Research Nester released a report titled “Military Radar Systems Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global military radar systems market in terms of market segmentation by platform, by range, by application, by band and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
A radar system is an electronic device that is used for the determination of angle, velocity and direction of objects through radio waves. A military radar system is used to detect vehicles, aircrafts and missiles. The market for military radar systems is projected to grow at a CAGR of 4.30% over the forecast period, i.e., 2020-2027. The market is predicted to attain a market value of USD 19,222.13 million by the end of 2027. The market is segmented by platform, by range, by application, by band and by region. On the basis of platform, the market is segmented into air-based, ground-based, naval-based and space-based, out of which, the ground-based platform segment is anticipated to grow at the highest CAGR of 4.64% during the forecast period. This can be attributed to the various applications of radar waves for ground-based systems which are usually reflected from the surface of the ground and can penetrate the ground to locate buried objects.
Based on region, the military radar systems market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America held the largest share as a result of rising technological advancements in military radar systems in the region. The market in Asia Pacific is anticipated to observe the highest growth rate in the coming years on account of growing demand for military radar systems, especially in rapidly emerging economies such as China and India.
Technological Advancements in Military to Drive the Market Growth
Advanced technologies have a direct impact on the effectiveness of force, as a result of which, the defense budgets are increasing. This leads to a strong emphasis on enhancing capabilities across radar, EW, communications and other military systems. On the back of this, the military radar system market is predicted to expand by a significant amount. However, the development of data processing algorithms which can distinguish between moving targets from the background objects is a major challenge faced by the radar industry which can hamper its growth in future.
This report also provides the existing competitive scenario of some of the key players of the global military radar systems market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global military radar systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.