Global military radar market values US$14 Billion in 2017, and will grow at a CAGR of 2.46%, to value US$17.8 Billion by 2027. The cumulative market for global expenditure on military radar will reach US$162.1 Billion over the forecast period. Demand for radars is expected to be driven by the growing importance of unmanned platforms and the modernization of existing military radar systems. Moreover, the advent of technologically enhanced radar systems such as Active Electronically Scanned Array (AESA), coupled with changing warfare tactics, are also providing a significant push to the growth of the global military radar market.
The US, with continual investments into the development of advanced radar systems for its armed forces, has initiated various programs to upgrade its existing radar systems, which are expected to maintain its global military supremacy throughout the forecast period. These programs and investments are expected to drive the overall spending of North America to a cumulative value of US$62.1 Billion over the period of forecast.
Europe, which is the third largest market, is emerging from an economic crisis, and is thus likely to witness renewed growth over the forecast period; the region will account for 19.6% of the total market. The Middle Eastern region is expected to be the fourth largest market for radars over the forecast period, with a share of 10.4%. Growth of the radar market will be muted in this region at a CAGR of 2.30% primarily due to historically low oil prices that compel possible cutbacks of future procurement plans.
Ground-based military radar segment is expected to be primarily driven by several countries upgrades of missile and air defense systems with the latest in radar technology, as well as the development of more Early Warning Radar systems. The procurement of ground-based radars is partly fueled by the threat of missile attacks emanating from North Korea and Iran, among other nations, which have developed missile and nuclear technology despite international sanctions.
The report “The Global Military Radar Market 2017-2027” offers detailed analysis of the Global Military Radar Market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes the factors that influence demand for military radars.
In particular, this report provides the following analysis -
- Overview: Snapshot of the military radar market during 2017-2027, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments.
- Market Dynamics: Insights into the technological developments in the military radar market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants.
- Segment Analysis: Insights into the military radar market from a segmental perspective and a detailed analysis of the factors that influence the market for each sector.
- Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region.
- Regional Analysis: Insights into the military radar market from a regional perspective and a detailed analysis of the factors that influence the market for each region.
- Trend Analysis - Key Defense Market: Analysis of the key markets in each region, with an analysis of the military radar segments expected to be in demand in each region.
- Key Program Analysis: Details of the top programs in each segment expected to be executed during the forecast period.
- Competitive Landscape Analysis: Analysis of the competitive landscape of the global military radar industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.
Companies mentioned in this report: Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company, BAE Systems plc, Saab AB, Harris Corporation, The Raytheon Company, ELTA Systems Ltd., Selex ES, Rheinmetall Defence, Honeywell International, Inc., Aselsan.
- The global military radar market is expected to grow at a CAGR of 2.46% over the forecast period.
- The market consists of five categories: airborne, ground-based, naval, sonar and space-based.
- North America will dominate the sector with a share of 38.3%, followed by Asia-Pacific and Europe, with shares of 28.3% and 19.6%, respectively.
- The ground-based segment is expected to be leading in North America, Asia-Pacific and Middle-East, whereas the airborne is expected to be the leading segment in Europe, Latin America and Africa.
Reasons To Buy
- Determine prospective investment areas based on a detailed trend analysis of the global military radar market over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different military radar segments in the top spending countries across the world and identify the opportunities offered by each of them
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global military radar market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global military radar market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top radarproviders around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available