The global military radar market was valued at $10.85 billion in 2016, and is projected to reach $14.09 billion by 2024, growing at a compound annual growth rate of 3.4% from 2017 to 2024.
This is according to a new report by Esticast Research and Consulting, which noted that in 2016, the airborne radar segment generated the highest revenue share in the global military radar market. Among major regions, North American military radar market was the highest revenue generating market valued at $3.57 billion in 2016.
“Constant improvisation in radio frequency technology, as well as the growing need for means of early identification is driving governments across the globe to invest in the radar market. The immense need for radar as an integral part of nearly all prominent defence equipment such as aircraft, helicopters, naval vessels, armoured vehicles, as well as UAVs, is leading the military radar market to grow rapidly,” the company said.
The Airborne military radar segment lead the global military radar market, garnering a revenue of $3.32 billion in 2016. Moreover, the highest compound annual growth rate (CAGR) of 3.6% is also due to be witnessed by the same segment during the forecast period.
The global military radar market is geographically segmented as North America, Europe, Asia-pacific and Rest of World. Among all these regions, North America leads the market fulfilling high volume of demand for military radar. This has only been possible as a result of strong support from the government and the existence of leading vendors in countries such as the US and Canada. The US is spending a considerable sum on research and development in radar technology.
The Asia-Pacific radar market was valued at around $3.28 billion in 2016. Further, the market is expected to grow with the highest CAGR of 3.6% during the forecast period. Nations such as India, China, South Korea, and Japan are anticipated to invest substantial capital for the enhancement of their respective defence systems. China and India are estimated to be the most profitable markets for military radar systems owing to growing terror activities and border disputes. In 2017, the Indian government presented a budget of $53.5 billion for the defence sector.
Some of the key market players operating in the industry are Lockheed Martin, Northrop Grumman, Raytheon, Saab, Thales, Airbus, BAE Systems, General Dynamics, Israel Aerospace Industries Ltd, and Leonardo.