Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The Military Radar Market size was valued at USD 15.9 Billion in 2023 and is expected to reach USD 25.2 Billion by 2032 at a CAGR of 5.3%.
The demand for military radar experienced notable growth, driven by increased military expenditures worldwide. This trend will continue over the forecast period due to the escalating demand for modernizing military equipment and legacy systems. Radar systems with high accuracy, reliability, and enhanced performance have become essential for the modern defense sector. Additionally, there is a heightened emphasis on cost-effectiveness in military operations, prompting manufacturers of military radar systems to focus on balancing quality and cost while providing retrofit solutions to meet the evolving needs of modern defense.
The growing imperative to bolster technology and military capabilities to counter various threats and intrusion attempts further fuels the demand for radar systems. As the demand for advanced arms systems and military firepower rises, significant growth is anticipated in the market. According to Global FirePower, nations such as South Korea, Japan, Turkey, Iran, and Israel have witnessed substantial increases in their military capabilities in 2024. Moreover, developing countries in the Asia-Pacific (APAC) and Middle East regions are bolstering their fleets of vessels with modern systems and capabilities. Consequently, the military radar market will follow a high-growth trajectory in the coming years.
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Segmentation Overview:
The global military radar market has been segmented into type, component, technology, frequency band, application, and region. Based on application, the military radar market is segmented into weapon guidance, airspace monitoring & traffic management, airborne mapping, ground surveillance & intruder detection, navigation, and others. The airspace monitoring & traffic management segment held a significant market share in 2023.
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Military Radar Market Report Highlights:
- The global military radar market growth is anticipated at a CAGR of 5.3% by 2032.
- The military radar market is estimated to gain traction over the forecast period owing to the increasing demand for modernizing military equipment and legacy systems.
- North America is a leading region for military radar due to increased military budget spending.
- Some prominent players in the military radar market report include Lockheed Martin Corporation, Northrop Grumman Corporation, BAE Systems, Israel Aerospace Industries, Bharat Electronics Ltd., Raytheon Technologies Corporation, Saab AB, Thales Group, Leonardo S.p.A and Airbus S.A.S.
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Military Radar Market Segmentation:
By Type: Ground-based, naval, airborne, space-based.
By Component: Transmitter, antenna, receiver, duplexer, and others.
By Technology: Software-defined radar (SDR), quantum radar, traditional/noise radar.
By Frequency Band: C-band, S-band, X-band, L-band, UHF/VHF, Ku/K/Ka band.
By Application: Weapon guidance, airspace monitoring & traffic management, airborne mapping, ground surveillance & intruder detection, navigation, and others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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