Military Radar market was valued at $10.85 million in 2016 and is projected to reach $14.09 billion by 2024, having a CAGR of 3.4 % during the forecast period of 2017 to 2024.the airborne radar segment generated the highest revenue share in the global military radar market.
Radio detection and ranging also called as (RADAR) is a detection and surveillance system which uses radio waves to detect objects. It is a detection system that is used to determine the range, angle, and velocity of objects. RADAR can be used to detect aircraft, ships, spacecraft, guided missiles, motor vehicles, weather formations, and other entities. A radar system consists of a transmitter which produces radio waves, a transmitting antenna, a receiving antenna, and a receiver and processor to determine properties of the object which is being detected. Radio waves from the transmitter reflect off the object and return to the receiver, giving the exact information about the object's location and speed. Radar systems are capable enough to find any stationary or moving object and determine their shape, distance, angle, velocity and other static and dynamic properties. Radars are fundamentally developed for military applications and are majorly used for surveillance and detection. Today, military radar systems can observe objects while based on the ground, ships and aircraft carriers, aircraft, and space stations. The intense growth of advanced electronics has amplified the capacity of radar systems, expanding its application area to air and terrestrial traffic control, radar astronomy, air-defense systems, antimissile systems, aircraft anti-collision systems, ocean surveillance system and outer space.
Market Dynamics
Rapidly increasing security concerns and increasing defense budgets are stimulating the industry growth prospects. Enhancement in radar technology and increased focus on the border protection activities are some factors which are extensively driving the military radar industry. The rise in terrorism activities and inter-country conflicts are some factors which would lead the industry to witness immense growth.
However, the military radar market can get badly affected by the existing economic conditions. The outcomes of the economic slowdown can also inhibit the global military spending, driving down the industry growth opportunities. The countries, such as the UK, Germany, and Russia, have witnessed cuts in defense budgets owing to financial crises. Moreover, the high costs of military radars and the capital required for the research and development of space-based radar system might act as a restraining factor for the Military Radar Market. Opportunities such as the development of lightweight radars and use of an improvised electronic system in military radar systems can help the market to grow in the near future.
Market Segmentation
The Military Radar Market is segmented by type and geography. On the basis of type, the market is categorized as Ground Based, Naval, Airborne, and Space based. By Geography, the market is segmented as North America, Europe, Asia-Pacific and Rest of World.
Some of the key market players are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab Group, Thales Group, Airbus Group, BAE Systems, General Dynamics, Israel Aerospace Industries Ltd, Finmeccanica SPA.
Global Military Radar Market Segmentation
By Type:
Ground Based
Naval
Airborne
Space Based
By Geography
North America
USA
Others
Europe
U.K
Russia
France
Italy
Germany
Other
Asia-Pacific
China
India
Australia
Japan
South Korea
Others
Rest of World
Israel
South Africa
Other
Key Market Players
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Company
Saab Group
Thales Group
Airbus Group
BAE Systems
General Dynamics
Israel Aerospace Industries Ltd
Finmeccanica SPA
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