Military Radar Market to Worth USD 22.06 Billion by 2028 | With 6.27% CAGR
The global military radar market covered major segments by platform (airborne radar, land radar, and naval radar), by range (long, medium, short, and very short) by application (weapon guidance, airspace monitoring & traffic management, airborne mapping, ground surveillance & intruder detection, navigation, and others.
Pune, India, June 07, 2023 (GLOBE NEWSWIRE) — The global military radar market was valued at USD 13.93 billion in 2020 and is projected to grow at a CAGR of 6.27% from USD 14.41 billion in 2021 to reach USD 22.06 billion by 2028. The market’s growth is attributed to the increasing military expenditure and continuous advancements in radar technology. According to a report by Fortune Business Insights titled “Military Radar Market, 2023-2028,”
Radar technology is utilized in defense applications to detect land, air, and marine threats such as aircraft, ships, spacecraft, and missiles. Military bodies worldwide are making active investments to strengthen their military & defense equipment. Defense spending is rising particularly across emerging countries in Asia Pacific and the Middle East. These countries constantly need to monitor the rising terrorist activities due to geopolitical tension and other factors. In April 2021, China unveiled a new multipurpose portable radar that can detect stealth aircraft, drones, and low-flying cruise missiles.
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List of Key Players Profiled in the Military Radar Market Report:
- Airbus S.A.S (Netherlands)
- BAE Systems (U.K.)
- General Dynamics Corporation (U.S.)
- Honeywell International (U.S.)
- Israel Aerospace Industries (Israel)
- Leonardo S.p.A (Italy)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- Saab AB (Sweden)
- Thales Group (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 6.27% |
| 2028 Value Projection | USD 22.06 Billion |
| Market Size in 2021 | USD 14.41 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 250 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Military Radar Market Growth Drivers | Rising Concern to Strengthen Air Defense Capabilities to Propel Market Growth |
| Rising Technological Advancements in Radar Technology Drive Market Growth |
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Market Segments:
Based on platform, the market is segmented into land, airborne, and naval radar.
By range, the market is divided into very short, short, medium, and long.
According to application, the market is classified into weapon guidance, ground surveillance & intruder detection, airborne mapping, airspace monitoring & traffic management, navigation, and others.
In terms of frequency, the market is split into s-band, c-band, l-band, x-band, Ku/k/ka-band, and UHF/VHF.
By component, the market is broken down into transmitter, receiver, antenna, duplexer, and others.
COVID-19 Impact:
Pandemic to Have Moderate Impact on this Market
Despite the various impacts of COVID-19, the defense sector across most countries has continued to operate amid the pandemic. However, due to workforce shortages, the production of tier III and tier IV suppliers slowed down considerably, leading to delayed delivery of military equipment. Several countries including Russia, India, South Korea, and Thailand had reduced their military expenditure amid the pandemic.
Meanwhile, other nations such as Israel are utilizing this technology to remotely monitor and detect vital signs of COVID-19 patients. Such factors could benefit the overall market outlook in the forthcoming years.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Geopolitical Tensions & Increasing Military Expenditure to Augment Growth
The Middle Eastern region is a conflict-prone region due to geopolitical tension and border conflicts in Syria, Saudi Arabia, and Iraq. These factors have led to increased import of arms in the region and expanding investments in the military sector.
To meet the rising global demand, manufactrers are developing innovative systems that are more accurate. Many military bodies are adopting modern active electronically scanned array radar systems. These systems can be regulated via software to optimize and change the targets withouth altering the hardware. Such advancements will drive military radar market growth over 2021-2028.
Regional Insights:
North America dominated the military radar market share in 2020 with a valuation of USD 5.42 bilion. The regional expansion is attributed to the rising defense expenditure in the U.S. for the procurement of advanced military equipment. Government programs and initiatives such as the Air and Missile Defense Radar and the Three Dimensional Expeditionary Long-Range Radar will strengthen the regional outlook.
Asia Pacific will record substantial gains during the forecast duration owing to rising cross-border tensions between China-India and India-Pakistan. In June 2021, the Indian Defense Ministry contracted Mahindra to acquire 11 surveillance radars for the Indian Navy and Indian Coast Guard.
Meanwhile, the market in Europe will grow on account of rising military modernization programs.
Competitive Landscape
Key Players to Compete for Securing Defense Contracts
The competitive landscape of the military radar market is being shaped by the cutthroat race for defense contracts that the key players in this market are engaged in. These companies are aiming to enlarge their footprint and strengthen their network globally by providing next-gen military technologies to burgeoning economies.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Military Radar Market
- Impact of the COVID-19 pandemic on the Global Military Radar Market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
- Global Military Radar Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
TOC Continued…!
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Key Industry Development
June 2021 – Raytheon Technologies Corporation inked a USD 3.12 billion contract with the U.S. Air Force to supply the F-15 Radar Eagle Vision. As per the terms of the deal, the company will manufacture, upgrade, and support the F-15 systems to stay aligned with the F-15 weapon system program.
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