Global Military Radar Market Registers a CAGR of 4.50% Due to Increased Demand for Advanced Threat Detection Systems | Key Players Covered: Leonardo S.p.A., Israel Aerospace Industries, Airbus and Others

The global military radar market is anticipated to expand from USD 14.17 billion in 2021 to USD 25.75 billion by 2030, registering a CAGR of 4.50% during the forecast period. The global market for military radar is now being driven by increased national expenditures to strengthen their border and home defense forces. Furthermore, increased defence spending by emerging countries can be attributed to the ongoing need to monitor escalating terrorist activities as well as geopolitical tensions.

Detecting bombs and landmines that are occluded entails the use of radar equipment. Lightweight radars are a key product in the military radar market, which is highly competitive globally. The tremendous demand for these radars contributes to their enormous potential for use in the domestic defense industry.

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Key Industry Players to Spur Future Opportunities Due to Digital Automation:

A significant number of market participants globally implementing automation and utilizing augmented reality and Internet of things technology to build digital radar sensors have led to initiation of a future with completely digitized defense force. Key players in the market are concentrating on delivering radar systems that are portable and compact.

Key players profiled in the global Military Radar market include:
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Leonardo S.p.A.
• Israel Aerospace Industries
• Raytheon Technologies Corporation
• Airbus
• BAE Systems
• General Dynamics Corporation
• Honeywell International
• Saab AB

Global Military Radar Market Segmentation:

By Component
• Digital Signal Processor
• Transmitter
• Receiver
• Duplexer
• Antenna
• Others

By Platform
• Space-Based Radar
• Naval Radar
• Land Radar

Space-based Radar Segment Is Anticipated to Register The Highest CAGR Due to Increased Demand for UAV Radar:

On the basis of Platform, the market is segmented into Space-Based Radar, Naval Radar, and Land Radar. The rapid adoption of unmanned aerial vehicles (UAVs) in defense forces drives market expansion due to their cost-effectiveness and ease of operation. The accelerating demand for the expansion of global aerial fleet drives market expansion.

Additionally, a few countries deploy tethered aerostat radar systems as a low-level aerial ground surveillance system. These characteristics result in a higher prevalence for the airborne radar market segment over the course of the projected period. All of these aforementioned factors are anticipated to boost the growth of the segment in the upcoming years.

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Advancement in Air Defense Concerns Will Drive Market Growth:

The market for military radar is anticipated to experience substantial growth during the forecasted period due to rising border disputes. The alarming demand for the military radar market is fueled by a variety of factors, including increasing border disputes and tensions, uncertainty, and local conflicts.

These worries have prompted a rise in defense spending and the purchase of military radars to identify potential threats, which is projected to propel the expansion of the military radar market. Moreover, it is projected that these systems will benefit from the transition from conventional warfare to electronic and cyber warfare.

Key Industry Developments -
● In March 2021, The military ministers of Slovakia and Israel signed a contract for the $175 million acquisition of radar systems. The agreements imply that Israel will deliver the Slovak Air Force seventeen cutting-edge radar systems manufactured by Israel Aerospace Industries (IAI).
● In April 2021, The delivery of the AN/TPY-2 radar, which was designed to detect ballistic missiles and navigate the Terminal High Altitude Area Defense system, was facilitated by the declaration of a modification contract between Raytheon Technologies Corporation and the Missile Defense Agency for a cumulative amount of USD 243.2 million.

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North America is anticipated to Dominate the Market Share Owing to the Highest Defense Expenditure:

North America is expected to dominate the global military radar market shares due to the highest defense expenditure. Programs like air and missile defense radar and three-dimensional expeditionary Long-Range Radar, important OEMs like Boeing, Lockheed Martin, and Northrop Grumman, are the primary drivers of market expansion throughout the course of the projection period.

The demand for military radar systems to detect advanced threats is, however, expected to grow at the highest CAGR in the Asia Pacific region throughout the projected period. The geopolitical tensions and cross-border problems are expected to significantly drive market growth in the region.

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Key Points From TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Military Radar Market
Chapter 5. Global Military Radar Market Overview, By Component, 2017 - 2030(USD Million)
....continued

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