Global Military Radar Market: Snapshot
Radar systems are crucial in the detection of bombs and landmines that are not visible to the naked eye. One of the key products in high demand within the global military radar market are lightweight radars due to their immense potential in domestic defense. Additionally, the global military radar market is currently being driven heavily by an increase in spending by countries to beef up their border and domestic defenses. Several current affairs in the world regarding civil unrest and terrorism are prompting multiple countries to amplify their defensive arrays, of which military radars form an irreplaceable component. However, the growing number of wind turbines being implemented in the world are a key hindrance to the use of military radars, as the movement of turbine blades can significantly degrade radar reception.
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.
North America to Continue Leading Demand for Military Radars
Geographically, the global military radar market can be segmented into North America, Europe, Asia Pacific, and Latin America, and the MEA region. In 2015, North America held the leading share in the global military radar market. This region holds the leading volume of defense related sanctions, boosting the overall demand for radar in national defense forces. The U.S. has one of the most powerful military forces in the world and is a key contributor to the revenue generation within the global military radar market. Both the U.S. and Canada have invested significantly in the radar technology and are likely to continue doing so over the next few years.
North America was followed by Asia Pacific in terms of geographical share in value in the global military radar market, for 2015. The growth in this region is owed to the booming volume of defense activities carried out by nations such as China, India, South Korea, and Japan. APAC nations are currently facing serious issues on the infiltration front which is the key reason for the high defense budget allocations in the region. The global military radar market is thus consistently supported by the substantial purchases of military radar systems made by the emerging nations.
Airborne Military Radars Continue to be in High Demand
The global military radar market is segmented into ground-based, naval, airborne, and space-based radars on the basis of types. Out these, the global military radar market was led by the airborne military radars segment in 2015. The segment was valued at US$2.34 bn in 2015 which was the dominant share in the global military radar market at the time. The high demand for airborne military radars is expected to continue growing owing to the increasing risks of air strikes and airborne terrorist infiltration. The segment is likely to continue on a high rate of pioneering research and development activities and innovative approaches.
The leading players in the global military radar market till 2015 included 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, DRS Technologies Inc.
Global Military Radar Market: Overview
This market research study analyzes the military radar market on global basis and provides estimates in terms of revenue (USD million) from 2015 to 2024. It describes the market dynamics affecting the industry and analyzes their impact through the forecast period. Moreover, it highlights the significant opportunities for market growth in the next eight years. The market is segmented on the basis of geography into Europe, North America, Asia Pacific, Middle East and Africa (MEA), and Latin America. These segments have been estimated in terms of revenue (USD million). In addition, the report has been segmented based on radar types, which includes, ground based, naval, airborne and space based.
For better understanding of the military radar market, the study comprises market attractiveness analysis, where radar types are benchmarked based on their market scope, growth rate and market attractiveness. The military radar market is fragmented as no particular military radar manufacturing company accounts for the major share of the market. Competitive rivalry is projected to be high among key players to acquire higher share of the market. Market shares keep varying, as governments award contracts to companies and price value of one contracts differs from that of the other. Radars are being increasingly used in the defense industry. This is fueling the global military radar market. Ability to detect missiles, planes, or ships with high accuracy is one of the prominent factors driving the global military radar market.
Global Military Radar Market: Analytics Foundation
Radio detection and ranging (radar) systems help detect the range, direction, altitude, and speed of an object. Radar system aims to combat any threat or attack and avert any damages to human and property. Radar systems are used in several other applications. For instance, they help solve navigational problems and track devices. Radars help determine the distance and speed of objects with precision and accuracy. Military radars are used for several purposes such as search operations, fire control, and bombing or shelling. Military radars are used to locate planes and ships at large distances. Fire control radars provide the precision of bearing and range. These radars help operate artillery weapons. Bombing radars are used to determine the terrain to deploy attacks on a target. Besides these military operations, military radars are employed during national calamities such as an earthquake, tsunami, and floods. Several research and development activities are being conducted to improve efficiency and reduce the size of radars. Lightness in weight, efficiency, and multi-functionality of radars are driving the market globally. Thus, applications of military radars are expected to expand in the near future.
Based on the type, the military radar market has been segmented into ground based radar, naval radar, air borne radar, and space based radar. With advancements in technology, these radars are getting smarter, cheaper, and smaller. Additionally, several military devices such as aircraft, ships, and tanks are equipped with radars; hence, demand for military radar is rising. The market share of military radars is anticipated to increase significantly considering the efforts to include several functions in a single radar.
Global Military Radar Market: Competitive Landscape Analysis
The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before.
Key players in the global military radar market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Lockheed Martin Corporation, The Boeing Company, Raytheon Company, BAE System PLC, Northrop Grumman Corporation, Harris Corporation, Saab Sensis Corporation, Terma A/S, ASELSAN A.S., DRS Technologies Inc.
The global military radar market is segmented as below:
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
The report provides a cross-sectional analysis of by type segment with respect to the above mentioned regions.