Selbyville, Delaware, According to the research report titled ‘Global Military Radars Market Size study with COVID-19 impact, by Radars Type (Naval, Airborne and Space based), and Regional Forecasts 2020-2027’, available with Market Study Report LLC, Global Military Radars Market to reach USD 18.27 Billion by 2027 and was remunerated at USD 14 billion in 2019 and is expected to grow with a CAGR of 3.38% during 2020-2027.
Government emphasis on replacement of outdated systems, and emergence of solid state electronics are few of the factors propelling the growth of global military radars market.
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For those unversed, radars in military are used for surveillance purposes, to identify and track movement of the target, as well as assist in directing weapons and taking countermeasures against the target. It finds applications in vehicle search, weapons location, moving target indication (MTI), air traffic control (ATC), fire control, missile control, and ground surveillance.
The outbreak of COVID-19 pandemic is anticipated to have a trivial impact on global military radars industry share, as the business is set to expand further in the approaching years, attributable to increasing concerns regarding security and soaring expenditure on defense by the government.
Major contenders influencing global military radars market Size are Thales Group, Saab Group, Ferro Corporation, Raytheon Company, Northrop Grumman Corporation, Lockheed Martin Corporation, Israel Aerospace Industries Ltd., General Dynamics Corp., Leonardo S.p.A. (formerly Finmeccanica S.p.A.), and Airbus Group.
According to Government of India, in 2018, USD 57 billion was assigned for defense spending, while the budget increased to USD 65.86 billion in 2020. Similarly, United States Department of Defense discretionary budget allocated USD 721.5 billion for defense in 2020, which is an increase from USD 686.1 billion in 2019.
On the downside, hefty cost of development of military radars is likely to negatively impact the industry remuneration over the study period.
With respect to radars type, the market is divided into space based, airborne, and naval. Coming to the geographical fragmentation, worldwide military radars market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World.
As per the report, North America leads the overall market forecast presently, creditable to increasing expenditure in defense. On the other hand, Asia Pacific military radars industry is poised to witness an upward growth trajectory through 2027, on account of rising transnational disputes & regional instability, coupled with increasing defense expenditure.
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