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Companies in the Global Military Radar Market Battling over Cost, Not Innovation : TMR

Military Radar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

 

Albany, NY -- (SBWIRE) -- 05/07/2015 -- The global military radar market is fragmented in nature. The top five market players in the military radar market collectively hold a market share of 54%. However, not a single player in the market holds a definitively dominant market share, as the industry is driven by government tenders.

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Cost-Effectiveness the New Strategic Asset for Players in the Global Military Radar Market

Some top players in the global military radar market are Lockheed Martin Corporation, Raytheon, Northrop Grumman Corporation, Terma A/S, ASELSAN Inc., BAE Systems, Saab Sensis Corporation, Boeing, Harris Corporation, and DRS Technologies. Players operating in the global military radar market will benefit from the increasing demand for radar due to border protection issues and strategic alliances.

Firms in the global military radar market were previously competing on the basis of innovation. However, recently the news of a failed missile defense project in the U.S., which was in the pipeline for decades, has led to companies adopting a new competition strategy. The Pentagon invested US$10 billion in a missile defense project. This project was meant to develop the most powerful radar of its kind in the world. The failure of this costly project has changed the competitive landscape of this market.

Market players are now focusing on not just providing military radars with the best innovative technology, but also at the lowest prices. One company in the market is touting an innovative technology, which can help armed forces save millions. This new military radar technology uses 'metamaterials', which is supposedly more cost-effective and compact.

Global Military Radar Market to demonstrate a Sturdy Growth till 2019

According to a leading market research firm based in the U.S., the global military radar market will display a CAGR of 2.9% during the forecast period of 2013 to 2019. In 2019, the market is expected to reach a total market value of US$8,440 million.

Rising demand for radar-based systems in military branches such as the navy, air force, and army, and in space-based programs carried out by defense forces has resulted in an elevated demand for military radar. In addition to this, growing economic and security concerns, rising government investment in defense, accelerating demand for target recognition demand and lightweight radars is fueling the growth of the global military radar market.

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However, the global military radar market will be suppressed by wind turbines, as they have become a major issue for this industry. Wind turbines can sometimes interfere with military and civilian radar and cause 'clutter'. This can lead to conflicts related to airspace use for military purposes. To overcome these conflicts, proper planning, mitigation, and transparency is required.

The global military radar market on is segmented on the basis of radar type into naval, ground-based, space-based, and airborne radars. In 2012, the market segment of ground-based military radars held a dominant market share of 33.5%. The ground-based military radar segment is driven by the increasing number of conflicts fought on land. The airborne military radar sector is anticipated to grow at the highest CAGR of 3.1% during the forecast period. This growth is attributed to the accelerating advancements in warfare technology coupled with growing demand for fighter jets and aircrafts.

Geographically, the global military radar market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). China and the U.S. collectively held over 40% of the global military radar market and are expected to maintain this lead. The China military radar market is forecast to grow at a 3.4% CAGR during the period of 2013-2019. China, in its attempt to emerge as a global superpower, has substantially invested in its defense projects, which has resulted in a high demand for military radars.

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