Market Research Report
The Global Military Airborne Radar Market 2019-2029
|Published by||GlobalData||Product code||871581|
|Published||Content info||188 Pages
Delivery time: 1-2 business days
|The Global Military Airborne Radar Market 2019-2029|
|Published: May 17, 2019||Content info: 188 Pages||
The need for advanced situational awareness and information dissemination abilities is driving the development and procurement of several radars for aircraft, rotorcraft and UAVs. These systems aid defense and paramilitary forces to achieve capabilities such as relatively low-cost enhanced ISR, electronic attack (EA), strike missions, suppression/destruction of enemy air defense (SEAD/DEAD), network nodes, communications relays, and combat search and rescue (CSAR). As a result, a number of development projects are being carried out in order to fulfill these requirements and upgrade existing capabilities in the aforementioned areas.
The Global Military Airborne Radar market values US$2.9 billion in 2019, and will grow at a CAGR of 3.84%, to value US$4.2billion by 2029. The cumulative market for global expenditure on airborne radars will reach US$36 billion over the forecast period. Expenditure on the sector is anticipated to be driven by the ever growing need of early threat detection and situational awareness, technological innovations in the industry, adaptability to new platforms, internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world.
The global military airborne radar market is anticipated to be dominated by North America and is projected to reach cumulative monetary value of US$14.5 billion by 2029. Overall, the Asia Pacific region is projected to be the second largest spender in the military radar market over the forecast period.
The Asia-Pacific region is reportedly growing at a significant pace owing to China's increasing assertiveness in territorial disputes with its neighbors, the ongoing arms race among regional countries and strong economic growth, among other factors. In the Asia-Pacific region, the airborne radar market is forecast to grow at a CAGR of 6.77%, to reach cumulative value of US$9.7 billion by 2029. The region is projected to be lead by China, India, South Korea and Australia among others.
Companies mentioned: Northrop Grumman Corporation, Lockheed Martin Corporation, Israel Aerospace Industries, BAE Systems plc, Saab AB, Harris Corporation, The Raytheon Company, ELTA Systems Ltd., Selex ES, Griffon Corporation, Honeywell International Inc., Aselsan, Rostec.