Military Radar Market Forecast up To 2024 – Global Market by Industry Size, Share, Technology, And Tremendous Growth Opportunity
Military radar is referred to a device which is used for early detection of missile and it is also used for accurate detection of target. The basic parts of radar include transmitter, duplexer, receiver, radar antenna and indicator. Military radar helps for surveillance across the border throughout the day and night and in extreme weather conditions also. Military radars are easy to operate and low manning is required.
Market Size and Forecast
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.
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The global military radar market is segmented into platform, application and region. Further, platform type is sub-segmented into ground based, naval based, airborne and space based. Likely, airborne segment is believed to be the largest segment in overall military radar. This growth of airborne segment is attributed to the rising risk of air strike.
In terms of regional platform, North America region accounted for the largest market for military radar in terms of revenue in 2016. Further, North America is expected to continue its dominance over the forecast period owing to technological advancements in the field of military radar.
Additionally, U.S. is the dominating country of military radar market due to rising investments by government to enhance defense infrastructure. Moreover, presence of major key players of military radar in North America region is believed to foster the growth of military radar market
Asia-Pacific region captured the second largest market of military radar in 2016 due to rising need for improving border safety. Asia-Pacific region is the most lucrative market due to emerging economies such as China and India. Moreover, China and India are the major countries augmenting the demand for military radar due to growing territorial disputes. Likely, positive GDP figures coupled with government initiatives to improve defense across the border is envisioned to propel the growth of military radar market.
Europe region is also projected to show a tremendous growth over the forecast period. Further, the growth of Europe military radar market is riding on the back of growing adoption of multi-function radars. Further, U.K. is believed to be the major contributor in the market of military radar over the forecast period.
Major Key Players Studied in This Business Report:
Raytheon Company, Thales Group, Saab Group, Northrop Grumman Corporation, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., General Dynamics, Finmeccanica SPA, BAE Systems, Airbus Group, Others.
Market Study is Segmented on the Basis of:
By Platform, By Application, By Regions
Growth Drivers and Challenges
Factors such as growing concerns regarding border security across the globe and continuous threat from neighboring countries have forced the governments to procure a hi-tech weapon which in turn is expected to flourish the growth of military radar market by the end of 2024. Moreover, miniaturization and automation of surveillance and defense systems is projected to flourish the growth of military radar market around the globe. Likely, growing demand for military radar for weapon guidance system is predicted to boost the demand for military radar.
Furthermore, rising government initiatives to build defense infrastructure coupled with huge investment by government to curb the threats from neighboring nations is projected to bolster the growth of military radar market. Additionally, growing research and development activities by major key players to provide effective surveillance product and modernization of existing military radar systems are garnering the growth of military radar market.
However, high cost of space-based radars is expected to hinder the growth of military radar market over the forecast period. Moreover, growing cyber warfare is also one of the major factors hampering the growth of military radar market.
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