The Military Radars Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Military Radars Global Market Report 2024, The military radars market size has grown strongly in recent years. It will grow from $61.38 billion in 2023 to $65.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to national security and defense, technological advancements, threat detection and tracking, electronic warfare (ew).
The military radars market size is expected to see strong growth in the next few years. It will grow to $82.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rapid technological advancements, counter-uas and counter-hypersonic capabilities, integration of radar with c4isr systems, geopolitical tensions. Major trends in the forecast period include stealth and low observability detection, digital signal processing (dsp), c4isr integration, green radar technology.
Growth in defense spending by emerging economies has contributed to the growth of the military radar market. Military spending includes operation, maintenance, procurement of weapons and armoured vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh straight year that spending increased. China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China’s military spending has increased for the past 27 years. The growth in defense spending by emerging economies drove the military radar market.
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The military radars market covered in this report is segmented –
1) By Type: Land Radar; Naval Radar; Airborne Radar; Space-Based Radar
2) By Functionality: Surveillance And Airborne Early Warning Radar; Tracking And Fire Control Radar; Multi-Function Radar; Synthetic Aperture And Moving Target Indicator Radar; Ground Penetrating Radar
3) By Application: Weapon Guidance; Airspace Monitoring And Traffic Management; Ground Surveillance And Intruder Detection; Air And Missile Defense; Navigation; Airborne Mapping; Ground Force Protection And Counter-Battery; Mine-Detection And Underground Mapping
The military radars market report table of contents includes:
1. Executive Summary
2. Military Radars Market Characteristic
3. Military Radars Market Trends And Strategies
4. Military Radars Market – Macro Economic Scenario
5. Global Military Radars Market Size and Growth
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26. South America Military Radars Market
27. Brazil Military Radars Market
28. Middle East Military Radars Market
29. Africa Military Radars Market
30. Military Radars Market Competitive Landscape And Company Profiles
Top Major Players:
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Thales Group
- BAE Systems PLC
- Israel Aerospace Industries
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