Growth in Sales of Military Radar Market to be Largely Driven by Rising Consumer Adoption
This market research study analyzes the military radar market on global basis and provides estimates in terms of revenue (USD million) from 2015 to 2024. It describes the market dynamics affecting the industry and analyzes their impact through the forecast period. Moreover, it highlights the significant opportunities for market growth in the next eight years. The market is segmented on the basis of geography into Europe, North America, Asia Pacific, Middle East and Africa (MEA), and Latin America. These segments have been estimated in terms of revenue (USD million). In addition, the report has been segmented based on radar types, which includes, ground based, naval, airborne and space based. For better understanding of the military radar market, the study comprises market attractiveness analysis, where radar types are benchmarked based on their market scope, growth rate and market attractiveness.
The military radar market is fragmented as no particular military radar manufacturing company accounts for the major share of the market. Competitive rivalry is projected to be high among key players to acquire higher share of the market. Market shares keep varying, as governments award contracts to companies and price value of one contracts differs from that of the other. Radars are being increasingly used in the defense industry. This is fueling the global military radar market. Ability to detect missiles, planes, or ships with high accuracy is one of the prominent factors driving the global military radar market.
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Radio detection and ranging (radar) systems help detect the range, direction, altitude, and speed of an object. Radar system aims to combat any threat or attack and avert any damages to human and property. Radar systems are used in several other applications. For instance, they help solve navigational problems and track devices. Radars help determine the distance and speed of objects with precision and accuracy. Military radars are used for several purposes such as search operations, fire control, and bombing or shelling. Military radars are used to locate planes and ships at large distances. Fire control radars provide the precision of bearing and range. These radars help operate artillery weapons. Bombing radars are used to determine the terrain to deploy attacks on a target. Besides these military operations, military radars are employed during national calamities such as an earthquake, tsunami, and floods. Several research and development activities are being conducted to improve efficiency and reduce the size of radars. Lightness in weight, efficiency, and multi-functionality of radars are driving the market globally.
Thus, applications of military radars are expected to expand in the near future. Based on the type, the military radar market has been segmented into ground based radar, naval radar, air borne radar, and space based radar. With advancements in technology, these radars are getting smarter, cheaper, and smaller. Additionally, several military devices such as aircraft, ships, and tanks are equipped with radars; hence, demand for military radar is rising. The market share of military radars is anticipated to increase significantly considering the efforts to include several functions in a single radar.
The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global military radar market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Lockheed Martin Corporation, The Boeing Company, Raytheon Company, BAE System PLC, Northrop Grumman Corporation, Harris Corporation, Saab Sensis Corporation, Terma A/S, ASELSAN A.S., DRS Technologies Inc.