The worldwide military radar market is anticipated to attain about USD 8, 440 million by 2019. It is expected to expand at around 3 percent CAGR during 2013 to 2019. The said phase marks the forecast period. The military radar market is fragmented on the basis of kinds and geographical regions. The kinds market encompasses air-borne, naval, ground-based and space-based.
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The geographical regions military radar market consists of four significant geographies. These include Asia Pacific, Europe, rest of the world and North America. Military radar systems are used across military establishments for various purposes. Developments in technologies and growing demand for superior arms, devices and artillery are the prime elements, driving further demand for the military radar market.
The military radar market is predicted to grow considerably given the rising demand for high-tech arms and systems. Rising demand for radar systems across navy, army, air force and space based programs is escalating further demand for the military radar market. North America dominated the market in 2012. It was responsible for contributing maximum revenue.
Rising demand for military radar systems in North America owes to rising dangers from terrorist organizations. Asia Pacific follows North America and occupies the second biggest share. Expansion in this region is ascribed to rising innovations in developing countries, like Japan, China and India. China and the United States jointly made up for more than 40 percent of the share in the military radar market.
Both the nations are predicted to maintain similar status in the years ahead.
Information Source: Radiant Insights