The military radars market is projected to grow from USD 14.0 billion in 2020 to USD 17.4 billion by 2025, at a CAGR of 4.4% during the forecast period. The need for powerful radars, which can track missiles approaching at hypersonic speeds reliably is expected to boost the demand for radars for defense applications. Most missile defense systems are ground or naval-based and use missiles to counter incoming threats. Military radars should be able to track the location of the incoming missile in 3D to accurately judge the distance, range, and elevation of threats. To know about the assumptions considered for the study, Request for Free Sample Report COVID-19 Impact on the Global Military Radars Market Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Israel Aerospace Industries (Israel), Thales Group (France), and Leonardo S.P.A. (Italy) are some of the leading players operating in the military radars market. These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect military radars production and services by 2–5% globally in 2020. The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for military radars globally, with a corresponding reduction in revenues for various military radars suppliers, service providers across all markets owing to late delivery, manufacturing shutdown, the limited staff at manufacturing facilities, and limited availability of equipment. As per industry experts, the global military radars demand is anticipated to recover by 2022 fully. Military Radars Market Dynamics Driver: Increasing procurement of radar and air defense systems Border surveillance systems have evolved with time and continue to undergo enhancements with major advancements, such as the use of autonomous drones and acoustic radar technology. Man-portable ground surveillance radars for border security have enabled various countries to secure their borders more efficiently. These surveillance radars are deployed in strategic locations on borders to increase detection rates of any possible intrusions. State-of-the-art surveillance radars with low false alarms have helped countries with border disputes, drug trafficking problems, and illegal immigration to assist in the detection and prevention of these problems. Restraint: High manufacturing costs The manufacturing of military radars requires significant R&D funding. High costs are involved in incorporating these systems into defense networks of nations. Military radars have to be integrated with various fire control systems, command and control systems, missiles, and anti-aircraft guns. The launch and maintenance of these systems are also expensive. Thus, the high cost, as well as time required for the manufacture and deployment of these systems, prove to be a restraint in the growth of the market. In September 2019, the US Army awarded a contract worth USD 281 million to develop the Sentinel A4 radar system. Full Report @ https://www.marketsandmarkets.com/Market-Reports/military-radar-market-51422570.html
EditExport
Comments