According to a new market report
published by Transparency Market Research “Military Radar Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2013 - 2019,” the market is expected to reach a
value of USD 8,440 million by 2019, growing at a CAGR of 2.9% from 2013 to
2019. Growing demand of radar based systems in military forces such as the
army, navy, air force and also in space based programs conducted by the defense
forces has led to the increase in demand of military radar. North America was
the largest contributor in the military radar market and accounted for the highest share in 2012.
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There are several types of radar
systems used in the military such as ground based, naval, air force and space
based. In 2012 ground based accounted for the highest share with a percentage
share of 33.5%. This is because many of the wars or conflicts are fought on
land and to combat such threats land based radar systems are being upgraded.
The air borne segment is expected to grow at the highest CAGR of 3.1% from 2013
to 2019. This growth is primarily attributed to the growing advancements in
warfare technology and increasing demand of aircrafts and fighter jets.
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Geographically, North America held
the largest market share in 2012. The demand for military radar systems in
North America is primarily driven by the growing threats from external forces
such as the terrorist groups. North America is followed by Asia Pacific in
terms of geographical market share. The growth in the region is attributed to
the growing developments in the emerging nations such as China, India, Japan
and South Korea among others.
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Aeronautics Market Research Reports at http://www.transparencymarketresearch.com/defense-and-aeronautics-market-reports-21.html
The U.S. and China together accounted
for over 40% of the global military radar market share and they are expected to
maintain their position throughout the estimated period. China in its bid to
emerge to emerge as the world super power has invested significantly in its
defense forces. This has led to growth in demand for such advance systems in
the country. The radar market in China is expected to grow at a CAGR of 3.4%
during the forecast period.
Top five players have a combined
share of 54% and no player has the largest share as the market is largely
driven by government tenders. As a result of which military radar market is
oligopolistic in nature. Lockheed Martin Corporation, Northrop Grumman
Corporation, Raytheon, BAE Systems, Boeing, Harris Corporation, Saab Sensis
Corporation, Terma A/S, ASELSAN Inc., and DRS Technologies among others are
some of the key players in the market.
Download PDF at Military Radar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
