#MilitaryRadarMarket Growing at 6.5% CAGR to Generate $25.1 Billion by 2031
According to a new report published by Allied Market Research, titled, “Military Radar Market,” The military radar market was valued at $13.9 billion in 2021, and is estimated to reach $25.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In addition, Asia-Pacific is expected to grow at the highest growth rate over the forecast period, owing to the rising defense investment.
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The aircrafts in military are used for various tasks such as airlifting troops, cargo resupply, firefighting, and medical evacuation. Various countries have concentrated to modernize their military aircrafts, and some fleet modernization programs are already in work. With the rise in traffic of air passengers, the airline companies are putting orders for new aircraft to expand and modernize their convoys. Likewise, many developing countries are endeavoring to boost their aerial combat and transport capabilities, which is creating new orders for military aircraft. Such factors are concurrently creating demand for military radar in airborne.
The demand for military radar systems on land is increasing as it reduces the requirement for non-specialized radar systems. Moreover, it is also efficient enough to detect low-flying aircraft, land vehicles, marine vessels, personnel, and avian targets. Such capabilities make it ideal for accurate surveillance results, thereby increasing the demand for military radar in land globally.
The plans of military forces to modernize the military equipments is expected to drive the sales of military radar. Modern warfare is taking place in compactly populated urban areas, is posturing challenges of growing injuries, compelling department of defense around the world to invest suggestively in the procurement of different ranges of military radars. Hence boosting the demand across the world.
The rise in demand for surveillance in naval platform has forced military radar manufacturers to upgrade their products. The advancements in military radar technologies lead to more adaption of the naval radar in the market over the forecast period. Additionally, factors such as increasing naval expenditure by developed economies is also bolstering the military radar market growth.
The surge in purchasing powers of various countries has also increased competition among businesses. Also, the influx of various businesses into marine tourism yet again improved the use of military radars in naval platform. This factor also attributes to the growth of the market during the forecast period.
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https://www.alliedmarketresearch.com/military-radar-market/purchase-options
North America has witnessed major defense-related sanctions, which increases the demand for military radar for use in international and national forces of defense. The U.S. has the strongest forces of military in the world and is a key supplier of military radar to the global market. Moreover, the U.S. is home to a huge number of manufacturing companies operating at global level including Lockheed Martin and Northrop Grumman Corporation.
The Privatization of the space exploration sector in the Europe region is projected to propel sales in the market over the forecast period. In recent years, the government has also supported private companies to launch commercial space flights, which has led to higher adoption of military radar system.
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The pandemic has also impacted the growth opportunities of various regions in a negative manner. Several countries were imposed to strict restrictions due to lockdown to limit the spread of COVID-19. This part had caused in the weakening of the economy, directly impacting the monetary allocations of the government bodies of several countries.
KEY FINDINGS OF THE STUDY In Military Radar Market
By component, the duplexer segment is projected to dominate the global military radar market in terms of growth rate.
By range, the long segment is projected to dominate the global military radar market in terms of growth rate.
By frequency, the others segment is projected to dominate the global military radar market in terms of growth rate.
By application, the space situation awareness segment is projected to dominate the global military radar market in terms of growth rate.
By platform, the naval segment is projected to dominate the global military radar market in terms of growth rate.
The key players operating in the military radar market are Aselsan A.S., BAE Systems plc, Israel Aerospace Industries, L3Harris Technologies, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Saab AB, Thales Group, and The Raytheon Company.
#MilitaryRadarMarket Growing at 6.5% CAGR to Generate $25.1 Billion by 2031
According to a new report published by Allied Market Research, titled, “Military Radar Market,” The military radar market was valued at $13.9 billion in 2021, and is estimated to reach $25.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In addition, Asia-Pacific is expected to grow at the highest growth rate over the forecast period, owing to the rising defense investment.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/A47400
The aircrafts in military are used for various tasks such as airlifting troops, cargo resupply, firefighting, and medical evacuation. Various countries have concentrated to modernize their military aircrafts, and some fleet modernization programs are already in work. With the rise in traffic of air passengers, the airline companies are putting orders for new aircraft to expand and modernize their convoys. Likewise, many developing countries are endeavoring to boost their aerial combat and transport capabilities, which is creating new orders for military aircraft. Such factors are concurrently creating demand for military radar in airborne.
The demand for military radar systems on land is increasing as it reduces the requirement for non-specialized radar systems. Moreover, it is also efficient enough to detect low-flying aircraft, land vehicles, marine vessels, personnel, and avian targets. Such capabilities make it ideal for accurate surveillance results, thereby increasing the demand for military radar in land globally.
The plans of military forces to modernize the military equipments is expected to drive the sales of military radar. Modern warfare is taking place in compactly populated urban areas, is posturing challenges of growing injuries, compelling department of defense around the world to invest suggestively in the procurement of different ranges of military radars. Hence boosting the demand across the world.
The rise in demand for surveillance in naval platform has forced military radar manufacturers to upgrade their products. The advancements in military radar technologies lead to more adaption of the naval radar in the market over the forecast period. Additionally, factors such as increasing naval expenditure by developed economies is also bolstering the military radar market growth.
The surge in purchasing powers of various countries has also increased competition among businesses. Also, the influx of various businesses into marine tourism yet again improved the use of military radars in naval platform. This factor also attributes to the growth of the market during the forecast period.
Buy This Research Report: https://www.alliedmarketresearch.com/military-radar-market/purchase-options
North America has witnessed major defense-related sanctions, which increases the demand for military radar for use in international and national forces of defense. The U.S. has the strongest forces of military in the world and is a key supplier of military radar to the global market. Moreover, the U.S. is home to a huge number of manufacturing companies operating at global level including Lockheed Martin and Northrop Grumman Corporation.
The Privatization of the space exploration sector in the Europe region is projected to propel sales in the market over the forecast period. In recent years, the government has also supported private companies to launch commercial space flights, which has led to higher adoption of military radar system.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A47400
The pandemic has also impacted the growth opportunities of various regions in a negative manner. Several countries were imposed to strict restrictions due to lockdown to limit the spread of COVID-19. This part had caused in the weakening of the economy, directly impacting the monetary allocations of the government bodies of several countries.
KEY FINDINGS OF THE STUDY In Military Radar Market
By component, the duplexer segment is projected to dominate the global military radar market in terms of growth rate.
By range, the long segment is projected to dominate the global military radar market in terms of growth rate.
By frequency, the others segment is projected to dominate the global military radar market in terms of growth rate.
By application, the space situation awareness segment is projected to dominate the global military radar market in terms of growth rate.
By platform, the naval segment is projected to dominate the global military radar market in terms of growth rate.
The key players operating in the military radar market are Aselsan A.S., BAE Systems plc, Israel Aerospace Industries, L3Harris Technologies, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Saab AB, Thales Group, and The Raytheon Company.
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