Nov 21, 2022   SOURCE: BusinessWire

The Worldwide Military Radars Industry is Projected to Reach $17.1 Billion by 2027 - ResearchAndMarkets.com

The "Military Radars Market by Component (Antenna, Transmitter, Receiver, Duplexer, Display, Digital Signal Processor), Platform (Land, Naval, Airborne, Space), End User, Type, Frequency Band, Dimension, Range, Application, & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global military radars market size is projected to grow from USD 13.5 billion in 2022 to USD 17.1 billion by 2027, at a CAGR of 4.7% from 2022 to 2027.

Air & missile defense:: The fastest-growing segment of the military radars market, by application

According to the application, the military radars market is believed to be dominated by the air and missile defense industry. The market for air & missile defense radars will be driven by ongoing modernization initiatives in airspace monitoring in the Asia Pacific region, activities like sea-based military operations, drug trafficking, illegal migrations, demand for early warning threat detection systems, ongoing demand for mine detection systems, and equipment by the US military to address conflicts in the Middle East and Asia Pacific.

Asia Pacific: The fastest-growing region in the military radars market.

The military radars market is anticipated to grow at the highest CAGR during the forecast period in Asia Pacific. This region's expansion can be linked to the rising expenditures on air defense systems to bolster their combat zone defenses and counter threats.

China and India are improving their command-and-control networks to increase their capacity for resource allocation and surveillance.

In the Asia Pacific area, China is anticipated to dominate the market for military radars. Australia, Vietnam, Thailand, and other nations that had previously invested on land forces are now thinking about increasing their spending on air-sea defense.

Market Dynamics

Drivers

  • Significant Investments by Governments
  • Growth in Military Radar and Defense System Procurement
  • Rise in Military Spending on Modern and Advanced Equipment
  • Modernization and Upgrade in Border Surveillance Systems
  • Growth of Missile Detection Systems
  • Advancements in Radar Technologies
  • Emergence of Modern Electronic Warfare and Network-Centric Warfare
  • Development of Phased Array Solid-State Radars

Restraints

  • High Investments in Early Phases
  • Lack of Infrastructure for Development of Communication Technologies

Opportunities

  • Growing Requirement for Military Radar Technologies
  • Rising Adoption of Unmanned Aerial Vehicles and Lightweight Radars
  • Development of Low-Cost and Miniaturized Radars
  • Rising Adoption of Lightweight Uavs
  • Ground Surveillance Radars for Border Monitoring

Challenges

  • Stringent Cross-Border Trading Policies
  • Susceptibility to New Jamming Techniques
  • Extreme Weather Conditions

Companies Mentioned

  • Accipiter Radar
  • Aselsan A.S
  • BAE Systems
  • Bharat Electronics Ltd.
  • Blighter Surveillance Systems Ltd.
  • Detect Inc.
  • Easat Radar Systems Ltd.
  • Elbit Systems Ltd.
  • Hensoldt
  • Indra Sistemas
  • Israel Aerospace Industries (Iai)
  • L3Harris Technologies, Inc.
  • Leonardo S.P.A
  • Linktronic
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • NRPL Aero
  • Raytheon Technologies Corporation
  • Reutech Radar Systems
  • Saab Ab
  • SRC Inc.
  • Teledyne Flir LLC
  • Telephonics Corporation
  • Terma A/S
  • Thales Group

For more information about this report visit https://www.researchandmarkets.com/r/9tri2n