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The global military radar market size is expected to reach USD 19.56 billion by 2026, exhibiting a CAGR of 4.21% during the forecast period. The increasing focus of manufacturers on dual-band radar systems, owing to their frequency diversity and resource sharing, will be a key factor in boosting the military radar market trends.
For instance, the system was first installed in the U.S. Navy, capable of operating simultaneously on two frequency bands, named S-band and X-band.
List of prominent companies that are operating in the global military radar market is:
●Aselsan AS ●BAE Systems ●Harris Corporation ●Israel Aerospace Industries ●Leonardo SPA ●Lockheed Martin Corporation ●Northrop Grumman Corporation ●Raytheon Company ●Saab AB ●Terma A/S ●Thales Group |
The benefits offered by the dual-band radar systems, such as improved reliability, ease of maintenance, and unmanned operation, will impel major companies to manufacture military radars. For instance, in January 2019, Raytheon Company received USD 98.8 million in contracts from the U.S. Navy.
The contract includes perpetual research and development support for the Army-Navy Transportable Radar Surveillance Control Model-2 and Sea-Based X-Band radar.
This contract will aid in the healthy growth of the market in the foreseeable future.
The report provides an all-encompassing summary of the military radar market size. An all-inclusive and detailed study of innovations and advancements that took place in recent times.
It provides profound data and statistics on various aspects of the market and offers dynamic insights into the prevailing trends of the market.
It delivers information on market drivers, market restraints, industry developments, and segmentation, besides sharing insights on the competitive ranking of key players.
“Increasing Modernization Initiatives and Programs to Offer Lucrative Business Opportunities”
The growing government initiatives for upgrading existing systems and equipment as pre-existing equipment in the military have become obsolete.
This factor is fuelling demand for military radar. Furthermore, the rapid surge in modernization programs such as the Philippines (AFP) modernization program, the Indian government military modernization program, and the U.S. modernization program will create lucrative sales opportunities.
For instance, India is planning to spend USD 150 billion in the next ten years to modernize its military equipment and infrastructure.
Additionally, the upgrading of conventional systems with advanced technology-based systems is expected to accelerate the radar market growth.
“Growing Concern Regarding Border Security Will Stimulate Healthy Growth.”
The increasing focus of countries on strengthening their defense domain will facilitate the growth of the market. The increasing border security issues and transnational security threats will further promote the adoption of military radar.
Maritime disputes in the South China Sea and border disputes in the Asia Pacific and the Middle East will shift the focus towards increasing their defense expenditure. For instance, in 2018, the Government of India had spent over $54 billion on the defense sector for development and infrastructure facilities for the armed forces and further improving combat capabilities.
The country procured a broad range of systems and equipment, such as weapons systems, missiles, fighter jets, submarines and warships, drones, radar systems, and surveillance equipment.
Similarly, China is also spending a huge amount of money on its defense systems and infrastructure.
For instance, in 2018, China spent around $175 billion in its defense domain.
Industrial Developments
2018: Lockheed Martin Corporation received a contract worth USD 1,200 million with the Japanese Government. Japan is planning to install two Aegis Ashore stations in response to North Korea’s ballistic missile program.