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Global Military Radar Market to Increase to $15.7B by 2025
January 5, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "The Global Military Radar Market 2015 - 2025" report to their offering.
During the forecast period the demand for military radar equipment is anticipated to be driven by increased spending on innovative technologies, growing use of radar systems, and increasing demand for early detection and situational awareness. Airborne, ground-based, and naval radars are expected to account for the top three largest shares of the global military radar market over the forecast period.
The report offers a detailed analysis of the industry with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for Military Radar, key market trends, and challenges faced by industry participants.
Key Findings:
- The global military radar market is expected to be worth US$13.1 billion in 2015 and is expected to increase to US$15.7 billion by 2025, representing a CAGR of 1.81% during the forecast period
- The market is expected to be dominated by North America, occupying 38.5% of the market share, followed by Asia-Pacific and Europe. Middle East, Latin America, and Africa are expected to account for the remaining 13.4% of the overall market
- The airborne radar market is estimated to account for 35.6% of the global military radar market. Ground-based and naval radars are also expected to account for a significant portion of the total military radar market during the forecast period, with shares of 27.3% and 17.2% respectively
- Sonar and Space based radars combine will account for the remaining 19.8% of global military radar expenditure
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