World News: 14:30 GMT Monday 20th March 2017. [Market Intel Reports LLP via Globe Newswire via SPi World News]
Wilmington, Delaware, March 20, 2017 (GLOBE NEWSWIRE) -- The report “”, available on MarketIntelReports, estimates that airborne radar systems will continue to dominate the market till the next decade.
Browse numerous Market Tables as well as Figures which are spread through 149 Pages and an in-depth TOC on the “”
The demand for military radars in the global market is expected to be primarily driven by the growing importance of unmanned platforms and modernization of existing military radar systems. Additionally, advent of technologically enhanced radar systems such as Active Electronically Scanned Array (AESA) coupled with changing warfare tactics are also providing significant push to the growth of the global military radar market. Along with the major defense spenders in every region, the smaller countries are also undertaking modernization initiatives for installation of improved radar systems for their armed forces.
The global military radar market, valued at US$15.5 billion in 2016, is projected to grow at a CAGR of 1.84% over the forecast period period, to reach US$18.6 billion by 2026 and cumulatively value US$167.6 billion. The market consists of five categories: airborne radar, ground-based radar, naval radar, space-based radar and sonar systems. The market is expected to be dominated by airborne radar systems, which will account for 28% of the market, followed by ground-based, naval and sonar systems with shares of 25%, 20%, and 15% respectively. The remaining 11% will be accounted for by space-based radar systems. North America is forecast to dominate the sector with a share of 36%, followed by Asia Pacific and Europe, with shares of 26% and 23% respectively.
The Military Radar Market can be broken down into various segmentations on the basis of -
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Globe Newswire: 14:30 GMT Monday 20th March 2017
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