Military Radar Market: Foreseen To Prosper High Growth Industry Innovations Forecasting By 2027
Military Radar Market: Introduction
The global military radar market is expanding at a significant pace, due to increasing military activities across the globe, according to Transparency Market Research. Some of the prominent players operating in the global military radar market are Northrop Grumman, Saab, Raytheon, Israel Aerospace Industries, Leonardo, Terma, and BAE Systems.
These players are adopting several strategies such as technological innovations, new product launches, collaboration and mergers, and acquisitions to gain higher market share. Apart from this, favorable government schemes regarding research and development of military radars is another factor driving the global military radar market. In March 2019, the U.K. Government organized an event with an aim to form a collaboration of several players to develop next-generation air power systems. Similar activities have been noted in several other countries as well. This is expected to drive the global military radar market during the forecast period.
According to TMR, the global military radar market is expected to reach value of ~US$ 10 Bn by the end of 2027. The market is projected to expand at a steady CAGR of ~3% from 2019 to 2027.
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Geographically, North America is expected to dominate the global military radar market throughout the forecast period. This is primarily due to the increasing investment in military radar systems by the U.S. to retain its technological superiority. Among types, the airborne military radars segment is expected to lead the global market during the forecast period, owing to increasing risks of air strikes and airborne terrorist infiltrations across the world.
High Rate of Research and Development Activities to Drive Global Market
A radar system is a powerful technology emerging at a rapid pace. A prominent feature that has prompted countries to invest in the radar mechanism is its high potential to retaliate undesirable entry in a county’s territory. Owing to this, countries are spending significantly on the radar mechanism to tighten up border security. On account of this, the global military radar market is expected to expand in the next few years, as countries are increasingly becoming alert on security issues.
Apart from this, several programs to improve the capability of air radar systems are going on. Some of them are Air & Missile Defense Radar (AMDR) program, the Acoustic Rapid COTS Insertion (A-RCI) program, the Space Fence program, and procurement of AN/TPS-59, AN/TPS-63, and AN/TPS-80 radar systems. These programs are anticipated to fuel the global military radar market during the forecast period.
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Airborne Military Radars Continue to Witness High Demand
Based on type, the global military radar market has been segmented into ground-based, naval, airborne, and space-based. Out of these, the airborne segment led the global market in 2018. The demand for airborne military radars is expected to continue to rise during the forecast period, owing to increasing risks of air strikes and airborne terrorist infiltrations worldwide. Airborne military radars are likely to continue to witness a high rate of research and development activities in the near future.
Leading players operating in the global military radar market include Lockheed Martin Corporation, Raytheon Company, The Boeing Company, Northrop Grumman Corporation, BAE System PLC, Saab Sensis Corporation, Harris Corporation, ASELSAN A.S., Terma A/S, and DRS Technologies Inc. These companies are taking steps to strengthen their radar business segments. For instance, in 2018, Saab AB, an aerospace and Defense Company, combined its business unit i.e. surface radar solutions and airborne surveillance systems.
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