MILITARY RADARS MARKET TO REACH USD 14.2 BILLION BY 2027 | CAGR 3.9% — FORENCIS RESEARCH
Global Military Radars Market: Key Highlights
- According to the new market research report “Military Radars Market by Type (Simple Pulse Radar, Moving-Target Indication (MTI) Radar, High-Range Resolution Radar, Tracking Radar, Electronically Scanned Phased-Array Radar, Precipitation Radar, Cloud Profile Radar, Scatterometer and Others), by Dimension (2D Radar, 3D Radar, and 4D Radar), by Frequency Bands (L-band, C-band, X-band, Ku-band and Ka-band), By Range (Short Range, Medium Range and Long Range), by Platform (Airborne Radars, Land Radar, Space Radars and Naval and Coastal Radars), by Application (Air Defense, Ground Surveillance, Military Air Traffic Control, Navigation, Tracking and Fire Control Radars), By End-User (Ground-Based, Aerial Based, Naval-Based), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global Military Radars Market is estimated to reach USD 14.2 Billion by 2027 at a CAGR of around 3.9% during the review period.
- The increasing demand for Unmanned Aerial Vehicles (UAVs) radar can benefits military as well as for civil protection which is projected to enhance the market growth
- However, budget limitations remain a major challenging factor for the growth of the Military Radars Market in the forecast period.
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Global Military Radars Market: Key Market Dynamics
- The enhancing passive radar capabilities can use in modern battlefield higher altitudes which will lead to enhance market growth in the projected period.
- Increased civil-military co-operation is anticipated to enhanced the flexible use of airspace which would lead to boost the market growth.
- Advancement in Active electronically scanned array (AESA) provides a situational awareness for the military which enhanced the market growth in the projected period.
- The radar-based system is able to detect and locate both fixed wing as well as rotorcraft UAVs. Hence, it anticipated creating a positive impact on the market’s growth.
Global Military Radars Market: Regional Overview
According to the US Department of Defense, China is implementing its long term state planning for Made in China 2025 is supporting military modernization goals by advancing dual-use technologies. The Chinese military also enhancing its target capabilities with the potential to degrade core U.S operational and technological advancement. According to the American Enterprise Institute, in 2019 China is projected to spend about USD 175.4 billion on defense. Moreover, in 2019 the Japanese government has signed a defense budget of USD 48.5 billion for the next fiscal year which will lead to enhance the market growth.
Hence, government development and support growing may lead to an increase in the growth of the Asia-Pacific region.
According to The Heritage Foundation, the European Deterrence Initiative (EDI) is providing funds to enhance the deterrence posture and execute the initiatives and activities. In 2018, Germany spends 1.23 percent of GDP on defense and 14.1 percent of its defense budget on equipment. Moreover, in 2020 Germany is anticipated to rise 1.37% for defense. In 2017, Germany is replaced its short-range air defense systems and help to close a gap in Europe’s short-range air defense weapons. In 2019 France signed a USD 2.3 Billion agreement with Dassault Aviation for the development of the F4 standard upgrade to the Rafale fighter aircraft.
Therefore, growing the development and investment in the region will be projected to lead the demand for the market.
Global Military Radars Market: Key Players Overview
- Lockheed Martin Corporation:
Lockheed Martin Corporation is a global aerospace and defense company. The company provides a wide range of management, engineering, logistic and information services. Moreover, the company delivers ground-based, naval and aerial radar solutions to the customer. The company radar and electro-optical system provide advanced precision targeting, navigation, and next-generation intelligence and reconnaissance capabilities. Furthermore, in 2019 the company has been awarded for USD 281 million contracts by the United States Army to develop the Sentinel A4 radar system.
- Saab AB:
Saab AB serves the worldwide market with its leading product, services, and solution for the military defense to civil security. The company is enhancing its development, and improvement of its new technology to meet customer demand. Moreover, the company field-proven radar upgrade solution which provides an economical difference for increasing radar service life and decreasing the overall life cycle the costs. The company has deployed over one hundred radar upgrades of military and civil radar systems. In 2018, the Saab has supplied the Sea Giraffe AMB naval radar system to the US Navy for the purpose of Foreign Military Sales (FMS) which has been deal with between the US and the Philippines.
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