Growing Security Concerns Fuel Global Military Radar Market
Albany, NY -- (SBWIRE) -- 03/29/2016 -- Driven by continuous growing threats from both the internal and external sources, global market for military radar was valued at USD 6,900 million in 2012 and is expected to reach USD 8,440 million by 2019, growing at a CAGR of 2.9% during the forecast period from 2013 to 2019. Military radar is classified on the base of ground, naval, air borne and space.
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Growing security concerns and the urge to become world super powers has supported the growth of the market. The adoption of radar across all defense forces such as the army, navy and air force has additionally supported the growth of the market. The growing demand for such systems can also be attributed to some of the natural calamities that the world has seen so far. In natural calamities, military radar systems help in determining the time and degree of an earthquake or tsunami and thus help in saving lives. It also plays an important role in determining the location of ships and planes during warfare or drill sessions. During unforeseen circumstances such as the disappearance of the Malaysian Airline, the radar plays an important role in determining the location of plane or the debris. The demand for military radar is also expected to increase as it helps in target location, detect missile launches and determine whether it's a friendly air craft or not among others.
Geographically, North America held the largest share in the military radar market in 2012. North America sanctions the highest budget for its defense forces which helps boost the demand for radar in the defense forces. The U.S. has one of the most powerful military forces in the world. The countries in North America such as the U.S. and Canada have invested significantly in the radar technology.
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In 2012, North America is followed by Asia Pacific in terms of geographical market share. The growth in the region is attributed to the emerging nations such as China, India, South Korea and Japan among others who are constantly strengthening their military forces. Some of the countries in the Asia Pacific region face some serious issues on the infiltration front which is also contributing to the growth of the market. The market is also supported by the substantial purchases of military radar systems made by the emerging nations.
Due to intense rivalry military radar market is oligopolistic in nature where top 5 players constitute 54% of the market. Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon, BAE Systems, Boeing, Harris Corporation, Saab Sensis Corporation, Terma A/S, ASELSAN Inc., and DRS Technologies among others are some of the key players in the military radar market.
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