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Military Radar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
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Based on product type, the TMR report segments the global military radar market into naval, airborne, ground based, and space based. In 2015, the base year of the report, the airborne military radar segment served the maximum demand, which accounted for a worth of US$2.34 bn, and is expected to remain highly profitable throughout the forecast period. This substantial demand for airborne military radars is a reflection of growing risks of air strikes and infiltration of terrorists. There are high possibilities of research and development in this segment, which will keep innovative approaches and adoptability prominent in the airborne military radar segment.
Geographically, the report takes stock of the potential of military radar market in the regions of Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa (MEA). Among these, North America continues to lead as most lucrative region, serving high volume of demand for military radar owing to strong backing from the government and the presence of several leading vendors in the country of the U.S. Along with Canada, the U.S. has significant investments in radar technology, which is expected to continue in the near future too. Among Asia Pacific, emerging economies such as India, China, South Korea, and Japan are rated as most profitable country-wide markets.
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The global market for military radar is gaining traction from various factors such as the incrementing demand for radars as militaries replace legacy systems, advent of drones, territorial conflicts among several nations, geopolitical instability in the Asia Pacific as well as the Middle East regions, and miniaturization and automation of surveillance and defense systems. On the other hand, high cost of space-based radars and growing cyber warfare are two key factors challenging the military radar market from attaining its full potential. Nevertheless, the existing vendors of this market will continue to gain new opportunities from trends such as growing use of unmanned combat systems for battlefield surveillance and counter-attack and increasing demand for ballistic missiles, provided they can overcome the issues pertaining to noise interruptions and electromagnetic jamming.
According to a recent report by Transparency Market Research (TMR), the global military radar market is moderately divided between a few leading players and a large chunk of regional vendors, owing to the vast and diverse opportunities available in the value chain. The TMR report picks out Lockheed, Raytheon, and Northrop Grumman Corporation as three most prominent companies operating in the global military radar market, who accounted for 35.4% of the market in 2015. Each of these key vendors of military radar possess a striking product portfolio and are aggressive towards maintaining their stronghold over the demand with all means possible.
Global Military Radar Market Report is available @ US$ 5795 : http://www.transparencymarketresearch.com/checkout.php?rep_id=2411
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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