Pune, Sept. 16, 2020 (GLOBE NEWSWIRE) -- The global military radar market size is projected to reach USD 24.36 billion by 2027, exhibiting a CAGR of 7.52% during the forecast period. The steady increase in defense spending by major economies around the globe will be the primary growth driver for this market, finds Fortune Business Insights™ in its report, titled “Military Radar Market Size, Share & COVID-19 Impact Analysis, By Platform (Airborne Radar, Ground Radar, Naval Radar), By Range (Long, Medium, Short, Very Short) By Application (Weapon Guidance, Airspace Monitoring & Traffic Management, Airborne Mapping, Ground Surveillance & Intruder Detection, Navigation, Others), By Frequency (C-Band, S-Band, X-Band, L-Band, UHF/VHF, Ku/K/Ka-Band), By Component (Transmitter, Antenna, Receiver, Duplexer, Others), and Regional Forecast, 2020-2027”. According to the Stockholm International Peace Research Institute (SIPRI), in 2019, the total military expenditure rose to USD 1917 billion, globally.
Rising by 3.6% from 2018 levels, the largest spenders, who accounted for 62% of the total spending, were the US, China, India, Russia, and Saudi Arabia. Growth in military expenditure in some of the strongest economies in the world bodes well for this market as this would mean increased adoption of advanced defense technologies. Military radar systems, which are critical for militaries to conduct threat detection and surveillance operations, are also likely to experience surging demand as countries look to strengthen their defense capabilities.
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The report states that the global market value stood at USD 14.66 billion in 2019 and offers the following:
- Comprehensive study of the various factors driving the market;
- Qualitative analysis of the market’s restraining factors;
- Granular examination of all market segments; and
- Actionable research into the regional and competitive dynamics influencing market growth.
Market Restraint
Shifting Spending Priorities amid COVID-19 to Hinder Market Growth
The military radar market growth is expected to be hit by the COVID-19 pandemic as economic downturn in most parts of the world has forced countries to prioritize their spending. For example, in April 2020, the Indian Finance Ministry indicated cuts in defense budget that can go as high as 40%, slashing the USD 73.65 billion allocation earmarked by the government for 2020-21 by a substantial margin.
According to the International Institute of Strategic Studies (IISS), even NATO member states will struggle to meet their target of expending 2% of GDP for defense, with spending in real terms falling even more steeply. Reduced military expenditures will lead to delays in projects and even cancellation of military modernization programs planned, halting the adoption of advanced technologies such as military radars. However, the silver lining is that defense spending by the US and China is expected to remain stable, which may offset some of the losses predicted by companies.
List of the Leading Companies Profiled in the Global Military Radar Market are:
- Honeywell International (The U.S.)
- Airbus SAS (Netherlands)
- Israel Aerospace Industries (Israel)
- Thales Group (France)
- Northrop Grumman Corporation (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- General Dynamics (The U.S.)
- Leonardo S.p.A. (Italy)
- BAE Systems (The U.K.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
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Regional Insights
Liberal Defense Spending to Bolster Market Growth in North America
North America, with its market size standing at USD 9.74 billion in 2019, is expected to dominate the military radar market share during the forecast period owing to consistent expansion of the defense budget by the US. Moreover, the region has a strong presence of some of the largest players in the defense sector such as Raytheon and Boeing, who are constantly developing cutting-edge military technologies.
Asia Pacific is anticipated to generate several opportunities for the market on account of modernization of defense arsenal by China and India, intensification of border disputes, and brokering of defense deals with the US and other developed nations. In Europe, the market will be mainly driven by the development of advanced military technologies by Germany, France, Italy, and the UK as well as replacement of obsolete systems with modern ones.
Competitive Landscape
Key Players to Compete for Securing Defense Contracts
The competitive landscape of the military radar market is being shaped by the cutthroat race for defense contracts that the key players in this market are engaged in. These companies are aiming to enlarge their footprint and strengthen their network globally by providing next-gen military technologies to burgeoning economies.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Military Radar Market
- Impact of the COVID-19 pandemic on the Global Military Radar Market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
- Global Military Radar Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Platform
- Airborne Radar
- Ground Radar
- Naval Radar
- By Range
- Long
- Medium
- Short
- Very Short
- By Application
- Weapon Guidance
- Airspace Monitoring & Traffic Management
- Airborne Mapping
- Ground Surveillance & Intruder Detection
- Navigation
- Others
- By Frequency
- C-Band
- S-Band
- X-Band
- L-Band
- UHF/VHF
- Ku/Ka-Band
- By Component
- Transmitter
- Antenna
- Receiver
- Duplexer
- Others
- By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- By Platform
TOC Continued…!
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Industry Developments:
June 2020: The US Missile Defense Agency awarded a USD 2.3 billion contract to Raytheon Missiles & Defense to produce seven gallium nitrate-based radars as a component of the Terminal High Altitude Area Defense (THAAD) system. Part of this contract involves sale of military equipment to Saudi Arabia.
March 2020: Bharat Electronics Limited (BEL) secured a USD 40 million defense deal to provide indigenously-built military radar systems to Armenia, beating Russia and Poland for the contract. The radar system, called Swathi Weapon Locating Radars, has been developed by the Defense Research and Development Organization (DRDO) and Radar Development Establishment (RDE).
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