Military Radar Systems Market Analysis – 2018-2027
A military radar system is an electronic device used to detect vehicles, aircrafts and missiles through radio waves. The system works by transmitting radio waves or micro waves and receiving the reflected waves through a transmitting antenna for determining the angle, velocity and direction of objects. The market for military radar systems is projected to grow at a CAGR of 4.30% over the forecast period, i.e., 2020-2027. In 2020, the market is anticipated to reach a value of USD 14,311.35 million. This can be mainly attributed to the rising applications of military radar systems and growing military expenditure.
Military radar systems market is segmented by platform, by range, by application, by band and by region. On the basis of application, the market is segmented into air-borne surveillance, air & missile defense, weapon guidance systems, ground surveillance & intruder detection and others. The ground surveillance & intruder detection segment held the largest share in 2018 with a market value of USD 4,204.16 million out of total market value of USD 13,611.20 million in the same year. This segment is observing high growth as it provides improved graphical situational awareness for operators and enhances the user satisfaction and perimeter surveillance.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is predicted to hold the largest share with a market value of USD 6,639.33 million by the end of 2027 as a result of growing technological advancements in radar systems in the region. The market in Asia Pacific, on the other hand, is anticipated to grow at the highest CAGR of 5.17% during the forecast period on account of rising demand for military radar systems, mainly in emerging economies such as China and India.
Some major leading key players in the military radar systems market are Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, Leonardo S.p.A., Saab AB, Elbit Systems Ltd., BAE Systems, L3Harris Technologies, Inc., Raytheon Company, IAI and ASELSAN.