The Military Radar Market to Reach US$18.6 Billion by 2026 and US$167.6 Billion Cumulatively Value
PUNE, India, January 23, 2017 /PRNewswire/ --
The demand for global military radars market is expected to be primarily driven by the growing importance of unmanned platforms and modernization of existing military radar systems. Additionally, advent of technologically enhanced radar systems such as Active Electronically Scanned Array (AESA) coupled with changing warfare tactics are also providing significant push to the growth of the global military radar market. Along with the major defense spenders in every region, the smaller countries are also undertaking modernization initiatives for installation of improved radar systems for their armed forces.
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The global military radar market, valued at US$15.5 billion in 2016, is projected to grow at a CAGR of 1.84% over the forecast period period, to reach US$18.6 billion by 2026 and cumulatively value US$167.6 billion. The market consists of five categories: airborne radar, ground-based radar, naval radar, space-based radar and sonar systems. The market is expected to be dominated by airborne radar systems, which will account for 28% of the market, followed by ground-based, naval and sonar systems with shares of 25%, 20%, and 15% respectively. The remaining 11% will be accounted for by space-based radar systems. North America is forecast to dominate the sector with a share of 36%, followed by Asia Pacific and Europe, with shares of 26% and 23% respectively.
Companies mentioned are Northrop Grumman, Lockheed Martin, Boeing, BAE Systems, Saab, Harris Corporation, Raytheon, ELTA Systems, Selex ES, Rheinmetall, Honeywell International, Aselsan and Thales-Raytheon Systems Company.
Market Dynamics
Demand Drivers: Analysis of factors that trigger spending within the sector
Trends: Prevalent practices, industry consolidation and procurement patterns within the market
Technological Developments: New products, processes and innovations recently inducted within the sector
Key Challenges: Obstacles affecting sector growth
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Military Radar Market -Segment Analysis: Airborne, Ground-based, Naval, Sonar and Space-based
Competitive Landscape Analysis
Competitive analysis -16 leading companies
Major Products and Services
Major Alliances and Recent Contracts
Financial Analysis covering Revenue, Operating Profit and Net Profit
Reasons to Buy
Determine prospective investment areas based on a detailed trend analysis of the global military radar market over the next ten years. Gain in-depth understanding about the underlying factors driving demand for different military radar systems segments in the top spending countries across the world and identify the opportunities offered by each of them. Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others. And more.
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