Albany, NY -- (SBWire) -- 04/14/2021 --Military Radar Market: Overview
Radar systems are crucial in the detection of bombs and landmines that are not visible to the naked eye. One of the key products witnessing high demand in the global military radar marketplace is lightweight radars. High demand for these radars can be attributable to immense potential for their use in the domestic defense sector. Additionally, the global military radar market is currently being driven by increase in spending by countries to strengthen their border and domestic defense forces. Several incidences of civil unrest and terrorism worldwide are prompting several countries to amplify their defensive arrays, of which military radars form an irreplaceable component. However, wind turbines being installed in growing numbers across the world pose a key hindrance to military radars, as the movement of turbine blades can degrade radar reception significantly.
The global military radar market is expected to reach value of ~US$ 10 Bn by the end of 2027, expanding at a CAGR of above 3% from 2019 to 2027, in terms of revenue.
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North America to Lead Global Market for Military Radars
Geographically, the global military radar market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018, North America held a leading share of the global military radar market. The region also witnesses significant defense-related sanctions, which boosts the demand for radar systems for use in national defense forces in the region. The U.S. has one of the most powerful military forces in the world and it is a key contributor to the global military radar market. Additionally, the U.S. is home to a large number of players operating in the global military radar market including Lockheed Martin, The Boeing Company, and Northrop Grumman Corporation. Both the U.S. and Canada have invested significantly in the radar technology and they are likely to continue to do so in the next few years. Furthermore, the U.S. Army is also investing significantly in enhancing radar-related capabilities. For instance, in 2019, the U.S. Army offered a contract to Lockheed Martin to build technologically advanced military radar systems with multiple features. This would help the U.S. Army in addressing the threat of aircraft or drones.
North America was followed by Asia Pacific, in terms of value, in the global military radar market, in 2017. Growth of the market in Asia Pacific is attributable to rising defense activities by countries such as China, India, South Korea, and Japan. Asia Pacific nations are currently facing serious issues of infiltration, which is the key reason for high defense budget allocations by countries in the region. The global military radar market is, thus consistently driven by substantial purchases of military radar systems made by developing nations.
Airborne Military Radars Continue to Witness High Demand
In terms of type, the global military radar market has been divided into ground-based, naval, airborne, and space-based. Of these, the global market was led by the airborne segment in 2018. Demand for airborne military radars is expected to continue to rise during the forecast period, owing to increasing risks of air strikes and airborne terrorist infiltrations. Airborne military radars are likely to continue to witness a high rate of research and development activities in the near future.
Key players operating in the global military radar market include
- Lockheed Martin Corporation
- Raytheon Company
- The Boeing Company
- Northrop Grumman Corporation
- BAE System PLC
- Saab Sensis Corporation
- Harris Corporation
- ASELSAN A.S.
- Terma A/S
- DRS Technologies Inc.
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Technological Advancements to Propel Growth of Military Radar Market between 2019 and 2027
Radars are used in a plethora of defense applications such as aircraft, missiles, ships, and spacecraft. The growing concerns about strengthening defense capabilities may bring tremendous growth opportunities for the military radar market. The escalating need for enhancing border safety is prognosticated to fuel the demand for surveillance equipment and systems. Thus, these factors may boost the growth of the military radar market during the assessment period of 2019-2027.
The heightening problems of civil unrest and terrorism may boost the growth of the military radar market to a great extent. Many countries are facing a large number of internal and external conflicts. In addition, many countries are facing infiltration issues. All these factors are leading to high budget allocations in terms of the defense budget. Therefore, this aspect may invite immense growth prospects for the military radar market.
Ongoing research and development activities by the players in the military radar market are expected to boost the growth of the military radar market to a great extent. The players are investing heavily in upgrading the technologies associated with offering convenience to the end-users. Hence, these factors prove fruitful for the growth of the military radar market. Furthermore, the players are also trying to fuel the quality of the military radars by making them more weather-resistant and advanced. All these factors bring tremendous growth opportunities for the military radar market.
The SARS-CoV-2 pandemic has affected the growth opportunities of many countries in a negative manner. Numerous countries were forced to impose strict lockdown restrictions to contain the spread of COVID-19. This aspect resulted in the weakening of the economy, eventually affecting the budgetary allocations of the government bodies of various countries.
The military radar market faced a string of difficulties in terms of demand during the lockdown period. However, the relaxations in restrictions are providing a good opportunity for the players in the military radar market to regain lost growth.
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Military Radar Market to Reach a Valuation of ~US$ 10 Bn by 2027; New TMR Report Explores Impact of COVID-19 Outbreak on Market