Military Radar Systems Market Report USD 27.3 Billion Industry Radar on the Rise With 7.20% Growth Rate by 2030
Research Reports
Sep 13, 2023
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
A significant threat to important bases and strategic sites is the development of the high-end new generation missiles, like nuclear-capable ballistic missiles, high-speed cruise missiles, & other missiles which are more difficult to intercept. Due of this, advanced and quick defense measures are now necessary.
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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
Over the course of the forecast period, it is anticipated that the rising demand for the multi-function object-detection systems, which are utilized for different tasks including surveillance, missile control, and early warnings, will significantly fuel market expansion. In conflict zones, radars are extremely important since they may be put to vehicles, planes, and other items to locate enemy and follow their movements.
Restraints and Challenges
Strict Cross-Border Trading Policies to act as Market Restraint
The strict cross-border trading policies, lack of detection for the small drones, and early-stage investments may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
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Market Segmentation
The global military radar systems market is bifurcated based on range, frequency, type, platform, dimension, application, and component.
By range, the long range will lead the market over the forecast period.
By frequency, x-band will domineer the market over the forecast period.
By type, surveillance and airborne early warning radar will spearhead this market during the assessment period.
By platform, land will spur the market over the forecast period.
By dimension, 3D radar will command the market over the forecast period.
By application, air & missile defense will hold the lions share in this market over the forecast period.
By components, digital signal processor will head the market over the forecast period.
Regional Analysis
North America to Head Military Radar Systems Market
The considerable Market share was accounted for by the North American market. But in the assessment year of 2028, the Asia-Pacific regional market is anticipated to grow at the greatest CAGR. Due to a number of factors, including an increase in territorial disputes, increased military equipment purchases, and rising defense spending by developing nations like China and India, this area is driving the market’s expansion. The development of the regional market is anticipated to be fueled by a number of government initiatives and programs, including the 3DELRR program and the AMDR program. The U.S. army in fact is well renowned for having the newest technology and for buying high-quality defense ships and detecting equipment, which helps the business in the area flourish.
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