Military Radars: Global Market Dynamics and Innovations in 2024

The Business Research Company recently released a comprehensive report on the Global Military Radars Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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 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.

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Major Key Players of the Market:

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.

Military Radars Market 2024 Key Insights:

• 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%.
• Emerging Economies' Defense Spending Growth Fuels Military Radar Market Expansion
• Product Innovations Drive Evolution In The Military Radar Market
• North America was the largest region in the military radar market in 2023

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