Military Radar System market is projected to grow at a CAGR of 3.7% by 2034: Visiongain
Visiongain has published a new report entitled *Military Radar System Market Report 2024-2034**: Forecasts by Component Type (Active Components, Passive Components), by Range (Short-Range Radar, Medium-Range Radar, Long-Range Radar), by Platform (Land-Based Radar, Airborne Radar, Naval Radar, Space-Based Radar), by Technology (Pulse-Doppler Radar, Synthetic Aperture Radar (SAR), Continuous Wave (CW) Radar, Passive Radar, Other), by Frequency Band (X-Band Radar, S-Band Radar, L-Band Radar, C-Band Radar, Ku-Band Radar, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis*.
The global military radar system market was valued at US$12.7 billion in 2023 and is projected to grow at a CAGR of 3.7% during the forecast period 2024-2034.
*Demand for Long-Range Surveillance and Early Warning Systems*
Long-range surveillance and early warning systems are critical for military defence strategies. Radar systems with extended detection ranges provide valuable time for military forces to respond to potential threats. For example, long-range radars are essential components of ballistic missile defence systems, enabling countries to detect and intercept incoming missiles. Nations invest significantly in radar technologies capable of covering vast areas, ensuring early detection and swift responses to threats, thereby driving market growth.
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*How has COVID-19 had a significant negative impact on the Military Radar System Market?*
The outbreak of the COVID-19 pandemic in early 2020 brought unprecedented challenges to economies and industries worldwide, and the military radar system market was no exception. As governments across the globe shifted their focus and resources toward combating the health crisis and supporting affected populations, the defence sector, including radar system procurement, experienced disruptions. Lockdowns, supply chain interruptions, and budget reallocations significantly impacted the production and acquisition of military radar systems.
One of the immediate impacts of COVID-19 was supply chain disruptions. Many defence companies rely on a complex global supply chain, and the pandemic disrupted the flow of critical components and materials. This led to delays in the production and delivery of radar systems, affecting ongoing contracts and new orders. Defence agencies and manufacturers had to adapt to these challenges by diversifying supply sources and enhancing resilience in their supply chains.
Furthermore, the economic fallout from the pandemic prompted governments to reconsider their defence budgets. Many countries faced increased healthcare and economic support expenses, which led to budget constraints in the defence sector. Consequently, some planned radar system acquisitions and upgrades were deferred or scaled back. This temporary reduction in defence spending had a noticeable impact on the radar system market's growth rate.
*How will this Report Benefit you?*
Visiongain’s 458-page report provides 131 tables and 215 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global military radar system market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for military radar system. Get financial analysis of the overall market and different segments including component type, range, platform, technology, frequency band and capture higher market share. We believe that there are strong opportunities in this fast-growing military radar system market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
*What are the Current Market Drivers?*
*Increasing Investment in National Defence Driving the Market Growth*
In recent years, there has been a notable upswing in the level of investment dedicated to national defence across the globe. Governments and nations recognize the importance of safeguarding their territories and interests in an increasingly complex geopolitical landscape. Consequently, there has been a significant uptick in budget allocations toward bolstering defence capabilities. This surge in defence spending encompasses a range of sectors, with radar systems emerging as a pivotal focus area. The heightened investment in national defence is primarily driven by the need to modernize and upgrade defence infrastructure to counter evolving threats, which, in turn, has contributed to the growth of the military radar system market.
*Increasing Procurement of Advanced Defence Systems Driving the Market Growth*
The global defence landscape is undergoing a transformation marked by the increasing procurement of advanced defence systems. Modern warfare demands sophisticated and technologically advanced solutions to address evolving threats, including cyberattacks, drones, and hypersonic missiles. As a result, defence agencies and armed forces worldwide are ramping up their efforts to acquire cutting-edge defence systems, including state-of-the-art radar technology.
The procurement of advanced radar systems is a strategic imperative for military forces, as these systems provide critical capabilities such as long-range surveillance, target tracking, and missile defence. The demand for advanced radar systems extends beyond traditional military applications and includes civil and commercial applications such as air traffic control and weather monitoring. This growing need for advanced radar solutions is propelling the military radar system market forward, with manufacturers and suppliers continually innovating to meet the evolving requirements of defence agencies and civil aviation authorities.
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*Where are the Market Opportunities?*
*Rising Security Concerns Around the Border*
In recent years, the global security landscape has undergone significant changes, with a notable increase in security concerns along national borders. This surge in border-related security issues has played a pivotal role in driving the demand for military radar systems. Nations across the world are grappling with challenges such as illegal border crossings, smuggling, and other illicit activities. To counter these threats effectively, governments and defence agencies are turning to advanced radar technologies.
Military radar systems have proven indispensable in enhancing border security. They provide real-time situational awareness, enabling early detection of unauthorized border crossings, low-flying aircraft, and even drones used for surveillance or smuggling. As a result, governments are investing heavily in radar systems that offer a comprehensive view of their borders, ensuring rapid response to potential threats. This heightened demand for border security solutions is a significant factor propelling the growth of the military radar system market.
*Interoperability and Network-Centric Warfare*
The trend towards network-centric warfare, where various military assets are interconnected for seamless communication and collaboration, drives the demand for interoperable radar systems. Radar systems that can integrate into a broader military network enhance situational awareness and enable coordinated responses. For example, radar systems integrated with air defense networks can efficiently track and intercept hostile aircraft or missiles. Interoperability ensures that radar data can be shared and utilized across different military platforms, enhancing the overall defense capabilities of a nation and propelling the global military radar system market.
*Competitive Landscape*
The major players operating in the military radar system market are Aselsan, Bharat Electronics Limited, Curtiss-Wright Corporation, Denel SOC Ltd, Elbit Systems Ltd, Hensoldt AG, Israel Aerospace Industries Ltd, L3Harris Technologies Inc., Leonardo S.p.A, Lockheed Martin Corporation, NEC Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Thales Group. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
*Recent Developments*
· 15 Sept 2023, Raytheon Technologies has won $651 million contract to deliver SPY-6 radar systems to the U.S. Navy
· 01 Sept 2023, Lockheed Martin released the AN/SPY-7 radar system for the Japan Maritime Self-Defence Force's Aegis Ashore program.
· 15 Aug 2023, Northrop Grumman awarded $341 million contract to develop, test and deliver a Deep-Space Advanced Radar Capability (DARC) in support of the U.S. Space Force's Space Domain Awareness mission.
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*To find more Visiongain research reports on the **defence** sector, click on the following links:*
· Military Communications & COTS Market Report 2023-2033
· C4ISR Market Report 2023-2033
· Military Electro-Optical and Infrared (EO/IR) Systems Market Report 2022-2032
· Military ADS-B Receiver Market Report 2022-2032
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*About Visiongain*
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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