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Sep 14, 2020 (The Expresswire) —
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. 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.
According to the report, published by Fortune Business Insights in a report, titled “Global Military Radar Market Size, Share and Industry Analysis, By Platform (Land Radar, Naval Radar, and Airborne Radar), By Range (Long, Medium, Short, and Very Short), By Application (Airspace Monitoring and Traffic Management, Weapon Guidance, Ground Surveillance and Intruder Detection, Airborne Mapping, Navigation, Others), By Frequency Band (UHF/VHF, L-Band, S-Band, C-Band, X-Band, and Ku/K/Ka-Band), By Component (Antenna, Transmitter, Duplexer, Receiver, Others), and Regional Forecast, 2018-2026” the market size stood at USD 14.07 billion in 2018. 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.
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Market Drivers and Restrains:
“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 defense 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 Pacific and Middle East will shift the focus towards increasing their defense expenditure for instance, in 2018, the Government of India had spent around USD 54 billion on the 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 defense systems and infrastructure. For instance, in 2018, China spent around USD 175 billion in its defense domain.
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“Growing Sea Trade are Expected to Boost the Development of Military Radar Systems in the Region”
Asia-Pacific is projected to be one of the fastest-growing regions during the forecast period. The rising expenditure by the Indian government in the development of defense has created a massive demand for military radar in this country. The presence of several SMEs, increased radar technology adoption, manufacturing bases, and growing sea trade are expected to boost the development of military radar systems in the region. Companies are investing in the research and development capabilities in the defense sector in Asia-Pacific. For instance, China has developed military radars that can detect all types of bombers and fighter jets.
“Ground Surveillance and Intruder Detection Segment to Dominate Owing to Increasing Research and Development Activities by Key Manufacturers”
Based on application, the military radar industries have been grouped into airspace monitoring and traffic management, weapon guidance, ground surveillance and intruder detection, airborne mapping, navigation, and others. Amongst these, the ground surveillance and intruder detection segment is estimated to hold the highest market share in 2018. For instance, radar manufacturers, namely, Lockheed Martin Corporation and Raytheon Company are investing in the research and development capabilities for advanced ground radar technologies.
Some of the Major Companies in the Military Radar Market are:
- Lockheed Martin Corporation
- Raytheon Company
- Northrop Grumman Corporation
- Saab AB
- Thales Group
- BAE Systems
- Israel Aerospace Industries
- Leonardo SPA
- Aselsan AS
- Harris Corporation
- Terma A/S
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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.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Military Radar Market 2020: Top Countries Data, Market Size with Global Demand Analysis, Manufacturers and Business Opportunities Outlook 2027
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