The military radar market is projected to witness substantial growth over the forecast period on account of increasing demand for improved security services. Owing to the progress in technology, many complications such as aging technology and outdated warfare equipment have been overcome. Rising number of navigation and lightweight radars, which are executed by Unmanned Aerial Vehicles (UAVs) are the major driving factors in the military radar market. The military radar systems are projected to have a significant share of the entire defense sector in the near future.
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Renewal and modernization programs along with increased procurements for national safety and security are the major trends influencing market growth. The safety of radar systems is based on productions, maintenance, radar procurements, operations, and research & development. Fluctuations in military operations including global transfer in defense power are expected to restrain market growth over the forecast period. Dynamic government investment in military and interoperability communication as well as military budget limitations are anticipated to hinder the military radar market. Wind turbines are predicted to pose a danger for weather radars in the military radar market. Major areas of concern in the market are deployment of missile defense, border, and air radar. These would negatively impact the military radar market.
The military radar market can be categorized on the basis of types into ground-based, space-based, and airborne systems. The market is anticipated to be driven by airborne systems over the coming years owing to rising security and economic concerns. Military radar systems are extensively utilized in diverse sections of military forces such as the army, navy, and air force. In order to overcome the threats of wars, military radar systems are being continuously upgraded. This development is mainly attributed to advancements in warfare technology and growing demand of aircrafts and fighter jets.
North America is projected to have significant growth in the military radar market on account of threats from external forces and terrorist groups. Asia Pacific is expected to have a major market share over the next six years. Countries such as China, India, South Korea, and Japan are poised to have considerable military radar purchases over the forecast period. China is expected to make huge investments in the defense sector in order to emerge as in the overall military radar market. This is anticipated to boost the regional market demand of military radar systems over the next six years.
Major players in the military radar market are Saab Sensis Corp., Terma A/S, BAE Systems, Harris Corp., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon, DRS Technologies, ASELSAN Inc., and Boeing. The military radar market is mostly oligopolistic in nature, as there are no market players with the largest market share and the market is basically influenced by government tenders.
Information Source: Grand View Research