Research Nester released a report titled “Military Radar Systems Market: Global Demand Analysis & Opportunity Outlook 2027”which delivers detailed overview of the global military radar systems market in terms of market segmentation by platform, by range, by application, by band and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for military radar systems is projected to grow at a CAGR of 4.30% over the forecast period, i.e., 2020-2027. The substantial growth can be accounted for the rising usage and demand for improved radar systems in the military. Further, the market is predicted to attain a market value of USD 19,222.13 million by the end of 2027.
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The market is segmented by platform, by range, by application, by band and by region. Based on the application segment, military radar systems market is segmented into air-borne surveillance, air & missile defense, weapon guidance systems, ground surveillance & intruder detection and others. Out of these, the ground surveillance & intruder detection segment is projected to witness the largest market share as well as highest growth during the forecast period as a result of several advantageous properties of this segment. Radar video surveillance not only detects potential intruders but tracks them as well. Moreover, it provides improved graphical situations for increasing awareness among operators and reduces project risk as a result of improved user satisfaction.
Rising Modernization of Warfare to Positively Impact Market Growth
The modernization of warfare has resulted in the emergence of advanced weaponry, which demands for the enhancement of the radar capabilities of militaries as well. The growing use of UAVs, advanced ballistic missiles and electronic warfare systems is anticipated to further raise the demand for radar systems in the military. Technological advancements in military radar systems provide critical abilities to armed forces such as improved range, detection, identification and integration with other sensors along with the adaptability to new missions, platforms and environments. However, the development of data processing algorithms which can distinguish between moving targets from the background objects is a major challenge faced by the radar industry which can hamper its growth over the coming years.
This report also provides the existing competitive scenario of some of the key players of the global military radar systems market which includes company profiling of Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, Leonardo S.p.A., Saab AB, Elbit Systems Ltd., BAE Systems, L3Harris Technologies, Inc., Raytheon Company, IAI and ASELSAN.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global military radar systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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