Global Military Radars Market Receives Impetus from Development of Advanced Technologies
The global Military Radarmarket is expected to be worth US$13.1 billion in 2015 and is expected increase to US$15.7 billion by 2025, representing a CAGR of 1.81% during the forecast period.
ALBANY, New York, July 1, 2016 – The global military radar market is projected to expand at a considerable pace over the coming years owing to the urgent need for improved security services and equipment. A report added to the extensive repository of Market Research Hub states that the military radar market contributes significantly to the overall defense industry and is likely to continue doing so in the coming years. The 42-page research report is titled “The Global Military Radar Market 2015-2025 - Market Size and Drivers: Market Profile” and studies in depth the spending patterns and modernization techniques in various regions of the globe.
One of the key factors driving the growth of the military radar market is the rising number of lightweight radars and navigation radars used by unmanned aerial vehicles (UAVs). In addition to this, the development of technologies such as software-embedded radio systems and high-frequency services to keep up with the rising demand for secure and fast military communication has fueled the military radar market. Other factors contributing to the growth of the global market include the rising of radars for coastal and border surveillance in Asia Pacific, the modernization of warfare and equipment as well as air defense networks, and the development of advanced technologies such as active electronically scanned array (AESA).
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The report offers a detailed outlook on the global military radar market by dividing the research study into several chapters.
The chapter on the regional analysis of the military radar market sheds light on the performance and contribution of key segments such as Asia Pacific, North America, Africa, Latin America, Europe, and the Middle East. According to the report, the Middle East and Asia Pacific are two of the leading markets for military radars. While India and China are the largest military radar markets in the APAC region, rising defense spending has made the UAE and Saudi Arabia the most prominent markets for military radars in the Middle East.
The North America market is supported by the surging demand for ground-based and airborne radars in the U.S. The military radar markets in Africa and Latin America are anticipated to witness strong growth over the forecast period, with Brazil emerging as a strong contender. Europe, on the other hand, has been witnessing severe budget cuts, which is reflected in the slow growth of the military radar market in the region.
The report includes an in-depth assessment of the defense budget spending in various regions and the level of modernization of defense in these markets. Competitive arms acquisitions are likely to boost defense budgets in APAC. The economic slowdown in North America and financial constraints in Europe is resulting in defense budget cuts and a delay in defense modernization programs. However, over the course of the forecast period, both these regions are likely to observe an increase capital and defense expenditure.
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Boeing, Northrop Grumman Corp., Terma A/S, Saab Sensis Corp., BAE SystemsHarris Corp., DRS Technologies, Raytheon, ASELSAN Inc., and Lockheed Martin Corp. are some of the major companies competing in the global military radar market.
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Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of market research reports has been carefully curated to help key personnel and decision makers across industry verticals.
Jul 01, 2016