The global military radar market size is expected to reach USD 19.56 billion by 2026, exhibiting a CAGR of 4.21% during the forecast period.
The increasing focus of manufacturers towards dual-band radar systems owing to its frequency diversity and resource sharing will be a key factor in boosting the military radar market trends.
For instance, the system was first installed in the U.S. Navy, capable of operating simultaneously on two frequency bands, named S-band and X-band.
List of prominent companies that are operating in the global military radar market are:
- Aselsan AS
- BAE Systems
- Harris Corporation
- Israel Aerospace Industries
- Leonardo SPA
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- Terma A/S
- Thales Group
The benefits offered by the dual-band radar systems such as improved reliability, ease of maintenance, and unmanned operation will impel major companies to manufacture military radars. For instance, in January 2019, Raytheon Company received USD 98.8 million contracts from the U.S. Navy. The contract includes perpetual research and development support for the Army-Navy Transportable Radar Surveillance Control Model-2 and Sea-Based X-Band radar. This contract will aid in the healthy growth of the market in the foreseeable future.
The report provides an all-encompassing summary of the military radar market size. An all-inclusive and detailed study of innovations and advancements that took place in recent times. It provides profound data and statistics on various aspects of the market and offers dynamic insights into the prevailing trends of the market. It delivers information on market drivers, market restraints, industry developments, and segmentation besides sharing insights on the competitive ranking of key players.
“Increasing Modernization Initiatives and Programs to Offer Lucrative Business Opportunities”
The growing government initiatives for upgrading existing systems and equipment as pre-existing equipment in the military have become obsolete. This factor is fuelling demand for military radar. Furthermore, the rapid surge in modernization programs such as the Philippines (AFP) modernization program, the Indian government military modernization program, and the U.S. modernization program will create lucrative sales opportunities.
For instance, India is planning to spend USD 150 billion in the next ten years to modernize its military equipment and infrastructure. Additionally, the up-gradation of conventional systems with advanced technology-based systems is expected to accelerate the radar market growth.
“Growing Concern Regarding Border Security Will Stimulate Healthy Growth”
The increasing focus of countries towards strengthening their defence domain will facilitate the growth of the market. The increasing border security issues and transnational security threats will further promote the adoption of military radar. Maritime disputes in South China Sea, and border disputes in Asia Pacifc and Middle East will shift the focus towards increasing their defence expenditure for instance, in 2018, Government of India had spent around USD 54 billion on defence sector for development and infrastructure facility for the armed forces and further improving combat capabilities.
The country procured a broad range of systems and equipment such as weapons systems, missiles, fighter jets, submarines and warships, drones, radar systems, and surveillance equipment. Similarly, China is also spending a huge amount of money on its defence systems and infrastructure. For instance, in 2018, China spent around USD 175 billion in its defence domain.
2018: Lockheed Martin Corporation received a contract worth USD 1,200 million with the Japanese Government. Japan is planning to install two Aegis Ashore stations in response to the North Korea Ballistic missiles program.
About the Author:
Aman Singh Gandhi: Aman is presently working as a content writer at Fortune Business Insights. His key focus is to deliver quality content to his audience. He specializes in blog writing, articles, and press releases. As a writer, he believes in learning and exploring different areas to vividly communicate with his readers.
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