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Air And Missile Defense Radar Global Market Report 2024: Exploring Market Size, CAGR, Key Drivers, and Future Trends
Air And Missile Defense Radar Global Market
What Is The Projected Market Size Of The Air And Missile Defense Radar Global Market Report 2024 And Its Growth Rate?
• The market size for Air and Missile Defense Radar has been growing robustly, valued at $12.86 billion in 2024, projected to reach $13.95 billion in 2025 (CAGR of 8.5%).
• This growth in the historic period can be attributed to geopolitical tensions, military infrastructure modernization, missile proliferation threats, increased defense budgets, and the emergence of asymmetric threats.
• The air and missile defense radar market is expected to continue its strong growth, reaching $18.7 billion in 2029 (CAGR of 7.6%).
• Growth drivers in the coming years include rising focus on homeland security, investments in ballistic missile defense, integration with C4ISR systems, the global arms race, and technological innovation in radar systems.
What Is Driving The Growth In The Air And Missile Defense Radar Global Market Report 2024?
The rise in global military expenditure is driving growth in the air and missile defense radar market. Military expenditure refers to funds allocated for maintaining an armed force or other defense forms, also known as a military expenditure plan or military expense, which forms part of a country's defense budget. As countries increase their military and defense spending, they are investing in advanced technologies like air and missile defense radars to enhance their threat detection and interception capabilities. For instance, fighter aircraft equipped with radars are used to manage air-to-air missiles, rockets, and guns in the military. According to an analysis by Stockholm International Peace Research Institute, global military spending reached $2.443 trillion in 2023, a 6.8 percent increase compared to 2022. Therefore, the rising global military expenditure is boosting the market for air and missile defense radar.
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Who Are the Key Players Driving Air And Missile Defense Radar Global Market Report 2024 Growth?
• BAE Systems Inc.
• Israel Aerospace Industries Ltd.
• Leonardo SpA
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Reutech Radar Systems
• SAAB AB
• Telephonics Corporation
• Thales Group
• Airbus Group Inc.
• Aselsan AS
• DeTect Inc.
• General Dynamics Corporation
• Indra Sistemas SA
What Are The Key Trends In The Air And Missile Defense Radar Global Market Report 2024?
• Incorporation of artificial intelligence (AI)
• Expansion of naval air and missile defense systems
• Focus on cybersecurity
• Global collaborations in radar development
• Deployment of 3D radar systems
What Are The Segments Of The Global Air And Missile Defense Radar Global Market Report 2024?
• By Platform: Airborne, Land, Naval
• By Radar Type: X Band Radars, S Band Radars
• By Range: Short Range, Medium Range, Large Range
• By Application: Conventional, Ballistic Missile Defense
Which Region Leads The Air And Missile Defense Radar Global Market Report 2024?
North America was the leading region in the air and missile defense radar market in 2024, while Asia-Pacific is expected to record the fastest growth during the forecast period. The air and missile defense radar market report also covers other regions like Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Air And Missile Defense Radar Global Market Report 2024 Global Market Report?
Market Size Analysis: Analyze the Air And Missile Defense Radar Global Market Report 2024 size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Air And Missile Defense Radar Global Market Report 2024 for effective categorization.
Key Player Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Air And Missile Defense Radar Global Market Report 2024 growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks affecting the Air And Missile Defense Radar Global Market Report 2024.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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