According to a recent market report on military radars, the radar market is expected to grow from USD 12.37 Billion in 2018 to USD 16.21 Billion in 2027, at a CAGR of around 2.7%. The skewness of the market towards developed economies is very high in the military radar market with North American and European markets accounting for nearly 70% of the total market. This is predominantly due to the modernization programs, air platform upgrades and NATO spending.
Emerging economies in APAC have helped this region to grow at a higher CAGR compared to the Global CAGR of this market. There are also a few indigenous programs which act as drivers in the APAC market, according to the report, released by market research specialist, ASD Reports.
The radar market has evolved from a threat indication system to an active protection system, the evolutions in the radar technology market has helped increase the capabilities of systems. The integration of platforms in modern battlefield systems have increased the role of radar in combat, the application areas of radar include C4ISR, Air Defense Systems and Electronic Warfare, to name a few. The investment into these integrated platforms helps in improving the troop morale and inducing psychological fear in the enemy troops.
There is considerable R&D in the areas of enhancing radar technology, a few of the technologies include MIMO (Multiple Input Multiple Output), the MIMO technology helps in achieving compound resolution and can operate at several frequencies without interference. Another key technology driver is the cognitive radar technology, this technology is based on Machine Learning Approach and Bayesian Approach. The R&D activities in the military radar market are focused towards three aspects, improved situational awareness, higher safety to troops and assets and reduced fatigue on the troops.
The military radar market is expected to grow during the forecast period; the highest growth is expected to be experienced by the Air borne platforms. This is driven by the replacement of the AESA radars and the growth in unmanned aerial vehicle segment. The report titled “Global Military Radar Systems - Market and Technology Forecast to 2027” covers the key technologies, current market overview and market analysis. The market analysis chapter covers the key market dynamics which are expected to shape the market during the forecast period, the PEST analysis and the Porter’s five forces.
The Opportunity Analysis chapter covers the high growth segments across the forecasted segments; this could be of help for making investment business decisions in this market. The market forecast chapter covers three main segments which are Region wise, Application Wise, Platform Wise and Radar Type which are further sub-segmented. The report features more than 240 pages, 75 tables and 145+ figures.
Key Highlights of the Report:
- The key trends in the military radar market have been analysed in detailed, the Events Based Forecast chapter encompasses the possible market fluctuations.
- The market dynamics, which are the market driver, restraints and challenges have been covered in detailed.
- The technology chapter covers the future technologies which could impact the market, the disruptive technologies like the Quantum Radar and the enablers like Cognitive Radar have been covered in detailed in this chapter.
- Strengthen your understanding of the market in terms of key players in the market and their recent contracts, alliances and SWOT.
- Identify the major sub segments which have higher growth potential compared to the other segments in the market.
- Make correct business decisions by understanding the developments in the sub segment levels that are expected to drive the future market.
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