Global Military Radar Market is anticipated to reach USD 13.78 billion by 2024 owing to the developments in defense welfare due to increasing risk of terrorism. Radar is an object detection system that transfers electromagnetic waves and identifies echoes of the susceptible objects nearby to work efficiently and irrespective of climatic conditions. With a potential of handling & engaging multiple targets, military radars can perform competently under severe conditions. Military radars can be easily operated and hence require low manning.
Growth Drivers:
Military radars market is driven by increasing conflicts in territories especially in Asia Pacific and Middle East regions. Constant innovation in radio frequency technology and increase in demand for early identification solution is propelling governments across globe to invest in the radar market. Moreover, price reduction in defense industry is expected to encourage the market growth of military radar in near future. However, significant cost of space-based radars is expected to hamper the progress of the market.
Larger portion of military radar industry is influenced by regional market players that introduce numerous opportunities to help the players with their expansion. Also, leading players are expected to adopt mergers & acquisitions. Military radar market is categorized on the basis of platform, range, application and geography. On the basis of platform, the market is divided into naval based, ground based, space based and air borne. Air borne segment is expected to lead the market of military radar due to increasing risk of air strike.
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Key Players:
The prominent players in military radar industry comprise Airbus Group, BAE Systems, Finmeccanica SPA, Raytheon Company, Israel Aerospace Industries Ltd., General Dynamics, Northrop Grumman Corporation, Lockheed Martin Corporation, Saab Group and Thales Group.
Type Outlook:
On the basis of range, military radar industry is split into very short range, short range, medium range and long range. Long range segment is expected to register maximum growth due to the increasing applications in defense systems. Based on application, military radars market is divided into airspace monitoring & traffic management, airborne mapping, air & missile defense, ground force protection & counter battery, navigation, ground surveillance & intruder detection, mine detection & underground mapping and weather monitoring. Air & missile defense segment is projected to hold a larger market share of military radar due to for the development of enhanced military products.
Regional Outlook:
Geographically, military radars industry is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America dominated the market of military radar in terms of revenue in past years and is predicted to continue its dominance owing to technological modernizations in military radars.
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