Global military radar market expected to grow from $13.1 billion to $15.7 billion by 2025
DUBLIN, 6 Jan. 2016. Global demand for military radar systems should increase by nearly 20 percent over the next 10 years, driven by increased spending on innovative technologies, growing use of radar systems, and increasing demand for early detection and situational awareness, predict analysts at market researcher Research and Markets in Dublin.
The global military radar market should increase from $13.1 billion in 2015 to $15.7 billion by 2025 -- a combined annual growth rate of 1.81 percent during the forecast period, analysts say in the report The Global Military Radar Market 2015-2025.
Airborne, ground-based, and naval radars will be the top three largest shares of the global military radar market over the next decade, as North America dominates the military radar market with a 38.5 percent share of the market, analysts say. The next-largest shares of the military radar market will be Asia-Pacific, Europe, the Middle East, Latin America, and Africa.
The airborne radar market will account for 35.6 percent of the global military radar market. Ground-based and naval radars, meanwhile, will account for of 27.3 percent and 17.2 percent of the military radar market respectively. Sonar and Space based radars combine will account for the remaining 19.8 percent of global military radar expenditure, analysts say.
Topics covered in the report include global military radar market size and drivers; industry trends, recent developments and challenges; country analysis; major military radar programs; and competitive landscape.
Companies mentioned include BAE Systems; Boeing; ELTA Systems Ltd.; Harris Corp.; Honeywell International; Lockheed Martin Corp.; Northrop Grumman; Raytheon; Rheinmetall Defence; Saab Defense; Selex ES; and ThalesRaytheonSystems.
For more information contact Research and Markets online at www.researchandmarkets.com.