The military radar systems market is set to reach $8.57 billion in 2013, according to a new report, which cautions that reduced military spending may negatively affect the market.
The global military radar systems market is currently in a state of flux, primarily as a result of sweeping defence budget cuts in many established markets which have impacted heavily on procurement, according to the Visiongain report entitled “Global Military Radar Systems Market 2013-2023”.
“While counteracting forces of spending increases in emerging markets and new technologies are undoubtedly present, they represent only a limited effect on the military radar systems market as a whole.
“The security picture over the next decade (involving increased access to ballistic missile technologies and increased tensions in East Asia and the Middle East) will continue to provide a pressing need for procurement and upgraded radar technology, although these demands will continue to be counterbalanced by economic reality,” the report said.
EADS Group, Israeli Aerospace Industries, Northrop Grumman Corporation, ThalesRaytheonSystems and Lockheed Martin Corporation are among the prominent participants in the global military radar systems arena.
The Visiongain author of the military radar systems report said that: “core markets [are] now the preserve of a dominant few players, while smaller and newer vendors seek to compete in the margins and in emerging areas. While defence cutbacks in many developed markets are ongoing, the combined effects of spending in developing markets and the increased proliferation of advanced weapons systems is expected to drive the market in the years to come. There will be restrictions on spending in certain areas, while others will avoid projected budget cuts entirely; the trick for investors and businesses will be in foreknowledge of these areas and active efforts to seize the opportunities which are present, both now and in the future.”