Rise in investment to strengthen the capabilities of air defense, technological advancements in military radars, rise in purchase of combat aircrafts, increasing naval expenditure by developed economies, and modernization of military equipment drive the global military radar market.
PORTLAND, Ore., Feb. 15, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Military Radar Market by Component (Antenna, Transmitter, Receiver, Duplexer, Others), by Range (Short, Medium, Long), by Frequency (C-Band, S-Band, X-Band, Others), by Application (Airspace Monitoring and Traffic Management, Space Situation Awareness, Maritime Patrolling, Weapon Guidance, Others), by Platform (Airborne, Land, Naval): Global Opportunity Analysis and Industry Forecast, 2021-2031” According to the report, the global military radar industry was valued at $13.9 billion in 2021 and is estimated to generate $25.1 billion by 2031, witnessing a CAGR of 6.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in investment to strengthen the capabilities of air defense, technological advancements in military radar, rise in purchase of combat aircrafts, increasing naval expenditure by developed economies, high capability of military radars to detect low-flying aircrafts, land vehicles, marine vessels, personnel, and avian targets which make them ideal for accurate surveillance, and modernization of military equipment fuel the growth of the global military radar market. However, huge investment in early stage and stringent cross-border trading policies hinder the global market growth. On the other hand, rise in geopolitical tensions and increase in R&D activities in military radar for airborne platform present new growth opportunities for the global military radar market in the coming years.
Covid-19 Scenario
- During the COVID-19 pandemic, the aerospace and defense companies faced an unmitigated disruption, affecting the global military radar market.
- The defense sector faced disruptions in the supply chain globally. The companies located in Covid-19-affected countries and those reliant on supply chains located in impacted countries were badly hit by the pandemic. Due to the global disturbance in the supply chain, some of the defense programs also faced slight cost escalations and interruptions in the short term. The pandemic also impacted the growth opportunities of various regions in a negative manner.
- However, the military radar market recovered post the pandemic. The defense unit is likely to remain stable and grow as a majority of countries have not lowered their budget for defense and are committed to support their military capabilities.
The antenna segment to grab the largest revenue during the forecast period
Based on component, the antenna segment contributed to the largest share of more than two-fifths of the global military radar market in 2021, and is expected to maintain a noteworthy revenue growth during the forecast period. Antenna is the largest segment in global military radar market as the defense industry is always evolving, and armed forces need next-generation defense systems. Currently, defense forces use an active phased array type of antenna that offer a complete image of the area under surveillance. This has led to the rising demand for antenna in military radar across the world. However, the duplexer segment is projected to witness the fastest CAGR of 10.2% from 2022 to 2031. There is a rise in demand for duplexers in military electronic devices for airborne communication, underwater communication, and ground-based communication as they offer bi-directional communication.
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The short-range segment to dominate the market during the forecast period
Based on range, the short-range segment contributed to the largest share of nearly half of the global military radar market in 2021, and is expected to maintain its leadership in terms of revenue during the forecast period. This is because governments across the world are investing heavily in short-range systems for better connectivity and capturing things clearer in future space missions and communication. In response to this, leading companies are creating innovative short-range radars which enable 360-degree surround-view for military and naval applications. However, the long range segment is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. The segment is driven by high-end defense applications, electronic defense systems, and off-site long-range radar machinery.
North America to achieve the highest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global military radar market, and is likely to maintain its dominance during the forecast timeframe. This is because the region has witnessed major defense-related sanctions, which heightens the demand for military radars for use in national and international defense forces. The U.S. is one of the strongest military forces in the world and is a key supplier of military radars to the global market. Moreover, it is home to a huge number of manufacturing companies operating at global level. However, the market in Asia-Pacific is likely to show the fastest CAGR of 8.1% during the forecast period. This is due to China’s, Japan’s, and India’s growing spending on defense products.
Leading Market Players
- Aselsan A.S.
- BAE Systems plc
- Israel Aerospace Industries
- Leonardo S.P.A.
- Lockheed Martin Corporation
- Saab AB
- Thales Group
- L3Harris Technologies, Inc.
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
The report analyzes these key players of the global military radar market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Similar Reports We Have on Military Industry:
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Military Computers Market Research Report 2023-2035
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3D RADAR Market Research Report 2023-2035
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