Northrook, IL -- (SBWire) -- 04/16/2020 --The ongoing COVID-19 pandemic—and the worldwide reaction to it - has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Military Radars Market. We are working diligently to help companies take rapid decisions by studying:
The impact of COVID-19 on the Military Radars Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market.
The rapid shifts in the strategies of the Top 50 companies in the Military Radars Market.
The shifting short-term priorities of the top 50 companies' clients and their client's clients
The military radars market is estimated to be USD 13.1 billion in 2017 and is projected to reach USD 15.4 billion by 2022, at a CAGR of 3.38% from 2017 to 2022. The growth in the defense expenditure of emerging economies, such as China, India, and Saudi Arabia is expected to offer several growth opportunities for stakeholders in the military radars market. This, combined with increasing R&D activities on solid-state electronics for the development of military radars with longer detection range, is expected to propel the growth of the market across the globe during the forecast period from 2017 to 2022.
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Based on end user, the army segment is projected to grow at the highest CAGR during the forecast period
Based on end user, the army segment of the military radars market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the introduction of new air defense systems along with long-range surveillance radars. Upgradation of fleet and installation of various ground surveillance radars are major factors driving the growth of the army end-user segment.
Based on product type, the synthetic aperture & moving target indicator radar segment is projected to grow at the highest CAGR during the forecast period
Based on product type, the synthetic aperture & moving target indicator radar segment is projected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing use of synthetic aperture radars in UAVs and reconnaissance aircraft across the world.
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The military radars market in Asia Pacific is expected to witness the highest market size during the forecast period
The Asia Pacific region is estimated to account for the largest share of the military radars market in 2017, followed by the Europe military radars market, which is projected to grow at a CAGR of 3.31% from 2017 to 2022. Rising transnational disputes and increased defense spending by emerging economies are factors fueling the growth of the market in the Asia Pacific region.
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Scenarios of Impact of Coronavirus on Military Radars Market
Opportunity: Requirement of new generation air and missile defense systems