Global Military RADAR Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10 Billion by 2024 from $8 Billion in 2016, growing at a CAGR of 2.6% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 3% and 2.5%, respectively, during the forecast period.
The global military RADAR market is majorly driven by increasing technological advancements along with growing cross border disputes and high demand for hi-tech weapons. Furthermore, increasing investments by government and rise in R&D activities are also expected to boost the growth of the market. However, economic recession leading to low budget allocation may hinder the growth of the market. Furthermore, untapped markets in growing economies and demand of real time data & high resolution image mapping would provide growth opportunities in the upcoming years.
The military RADAR market has been bifurcated into type and geography. Type segment is further categorized into ground based, airborne, space based and naval. Ground based sub segment accounted the highest market share in 2016.
The global military RADAR market by geography has been segmented on the basis of North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific is the fastest growing region in the global military RADAR market, driven by conflicts among countries such as India and Pakistan and increasing terrorist activities. North America accounted the largest share of the market followed by Asia Pacific in the year of 2016.
The key players of global military RADAR market include BAE Systems PLC., The Boeing Company, Lockheed Martin Corporation, DRS Technologies Inc., Saab Sensis Corporation, Raytheon Company, General Dynamics Corporation, Harris Corporation, Thales Group and Northrop Grumman Corporation, among others.