The military radars global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Military Radars Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The military radars market size has grown strongly in recent years. It will grow from $61.38 billion in 2023 to $65.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to national security and defense, technological advancements, threat detection and tracking, electronic warfare (ew).
The military radars market size is expected to see strong growth in the next few years. It will grow to $82.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rapid technological advancements, counter-uas and counter-hypersonic capabilities, integration of radar with c4isr systems, geopolitical tensions. Major trends in the forecast period include stealth and low observability detection, digital signal processing (dsp), c4isr integration, green radar technology.
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Scope Of Military Radars Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Military Radars Market Overview
Market Drivers –
Growth in defense spending by emerging economies has contributed to the growth of the military radar market. Military spending includes operation, maintenance, procurement of weapons and armoured vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh straight year that spending increased. China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China’s military spending has increased for the past 27 years. The growth in defense spending by emerging economies drove the military radar market.
Market Trends —
Product innovations are shaping the military radar market. Major companies working in the military radar sector are focused on designing advanced innovative products to provide reliable services to customers. For instance, in November 2023, Fortem Technologies Inc., a US-based provider of detecting and defeating dangerous drones, launched TrueView R40. It is specially made using AI technology to safeguard safe airspace, prevent false alarms, and filter data. Being able to identify drones at low altitudes makes it a special and cutting-edge solution. The R40’s AI intelligence allows it to filter out background noise and clutter, resulting in precise and dependable drone identification.
The military radars market covered in this report is segmented –
1) By Type: Land Radar, Naval Radar, Airborne Radar, Space-Based Radar
2) By Functionality: Surveillance And Airborne Early Warning Radar, Tracking And Fire Control Radar, Multi-Function Radar, Synthetic Aperture And Moving Target Indicator Radar, Ground Penetrating Radar
3) By Application: Weapon Guidance, Airspace Monitoring And Traffic Managent, Ground Surveillance And Intruder Detection, Air And Missile Defense, Navigation, Airborne Mapping, Ground Force Protection And Counter-Battery, Mine-Detection And Underground Mapping
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Regional Insights —
North America was the largest region in the military radar market in 2023. North America is expected to be the fastest-growing region in the military radars market during the forecast period. The regions covered in the military radars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies —
Major companies operating in the military radars market include Lockheed Martin Corporation, Raytheon Technologies Corporation, Thales Group, BAE Systems plc, Israel Aerospace Industries, Leonardo, Saab AB, Aselsan A.Ş., Hensoldt AG, Airbus SE, General Dynamics Corp, Northrop Grumman, Honeywell International Inc., L3Harris Technologies Inc., Terma A/S, QinetiQ Group PLC, Reutech Radar Systems, Easat Radar Systems Limited, Indra Sistemas S.A., Bharat Electronics Limited, ZTE Corporation, Elbit Systems Ltd., Wartsila Corporation, Mitsubishi Electric Corporation, Safran Electronics & Defense, Selex ES Inc.
Table of Contents
1. Executive Summary
2. Military Radars Market Report Structure
3. Military Radars Market Trends And Strategies
4. Military Radars Market — Macro Economic Scenario
5. Military Radars Market Size And Growth
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27. Military Radars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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