Pune, March 10, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider analysis, with advancements in technology, military forces worldwide are upgrading their defense systems and equipment, including radars, to meet new threats and improve their capabilities. This is driving major growth for the military radars market.
The Military Radars Market had a value of USD 15.95 billion in 2022, and is anticipated to reach USD 23.39 billion by 2030, with a projected CAGR of 4.9% during the forecast period spanning from 2023 to 2030, as per the report by SNS Insider.
Market Report Scope
Military radars are an integral component of defense systems worldwide, and their importance has been increasing with the advent of modern warfare techniques. The need for early warning systems, intelligence gathering, and threat detection in the battlefield has led to the development of advanced radar technologies. These technologies are designed to detect and track various targets, such as aircraft, missiles, ships, and ground vehicles.
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Military Radars Market Overview
| Report Attributes | Details |
| Market Size in 2022 | US$ 15.95 Billion |
| Market Size by 2030 | US$ 23.39 Billion |
| CAGR | CAGR of 4.9% From 2022 to 2028 |
| Key Segments | • By End-User (Air Force, Army, Navy) • By Military Radar Type (Ground-based, Naval, Airborne, Space based) • By Dimension (2D, 3D, 4D) • By Type (Surveillance & Airborne Early Warning, Tracking & Fire Control Radar, Multi-Function Radar, Synthetic Aperture & Moving Target Indicator Radar, Weapon Locating Radar, Ground Penetrating Radar) • By Range (Very Short, Short Range, Medium Range, Long Range) |
| Company Profiles | Saab AB, Leonardo S.p.A, ASELSAN A., Northrop Grumman Corporation, Raytheon Technologies Corporation, L3Harris Technologies, Inc., Thales Group, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., BAE Systems. |
| Key Drivers | • Radar and air defense systems Increasing procurement |
| Restraints | • Incorporating these devices into national defence networks comes at a high cost. • These systems are extremely expensive to launch and maintain. |
Market Analysis
The increasing demand for surveillance and reconnaissance capabilities in the military sector has been one of the primary drivers of growth in the military radars market. Moreover, the increasing trend towards modernization of defense equipment and the adoption of advanced technologies by various countries are also expected to contribute to the growth of the market. Governments worldwide are investing in the development of advanced military equipment and systems to enhance their defense capabilities, and military radars are a crucial component of this effort.
Impact of Russia and Ukraine War
The conflict between Russia and Ukraine has had a significant impact on various industries, including the military radars industry. The market for military radars has seen an increase in demand as countries in the region seek to modernize their defense systems to prepare for potential threats. Companies are investing heavily in research and development to create more advanced radar systems that can detect and track new types of threats. This has led to the development of more sophisticated radar technologies.
Key Regional Development
The military radars market is seeing a significant boost due to various programs and initiatives, including the Air and Missile Defense Radar (AMDR) program and the Three Dimensional Expeditionary Long-Range Radar (3DELRR) program, which are primarily driving growth in the North America region. Apart from North America, the Asia-Pacific region is also witnessing a surge in demand for military radars due to rising political tensions and border disputes in countries such as India and China. These countries are investing heavily in modernizing their defense systems, and military radars are an essential component of their defense infrastructure.
Recent Developments Related to Military Radars Market
- Raytheon, a leading American defense contractor, has been contracted by the UK Ministry of Defence to develop a laser weapon project that includes the provision of E-scan radars. The E-scan radar technology will be critical in the success of the laser weapon project, as it will provide the necessary detection and tracking capabilities to ensure the laser beam is accurately aimed and delivered.
- Ontic, a manufacturer of avionics components, has recently signed three license agreements with Honeywell, a leading technology company, to provide a variety of radar systems, navigation products, and communication product lines. This collaboration will allow Ontic to expand its product line and offer its customers a wider range of aviation solutions.
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Key Takeaway from Military Radars Market Study
- The airborne segment is predicted to experience the highest compound annual growth rate (CAGR) in the coming years. The demand for UAVs is steadily increasing as they offer a cost-effective and efficient alternative for performing various tasks such as surveillance, reconnaissance, and intelligence gathering.
- The demand for long-range radar systems is expected to increase significantly in the coming years, particularly in the field of naval surveillance and marine operations. This growth is likely to be driven by the need for improved situational awareness and early detection of potential threats.
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