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Increasing Terrorism Worldwide Compelling Nations to Install Advanced Military Radar Systems
October 10, 2016 | Transparency Market ResearchEstimated reading time: 3 minutes
Growth witnessed by the global military radar market has remained steady over the last few years. The vendor landscape of the market for all these years has remained highly fragmented with local players, excluding a few leading companies holding around 46% of the market, based on value in 2013, finds Transparency Market Research (TMR). The top five companies holding lead in the global military radar market are Saab Sensis Corporation, ASELSAN Inc., Terma A/S, Harris Corporation, and DRS Technologies.
The global military radar market is poised to reach US$8.4 bn by the end of 2019, from a valuation of US$7.1 bn in 2013. The market is therefore poised to exhibit a CAGR of 2.9% between 2013 and 2019. Regionally, North America reported dominance in the global market with a share of 33% based on value in 2012. Besides this, Asia Pacific is also projected to exhibit lucrative opportunities for the market during the forecast period. By type, ground based and airborne segments led the market in 2012. Among these, the ground based radar segment dominated the market with a share of 30.50% in terms of value in the year.
Need for Technologies to Foil Terrorism Plots to Boost Demand for Military Radar
With the increasing incidents of terrorist activities worldwide, nations are focusing on the technology for advanced detection of landmines and bombs. “Despite the technology being in practice since the World War, the demand for radar systems has begun increasing with the advancement in the warfare technology,” said a lead TMR analyst. As the market has considerable government support, the growth it witnesses will remain steady throughout the forecast period.
Nations around the world have been increasing their defense budget to enhance their capabilities in naval vessels, missile defense systems, and military aircrafts. With researches underway to integrate capabilities of diverse radar, without compromising on the technological front, in future the military radar market is expected to report growth at a higher rate. The market is also expected to gain from the accelerating demand for lightweight radars.
Wind Turbines Objecting Signals Could Hinder Growth of Military Radar Market
Despite, witnessing sustainable growth, the market is unable to report growth to its full potential due to wind turbines. Radar technology is built for detecting any moving object hence the spinning turbine blades often create interference, thereby degrading the available signal. The wind turbines often reflect signals back to the radar system, thus leaving a blank spot. This could have an impact on the ongoing developments in short and medium term. However, the factor is expected to have lesser influence on the market in the long term.
Rising Border Protection Issues to Bolster Installation of Military Radars Worldwide
Several countries worldwide are witnessing border protection issues with illegal trespassing and trafficking on the rise. The situation has motivated nations to empower their border security using virtual electronic fence systems. This will boost installation of military radars around the world. Moreover, various nations are looking to develop domestic military radar producing capabilities by establishing strategic alliances and technology transfer agreements. This trend is expected to bolster opportunities for military radar manufacturers in both national and international markets.
This review is based on information published by TMR in a report, titled “Military Radar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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