Press release
Military Radars Global Market Set to Skyrocket to $82.1 Billion By 2028 with an Impressive CAGR 5.9% | Thales Group, BAE Systems PLC, Leonardo, Saab AB, Aselsan A.S.
Military Radars Market
As per the report, 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 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%.
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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.
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 military radars market covered in this report is segmented -
1) By Type: Land Radar, Naval Radar, Airborne Radar, Space-Based Radar
2) By Functionality: Surveillance And Airborne Early Warning Radar, Tracking And Fire Control Radar, Multi-Function Radar, Synthetic Aperture And Moving Target Indicator Radar, Ground Penetrating Radar
3) By Application: Weapon Guidance, Airspace Monitoring And Traffic Managent, Ground Surveillance And Intruder Detection, Air And Missile Defense, Navigation, Airborne Mapping, Ground Force Protection And Counter-Battery, Mine-Detection And Underground Mapping
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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.Ş., 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.
Contents of the report:
1. Executive Summary
2. Military Radars Market Report Structure
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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