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Military Radars Market to Grow $15.42 Billion by 2022
April 10, 2018 | Business WireEstimated reading time: Less than a minute
The military radars market is projected to grow from $13.06 billion in 2017 to $15.42 billion by 2022, at a CAGR of 3.38% from 2017 to 2022.
The increasing defense expenditure of emerging economies, such as China, India, and Saudi Arabia is expected to offer several growth opportunities for stakeholders in the military radars market. This, combined with increasing R&D activities on solid-state electronics for the development of military radars with longer detection range, is expected to propel the growth of the military radars market across the globe during the forecast period from 2017 to 2022. However, the high cost involved in the development of advanced military radars and the requirement of large R&D budgets for their development are some of the factors restraining the growth of the military radars market across the globe.
Based on end user, the army segment of the military radars market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the introduction of new air defense systems along with long-range surveillance radars. Upgradation of fleet and installation of various ground surveillance radars are major factors driving the growth of the army end-user segment.
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