According to a new report by MarketsandMarkets, the Military Radar Market is expected to grow from USD 13.06 Billion in 2017 to USD 15.42 Billion by 2022, at a CAGR of 3.38% during the forecasted period. The changing nature of modern warfare is one of the most important factors driving the demand for military radars across the globe. The threat of nuclear ballistic missiles has led to the development of new generation radars for various advanced air defense systems. The changing nature of aerial warfare has also led to the increased acquisition of advanced military radars by various countries, to defend against various aerial and ground threats.
According to this report, the land segment is expected to account for the largest share of the military radars market between 2017 and 2022. The increased expenditure on diverse air defense systems by various countries, such as the US, China, Russia, Saudi Arabia, and India, has contributed to the growth of this segment's market.
Based on range, the long range segment of the military radars market is projected to grow at the highest CAGR during the forecast period, owing to the increasing use of long range radars for various air defense systems, including in various airborne early warning aircraft.
Based on application, the air & missile defense segment is projected to lead the military radars market during the forecast period. The growth of this segment can be attributed to increased investments by countries, such as the US, China, Iran, India, Russia, North Korea, and France for the development of advanced missile defense systems.
The Asia Pacific region is projected to lead the military radars market from 2017 to 2022. This region is expected to account for the largest share of the military radars market during the forecast period. Regional tensions and increase in the defense spending of emerging economies are factors fueling the growth of the military radars market in the Asia Pacific region.
The research report can be downloaded here: Military Radars Market by Component (Antenna, Transmitter, Receiver, Duplexer, Display, Digital Signal Processor), Platform (Land, Naval, Airborne, Space), End User, Type, Frequency Band, Dimension, Range, Application, & Region - Global Forecast to 2022".
