Radar systems are crucial in the detection of bombs and landmines that are not visible to the naked eye. One of the key products in high demand within the global military radar market are lightweight radars due to their immense potential in domestic defense. Additionally, the global military radar market is currently being driven heavily by an increase in spending by countries to beef up their border and domestic defenses.
Several current affairs in the world regarding civil unrest and terrorism are prompting multiple countries to amplify their defensive arrays, of which military radars form an irreplaceable component. However, the growing number of wind turbines being implemented in the world are a key hindrance to the use of military radars, as the movement of turbine blades can significantly degrade radar reception.
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The global military radar market is expected to reach US$9.36 bn by the end of 2024. It is projected at a CAGR of 2.4% within a forecast period from 2016 to 2024, in terms of revenue. By the end of 2016, the global military radar market is expected to reach US$7.78 bn.
North America to Continue Leading Demand for Military Radars
Geographically, the global military radar market can be segmented into North America, Europe, Asia Pacific, and Latin America, and the MEA region. In 2015, North America held the leading share in the global military radar market. This region holds the leading volume of defense related sanctions, boosting the overall demand for radar in national defense forces. The U.S. has one of the most powerful military forces in the world and is a key contributor to the revenue generation within the global military radar market.
North America was followed by Asia Pacific in terms of geographical share in value in the global military radar market, for 2015. The growth in this region is owed to the booming volume of defense activities carried out by nations such as China, India, South Korea, and Japan. APAC nations are currently facing serious issues on the infiltration front which is the key reason for the high defense budget allocations in the region. The global military radar market is thus consistently supported by the substantial purchases of military radar systems made by the emerging nations.
Airborne Military Radars Continue to be in High Demand
The global military radar market is segmented into ground-based, naval, airborne, and space-based radars on the basis of types. Out these, the global military radar market was led by the airborne military radars segment in 2015. The segment was valued at US$2.34 bn in 2015 which was the dominant share in the global military radar market at the time. The high demand for airborne military radars is expected to continue growing owing to the increasing risks of air strikes and airborne terrorist infiltration. The segment is likely to continue on a high rate of pioneering research and development activities and innovative approaches.
The leading players in the global military radar market till 2015 included Lockheed Martin Corporation, Raytheon Company, The Boeing Company, Northrop Grumman Corporation, BAE System PLC, Saab Sensis Corporation, Harris Corporation, ASELSAN A.S., Terma A/S, DRS Technologies Inc.