Global military radar market will reach $162.1 billion cumulatively by 2027, says study
AMSTERDAM. The global military radar market, valued at $14 billion in 2017, is expected to grow at a combined annual growth rate (CAGR) of 2.46 percent over the next 10 years, to reach $17.8 billion by 2027, and at the end of the forecast period will cumulatively be worth a total of $162.1 billion, according to a recent study, "The Global Military Radar Market 2017-2027," published by ASDReports.
According to the market study, the military radar arena consists of five categories -- airborne radar, ground-based radar, naval radar, space-based radar, and sonar systems -- with ground-based radar systems generating the highest share of the market, at 35.6 percent.
North America is forecast to dominate the sector with a share of 38.3 percent, followed by Asia-Pacific and Europe, which will account for 28.3 percent and 19.6 percent, respectively. The Middle East, Latin America, and Africa are expected to account for 13.6 percent of the market during the forecast period.
The military radar market will be driven, says information in the report, by several factors: Demand from unmanned platforms for radars to drive spending over the forecast period, the rise of active electronically scanned array (AESA) technology, the increased threat of missile attacks by belligerent nations and terrorist groups, and governments' improvements of ground-based radar for missile and air defense.