Global military radar market values US$14 Billion in 2017, and will grow at a CAGR of 2.46%, to value US$17.8 Billion by 2027
The cumulative market for global expenditure on military radar will reach US$162.1 Billion over the forecast period. Demand for radars is expected to be driven by the growing importance of unmanned platforms and the modernization of existing military radar systems. Moreover, the advent of technologically enhanced radar systems such as Active Electronically Scanned Array (AESA), coupled with changing warfare tactics, are also providing a significant push to the growth of the global military radar market.
The US, with continual investments into the development of advanced radar systems for its armed forces, has initiated various programs to upgrade its existing radar systems, which are expected to maintain its global military supremacy throughout the forecast period. These programs and investments are expected to drive the overall spending of North America to a cumulative value of US$62.1 Billion over the period of forecast.
Europe, which is the third largest market, is emerging from an economic crisis, and is thus likely to witness renewed growth over the forecast period; the region will account for 19.6% of the total market. The Middle Eastern region is expected to be the fourth largest market for radars over the forecast period, with a share of 10.4%. Growth of the radar market will be muted in this region at a CAGR of 2.30% primarily due to historically low oil prices that compel possible cutbacks of future procurement plans.
Ground-based military radar segment is expected to be primarily driven by several countries upgrades of missile and air defense systems with the latest in radar technology, as well as the development of more Early Warning Radar systems. The procurement of ground-based radars is partly fueled by the threat of missile attacks emanating from North Korea and Iran, among other nations, which have developed missile and nuclear technology despite international sanctions.
- Demand Drivers: Analysis of factors that trigger spending within the sector
- Trends: Prevalent practices, industry consolidation and procurement patterns within the market
- Technological Developments : New products, processes and innovations recently inducted within the sector
- Key Challenges: Obstacles affecting sector growth Global Military Radar Market - Segment Analysis
- BAE Systems plc
- ELTA Systems Ltd.,
- Harris Corporation
- Honeywell International, Inc.,
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Rheinmetall Defence
- Saab AB
- Selex ES
- The Boeing Company
- The Raytheon Company
For more information about this report visit https://www.researchandmarkets.com/research/tz68pz/the_global