, continuous innovation and technological development by the major manufacturers is expected to intensify the growth of the market. For instance, in Aug 2017, Lockheed Martin launched next generation air and missile defense radar for the U.S. Army.
Growing Border Security Tensions
Increasing concern regarding border security various nations are anticipated to provide robust growth to the military radar market during the forecast period. Moreover, increasing border conflicts are pushing the governments to spend more on technology up gradation of military which is likely to intensify the growth of the military radar market. For instance, in 2016, Indian Defense Ministry announced the program for the technological development of border areas. This program will include the deployment of UAV drones, radars and other high tech military equipment. However, military budgets cut by major developed countries such as U.S. and U.K. are expected to limit the growth of the global military radar market.
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The report titled “Global Military radar Market Analysis & Opportunity Outlook 2024” delivers detailed overview of the global military radar market in terms of market segmentation by platform, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global military radar market which includes company profiling of Raytheon Company, Thales Group, Northrop Grumman Corporation, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., General Dynamics, Leonardo S.p.A., BAE Systems, QinetiQ Group plc and Airbus Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global military radar market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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