Military Radar Market Size, Share & Industry Analysis 2025-2032
Aerospace and Defense Market Research | Fortune Business Insights?
Get the Pulse of Target Market With our Scrupulous and Rigorous Research
The global military radar market was worth $35.58 billion in 2023 and is expected to grow rapidly, reaching $46.07 billion in 2024 and an impressive $211.12 billion by 2032.
This growth represents a strong annual increase of 20.96%. North America led the market in 2023, holding a 38.28% share. In particular, the U.S. military radar market is set for substantial expansion, projected to hit $63.69 billion by 2032.
This surge is fueled by rising military purchases and long-term defense contracts. Steady increase in defense spending by major economies around the globe will be the primary growth driver for this market, finds Fortune Business Insights? in its report, titled “Military Radar Market Size, Share & Industry Analysis, By Platform (Airborne Radar, Land Radar, Naval Radar), By Range (Long, Medium, Short, Very Short) By Application (Weapon Guidance, Airspace Monitoring & Traffic Management, Airborne Mapping, Ground Surveillance & Intruder Detection, Navigation, Others), By Frequency (C-Band, S-Band, X-Band, L-Band, UHF/VHF, Ku/K/Ka-Band), By Component (Transmitter, Antenna, Receiver, Duplexer, Others),? and Regional Forecast, 2024-2032”.
List of Key Companies Profiled in the Military Radar Market Report:
Market Restraint
Shifting Spending Priorities amid COVID-19 to Hinder Market Growth
The military radar market growth is expected to be hit by the COVID-19 pandemic as economic downturn in most parts of the world has forced countries to prioritize their spending. For example, in April 2020, the Indian Finance Ministry indicated cuts in defense budget that can go as high as 40%, slashing the USD 73.65 billion allocation earmarked by the government for 2020-21 by a substantial margin. According to the International Institute of Strategic Studies (IISS), even NATO member states will struggle to meet their target of expending 2% of GDP for defense, with spending in real terms falling even more steeply. Reduced military expenditures will lead to delays in projects and even cancellation of military modernization programs planned, halting the adoption of advanced technologies such as military radars. However, the silver lining is that defense spending by the US and China is expected to remain stable, which may offset some of the losses predicted by companies.?
领英推荐
??????????????????
Regional Insights
Liberal Defense Spending to Bolster Market Growth in North America
North America, with its market size standing at USD 9.74 billion in 2019, is expected to dominate the military radar market share during the forecast period owing to consistent expansion of the defense budget by the US. Moreover, the region has a strong presence of some of the largest players in the defense sector such as Raytheon and Boeing, who are constantly developing cutting-edge military technologies.
Asia Pacific is anticipated to generate several opportunities for the market on account of modernization of defense arsenal by China and India, intensification of border disputes, and brokering of defense deals with the US and other developed nations. In Europe, the market will be mainly driven by the development of advanced military technologies by Germany, France, Italy, and the UK as well as replacement of obsolete systems with modern ones.
Competitive Landscape
Key Players to Compete for Securing Defense Contracts
The competitive landscape of the military radar market is being shaped by the cutthroat race for defense contracts that the key players in this market are engaged in. These companies are aiming to enlarge their footprint and strengthen their network globally by providing next-gen military technologies to burgeoning economies.
Industry Developments:
·???????? July 2023 –?BAE Systems and Leonardo U.K. secured a five-year contract to enhance the radar systems of the RAF Typhoon fighter jet. The upgrade will equip the aircraft with the cutting-edge European Common Radar System (ECRS Mk2), one of the most advanced radars in the world. The deal is valued at approximately $958.9 million.
·???????? May 2023 –?The U.S. Army Contracting Command awarded Lockheed Martin a contract worth $2.3 billion to upgrade the PATRIOT (Phased Array Tracking Radar to Intercept on Target) system, improving its tracking and interception capabilities.