A large portion of the global military radar market is currently taken up by regional players, denoting several opportunities of growth for the leading players to expand their horizons. Northrop Grumman Corporation, Lockheed, and Raytheon had collectively taken up 35.4% of the global military radar market in 2015. Each player had held a wide array of products at the time and were showing high expectations of cultivating their share values.
According to a research report released by Transparency Market Research, the degree of competition in the global military radar market is expected to remain high for the coming years. The leaders of the market are likely to show aggressive expansion policies through mergers and acquisitions, while newer entrants for the global military radar market are likely to maintain low interest. The capital required to setup in the global military radar market is extremely high and is therefore the key deterrent for several companies trying to open business avenues in this market. The global military radar market is expected to reach US$9.36 bn by the end of 2024. It is projected at a CAGR of 2.4% within a forecast period from 2016 to 2024, in terms of revenue. By the end of 2016, the global military radar market is expected to reach US$7.78 bn.
Defense Investments on the Rise Globally
“National defense sectors are providing a highly positive scope of growth for players in the global military radar market for the coming few years. Countries such as Russia, India, China, the U.S., and Germany are some of the top investors in research and development efforts within the defense sector. The growing number of sociopolitical issues, terrorist activities, and other issues in the world such as the civil unrest in the Middle East is currently a leading factor why countries are consolidating their defenses to such as high extent. The global military radar market forms a core part of internal as well as border defense for a lot of countries, thereby making it a high priority for countries,” states a TMR analyst.
The global military radar market is consequently being driven by the sheer rate of research and development efforts taken up by the leading players through heavy government investments. Governments are not willing to compromise defense budgets by a lot in the name of national security and several markets from the military background are expected to grow in this environment.
Wind Turbines a Key Issue for Military Radar Implementation
One of the key problems faced by users of military radars is the movement of blades on a wind turbine. While all radars are designed to efficiently detect movement within a certain radius, the presence of even a few wind turbines in a direction can severely hinder the detecting capabilities of radars and reduce their effectiveness. Wind turbines distort the signals sent and received by radars and are currently a great cause for concern, given the growing nature of renewable energy demand and a high scope of growth for the implementation of wind turbines.
“There is a very high scope of growth for players from the global military radar market within emerging economies from Latin America, where border security is becoming a key cause of concern for nation security. Additionally, several countries are also adopting domestic military radars to curtail the increasing scope of civil unrest, urban warfare, and terrorist infiltration, further increasing the scope of opportunities in the global military radar market,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Military Radar Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2016-2024.”
Key segments of the Global Military Radar Market
Global Military Radar Market: By Type
- Ground based
- Air borne
- Space based
Global Military Radar Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Middle East and Africa (MEA)
- South Africa
- Latin America
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