Dublin, July 15, 2019 (GLOBE NEWSWIRE) -- The "The Global Land-based Military Radar Market 2019-2029" report has been added to ResearchAndMarkets.com's offering.
The global land-based military radar market values US$4.8 billion in 2019, growing at a CAGR of 1.71% to value US$5.6 billion by 2029. The cumulative market for global expenditure on land-based military radar is projected to value US$54.1 billion over the forecast period.
This report offers a detailed analysis of the industry, with market size forecasts covering the next ten years. The report will also analyze factors that influence demand for land-based military radar equipment, key market trends, and challenges faced by industry participants.
Expenditure on the sector is expected to be driven by the ever growing demand for early threat detection and situational awareness systems, rising as a result of increasing territorial disputes and internal and external security threats.
The US is expected to account for the largest market, owing to maintain global military supremacy, with a dominant share of 38.8% of total land-based military radar market over the forecast period. The North American market is closely followed by Asia-Pacific region with a cumulative expenditure of US$21 billion, majorly accounted by countries such as China, India, Japan, Australia, and South Korea.
The global land-based military radar market includes four segments on the basis of functions which includes air-defense radar, ground and coastal surveillance radar, counter-battery radar and auxiliary radar. Air-defense radar is anticipated to account for the largest share of 51.8%, followed by ground and coastal surveillance radar, counter-battery radar and auxiliary radar with shares of 26.8%, 18.1% and 3.3% respectively over the forecast period.
In terms of segmentation by function, air-defense radar segment is expected to account for the highest spending with a share of 51.8% over the forecast period. The market is primarily driven by the development and procurement of missile and air-defense systems by countries such as the US, China, Russia, India, Japan, and Saudi Arabia. Air-defense radar segment is followed by ground and coastal surveillance radar which accounts for the second largest market with a share of 26.8% over the forecast period.
Counter-battery radar accounts for the third largest market with a share of 18.1% over the forecast period. The demand for counter-battery radar is a result of upgrade and replacement of obsolete artillery systems by major defense spending nations such as the US, China, India and Japan, who contribute to approximately 73.9% of the total counter-battery radar market.
In-depth analysis provided:
- Market size and drivers: detailed analysis during 2019-2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of military land radar segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2019-2029
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives, and financial analysis
Key Findings
- The global land-based military radar market is expected to grow at a CAGR of 1.71% over the forecast period.
- The market consists of four categories: air-defense radar, counter-battery radar, ground and coastal surveillance radar, and auxiliary radar. North America will dominate the sector with a share of 40.3%, followed by Asia-Pacific and Europe, with shares of 38.8% and 10.8%, respectively. The air-defense radar segment is expected to be the leading segment with a share of 51.8%.
Companies Mentioned
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Israel Aerospace Industries
- BAE Systems PLC
- Saab AB
- The Raytheon Company
- Indra Sistemas S.A.
- RADA Electronic Industries Ltd. (RADA)
- Aselsan
- Bharat Electronics Limited (BEL)
- Thales
For more information about this report visit https://www.researchandmarkets.com/r/e85de0
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