The military radar market is expanding at significant pace due to increasing military activities across the globe, finds Transparency Market Research. Some of the prominent players operating in the global military radar market are Northrop Grumman, Saab, Raytheon, Israel Aerospace Industries, Leonardo, Terma, and BAE Systems
These players are adopting several strategies such as technological innovation, product launch, collaboration and mergers and acquisitions to strengthen their market share. Apart from this, favorable government schemes regarding the research and development of military radar is a positive growth sign.in the military radar market. In March, 2019 UK Government organized an event with a vision to collaborate several players to develop next-generation air power system. The similar activities are noted in several other countries as well. This is expected to strengthen the military radar market during the forecast period.
According to TMR, the global military radar market is expected to touch a valuation of US$9.36 bn by the end of 2024. The market is projected to rise at a steady 2.4% CAGR from 2016 to 2024. The analysts noted the market at a valuation of reach US$7.78 bn in 2016.
Geographically, North America is expected to dominate the global military radar market throughout the forecast period. This is mainly due to the increasing investment in military radar system to retain technological superiority by the U.S. On the basis of type, airborne military radars segment is expected to lead the market owing to the increasing risks of air strikes and airborne terrorist infiltration.
Pioneering Research and Development Activities to Drive Market Growth
The radar system is a powerful technology, emerging at a very fast pace. The prominent feature that prompted countries to invest in radar mechanism is its high potential to retaliate undesirable enter in the county’s territory`. Owing to this, countries are spending heavily in radar mechanism to tight border security and defense. On account of this, the global military radar market is expected to grow in the coming years as countries become alert on the security issues.
Apart from this, there are several programs ongoing to improve the capability of air radar. Some of them are Air and Missile Defense Radar (AMDR) program, the Acoustic Rapid COTS Insertion (A-RCI) program, the Space Fence program, procurement of AN/TPS-59, AN/TPS-63, and AN/TPS-80 radar systems. These programs are anticipated to fuel the prospect of the military radar market.
Increasing Set up of Wind Mill to Impede Growth
Despite growing application, the growth in the global military radar market is expected to hamper by several factors. One of the foremost factors that is expected to restraint growth in the market is increasing use of wind mill. The moving wings of windmill confuse military radar systems and thus obstruct their functioning.