Military Radar Systems Market Projected To Reach USD 27.3 Billion By 2030, With A 7.20% Growth Rate, Indicating A Rising Industry Trend.
Apr 17, 2024
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Military Radar Systems Market Overview
The global military radar systems market will touch USD 27.3 billion at a 7.20% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Need for High-Tech Missile and Air Defense Systems to Boost Market Growth
The emergence of advanced next-generation missiles, including nuclear-capable ballistic missiles and high-speed cruise missiles, poses a substantial threat to critical bases and strategic locations. Consequently, there is an urgent need for sophisticated and rapid defense measures to counter these evolving threats effectively.
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Key Players
Eminent industry players profiled in the global military radar systems market report include Northrop Grumman Corporation (US), L3Harris Technologies, Inc. (US),Lockheed Martin Corporation (US), Israel Aerospace Industries (Israel), ASELSAN A? (Turkey), Leonardo SpA (Italy), Thales Group (France),,Raytheon Company (US), TERMA (Denmark),BAE Systems PLC (UK), SAAB AB (Sweden), and HENSOLDT (Germany).
Opportunities
Burgeoning Need for Multi-Function Object-Detection System to offer Robust Opportunities
During the projected period, the increasing need for multi-function object-detection systems is expected to drive market growth substantially. These systems serve various purposes such as surveillance, missile control, and early warnings. In conflict areas, radars play a crucial role as they can be integrated into vehicles, aircraft, and other assets to detect and track enemy movements.
Restraints and Challenges
Strict Cross-Border Trading Policies to act as Market Restraint
The forecasted period may face market restraints due to stringent cross-border trading policies, limited detection capabilities for small drones, and early-stage investments. Additionally, the impact of COVID-19 could further hinder market growth.
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Market Segmentation
The global military radar systems market is segmented by range, frequency, type, platform, dimension, application, and component.
Long range radar is projected to dominate the market throughout the forecast period.
X-band frequency is expected to lead the market over the forecast period.
Surveillance and airborne early warning radar are anticipated to spearhead this market during the assessment period.
Land-based platforms are poised to spur the market over the forecast period.
3D radar is set to command the market over the forecast period.
Air & missile defense applications will hold the majority share in this market over the forecast period.
Digital signal processor components will lead the market over the forecast period.
Regional Analysis
North America to Head Military Radar Systems Market
The North American market currently holds a significant market share, but by the assessment year of 2028, the Asia-Pacific region is expected to exhibit the highest Compound Annual Growth Rate (CAGR). This growth can be attributed to several factors such as escalating territorial disputes, increased procurement of military equipment, and augmented defense expenditure by emerging economies like China and India, all contributing to the market's expansion in this region. Moreover, governmental initiatives and programs like the 3DELRR and AMDR programs are projected to further propel the development of the regional market. Notably, the U.S. military is esteemed for its adoption of cutting-edge technology and its procurement of top-notch defense vessels and detection equipment, thereby fostering a conducive environment for business growth in the area.
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