Global radar manufacturing market growth outlook is positive with significant growth potential for both civil and military radars. There is mounting pressure on radar manufacturers to offer cost effective radars with advance capabilities. At the same time, emerging market growth, increasing defense expenditures, technology advancements, and increasing military tensions globally is driving the demand for radars.
The market for radars reached a value of nearly REDACTED in 2017 and is expected to grow at a compound annual growth rate (CAGR) of REDACTED to nearly REDACTED by 2020.
The market for radar is somewhat concentrated with a few large players dominating the market. Major players in the market include Leonardo S.p.A, Lockheed Martin Corp., Northrop Grumman Corporation, Raytheon Corporation and Thales
Civil radars accounted for the largest share of the market for radars in 2017 at REDACTED. The highest growth is projected to come from military radars which is forecasted to grow at a CAGR of REDACTED. Major factors included increasing investments in airport construction and rising military tensions.
Asia Pacific is the largest market for radars, accounting for REDACTED of the global market. It was followed by North America and Western Europe. Going forward, Eastern Europe is expected to witness the fastest growth in the radar manufacturing market, estimated at grow at a CAGR of REDACTED, followed by South America, which is expected to grow at a CAGR of REDACTED.
The USA is the largest market in terms of value in the radar manufacturing market. Brazil and Japan are forecasted to have the fastest growth, growing at a CAGR of REDACTED and REDACTED, respectively.
- Leonardo S.P.A.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Raytheon Company
- Thales S.A.
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