Market Research Report
Military Radars Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||850292|
|Published||Content info||113 Pages
Delivery time: 2-3 business days
|Military Radars Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 113 Pages||
The military radars market is projected to grow at a steady pace, with a CAGR of over 3%, during the forecast period.
Airborne Radar Segment will Register the Highest CAGR During the Forecast Period
Over the years, the number of aerial attacks, globally, has increased and has led to significant investments on airborne radars. The increasing use of stealth aircraft and tactical UAVs is likely to support the growth of this segment even during the forecast period. The cost-effectiveness and ease of operations of unmanned platforms, when compared to manned platforms, have aided the rapid adoption of these unmanned systems in defense applications (for both surveillance and attack operations). Unmanned platforms are largely being deployed by military organizations in conflict regions across the world. Also, Tethered Aerostat Radar Systems are being used as a low-level airborne ground surveillance system in few countries. Such large-scale investments in R&D and the procurement of unmanned systems will continue to drive the military airborne radar market.
Large Investments on Military Radars is Expected from Countries Based in Asia-Pacific
The United States and Israel are the two key countries in terms of both production and operation of unmanned platforms and associated components. Currently, several countries in the Middle-East and Asia (China, India, Iran, and Pakistan) are also spending on the indigenous development of UAVs and associated components for military applications. As of 2019, North America holds the major share in the military radars market. However, rising political tensions in Asia and the Middle-East will result in countries based in these regions to procure and modernize their existing radar capabilities in the next few years. China, India, and Saudi Arabia are likely to generate the highest demand for military radars in the next few years.
Raytheon Company, Thales Group, BAE Systems plc, Lockheed Martin Corporation, and Israel Aerospace Industries Ltd. are some of the prominent players in the military radars market. The market is highly fragmented and depends on the government's long-term contracts. Innovation is a major strategy adopted by these players to maintain their market dominance. Few players have also formed partnerships and acquired smaller electronics firms to enlarge their product portfolio, as well as to expand into a new market. Technical expertise and investment in R&D are some of the factors that are expected to help the players expand their market presence.