As we know, RADAR, an acronym derived from radio detection and ranging is electronic equipment for detecting and tracking spacecraft, ships, aircrafts, missiles, and other vehicles, using radio waves. Initially developed for the military & defense sector, it has now spread its wings into other applications as well, owing to technological advancements and replacement of aging technology. Increased defense budgets and concerns related to security have led to a significant growth of this market over the past few years. This trend is expected to continue over the next five years as well.
Market Drivers & Restraints
The growth of the global market for military radars can be majorly attributed to the following factors:
- Increasing demand for surveillance and weapon guidance application
- Conflicts among territories and geopolitical instabilities in the Middle East and Asia-Pacific regions
- Miniaturization and automation of defense and surveillance systems due to budget cuts in defense sector in developed countries
Moreover, rapidly increasing role of unmanned combat systems for battlefield surveillance and counterattack and growing demand for ballistic missiles and air and missile defense systems from the defense sector are likely to create ample growth opportunities in the years to come. However, the growth of this market may be restricted by factors such as higher costs of space-based radars and growing cyber warfare that may hamper the functionality of radar systems.
Market at a Glance
Growing at a CAGR of 3.42% between 2015 and 2020, the global military radar market which was estimated to be valued at USD 11.02 Billion in 2015 is projected to reach USD 13.04 Billion by 2020. Geographically, this market was led by North America, followed by Asia-Pacific in 2015. However, over the forecast period, Asia-Pacific is expected to showcase the highest growth, thanks to the high growth in military expenditure and modernization of surveillance and battle systems.
Scope of the Research
The forecasts and analysis of the global market for military radars has been done on the basis of following segmentation:
- Band: L & S Band, X & Ku Band, Others
- Platform: Ground-based, Naval-based, Airborne, Space-based
- Application: Surveillance, Weapon Guidance
- Geography: North America, Asia-Pacific, Europe, Middle East & Africa, RoW
Based on platform, the ground-based radars segment is expected to lead the market with highest share, whereas on the basis of application, weapon guidance application witnessed highest growth, owing to their increased usage.
Sample pages of the Report : http://www.marketsandmarkets.com/requestsample.asp?id=51422570
The major players operating the in the global market for military radars are Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), Raytheon Company (U.S.), Saab Group (Sweden.), and Thales Group (France), Airbus Group (Netherlands), BAE Systems (U.K.), General Dynamics Corporation (U.S.), Israel Aerospace Industries (IAI) (Israel), and Finmeccanica SpA (Italy).