Global military radar market to grow 2.9 percent each year and reach $8.44 billion in 2019
ALBANY, N.Y., 17 Dec. 2014. The worldwide market for military radar will reach $8.44 billion in 2019, which is up 22.3 percent from $6.9 billion in 2012, predict analysts at Transparence Market Research in Albany, N.Y.
The market forecast entitled Military Radar Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019, pegs the anticipated military radar market increase at a 2.9 percent combined annual growth rate.
The report categorizes the military radar market based on type and geography; it segments the military radar market into North America, Europe, Asia-Pacific, and rest of the world. By type, the military radar market is categorized into airborne, naval, space-based, and ground-based.
Driving growth in the global military radar market are escalating security and economic concerns, rising government defense investments, and growing demand for lightweight radars and target recognition, analysts say. Strategic alliances and border protection also are factors in military radar market growth.
The largest military radar market in the world is North America, followed by Asia-Pacific, analysts say. Countries with the largest anticipated military radar purchases are the U.S., India, China, Japan, and South Korea.
The world's top military radar providers are Saab Sensis Corp., Lockheed Martin Corp., Terma A/S, Harris Corp., Boeing, Northrop Grumman Corp., Raytheon, and ASELSAN Inc., analysts say.
For more information contact Transparence Market Research online at www.transparencymarketresearch.com.