Albany, NY, Jan. 27, 2016 (GLOBE NEWSWIRE) -- According to Transparency Market Research’s new research report, the global military radar market is exhibiting a 2.90% CAGR between 2013 and 2019. The market’s 2012 value of US$6.9 bn will rise to a value of US$8.4 bn by 2019, should this CAGR hold true. The report, converges all factors that influence the global military radar market in order to devise an accurate market forecast.
According to the report, the primary driver for the global military radar market is the growing concern over national security. This concern, coupled with the desire of several emerging countries to become a global superpower has bolstered the growth rate of the global military radar market. Radar technologies are being adopted across all areas of defense forces and in all aspects of land, air, and naval warfare.
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Other areas that utilize military radar technologies include government bodies that use them to ascertain the potential occurrence of natural calamities such as earthquakes. In the event of a natural calamity, military radar can help pinpoint the magnitude, location, and time of the event, thereby allowing nations to save as many lives as possible. Military radar has also been used in locating missing objects, such as in the search for the missing Malaysian Airlines Flight 370.
The global military radar market in 2012 was led by the segment of ground-based military radars. The segment captured 33.5% of the global military radar market in 2012, which was due to the major conflicts that occurred on land. For the airborne military radar segment, a 3.1% CAGR is expected in the forecast period. This high growth rate can be attributed to the pioneering activities carried out in terms of R&D and innovation in terms of design of military aircraft and the way they use military radars.
In terms of geography, the global military radar market in 2012 was led by North America. The North America military radar market’s demand was generated mostly due to the mounting threats from terrorist groups. Asia Pacific follows North America in terms of demand in the global military radar market, due to industrial and military developments in the nations of China, South Korea, India, and Japan.
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In terms of countries, more than 40.0% of the global military radar market was held by the U.S. and China collectively. These two superpowers are expected to maintain their lead in the market for the foreseeable future. The China military radar market is expected to show a 3.40% CAGR within the report’s forecast period. Key players in the global military radar market are DRS Technologies, ASELSAN Inc., Terma A/S, Saab Sensis Corporation, Harris Corporation, BAE Systems, Raytheon, Northrop Grumman Corporation, and Lockheed Martin Corporation. The global military radar market is reported to be a heavily competitive market, however, it is oligopolistic in nature and the five biggest companies in the market control 54.0% of it.
Key segments of the Global Military Radar Market
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Source:Transparency Market Research