Military Radars Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Lockheed Martin Corporation, Raytheon Technologies Corporation, Thales Group, BAE Systems plc

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Military Radars Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The military radars market size has grown strongly in recent years. It will grow from $61.38 billion in 2023 to $65.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to national security and defense, technological advancements, threat detection and tracking, electronic warfare (ew).

The military radars market size is expected to see strong growth in the next few years. It will grow to $82.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rapid technological advancements, counter-uas and counter-hypersonic capabilities, integration of radar with c4isr systems, geopolitical tensions. Major trends in the forecast period include stealth and low observability detection, digital signal processing (dsp), c4isr integration, green radar technology.

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Market Segmentation:
The main types of military radars are land radars, naval radars, airborne radars, and space-based radars. Naval radars are X-band or S-band radars installed on ships that detect other ships and land obstacles, providing bearing and distance for collision avoidance and navigation at sea. The various functionality of military radar includes surveillance and airborne early warning radar, tracking, and fire control radar, multi-function radar, synthetic aperture and moving target indicator radar, a ground-penetrating radar that is used for weapon guidance, air and missile defense, navigation, airborne mapping, ground force protection and counter-battery, mine-detection, and underground mapping.

Major Driver - Emerging Economies' Defense Spending Growth Fuels Military Radar Market Expansion
Growth in defense spending by emerging economies has contributed to the growth of the military radar market. Military spending includes operation, maintenance, procurement of weapons and armoured vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh straight year that spending increased. China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China's military spending has increased for the past 27 years. The growth in defense spending by emerging economies drove the military radar market.

Competitive Landscape:
Major companies operating in the military radars market include Lockheed Martin Corporation, Raytheon Technologies Corporation, Thales Group, BAE Systems plc, Israel Aerospace Industries, Leonardo, Saab AB, Aselsan A.S., Hensoldt AG, Airbus SE, General Dynamics Corp, Northrop Grumman, Honeywell International Inc., L3Harris Technologies Inc., Terma A/S, QinetiQ Group PLC, Reutech Radar Systems, Easat Radar Systems Limited, Indra Sistemas S.A., Bharat Electronics Limited, ZTE Corporation, Elbit Systems Ltd., Wartsila Corporation, Mitsubishi Electric Corporation, Safran Electronics & Defense, Selex ES Inc.

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Top Trend - Product Innovations Drive Evolution In The Military Radar Market
Product innovations are shaping the military radar market. Major companies working in the military radar sector are focused on designing advanced innovative products to provide reliable services to customers. For instance, in November 2023, Fortem Technologies Inc., a US-based provider of detecting and defeating dangerous drones, launched TrueView R40. It is specially made using AI technology to safeguard safe airspace, prevent false alarms, and filter data. Being able to identify drones at low altitudes makes it a special and cutting-edge solution. The R40's AI intelligence allows it to filter out background noise and clutter, resulting in precise and dependable drone identification.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Military Radars Market Characteristics
3. Military Radars Market Trends And Strategies
4. Military Radars Market - Macro Economic Scenario
5. Military Radars Market Size And Growth
…..
27. Military Radars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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