Albany, NY -- (ReleaseWire) -- 06/27/2014 -- According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) “Military Radar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” the market is expected to reach a value of USD 8,440 million by 2019, growing at a CAGR of 2.9% from 2013 to 2019. Growing demand of radar based systems in military forces such as the army, navy, air force and also in space based programs conducted by the defense forces has led to the increase in demand of military radar. North America was the largest contributor in the military radar market and accounted for the highest share in 2012.
There are several types of radar systems used in the military such as ground based, naval, air force and space based. In 2012 ground based accounted for the highest share with a percentage share of 33.5%. This is because many of the wars or conflicts are fought on land and to combat such threats land based radar systems are being upgraded. The air borne segment is expected to grow at the highest CAGR of 3.1% from 2013 to 2019. This growth is primarily attributed to the growing advancements in warfare technology and increasing demand of aircrafts and fighter jets.
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Geographically, North America held the largest market share in 2012. The demand for military radar systems in North America is primarily driven by the growing threats from external forces such as the terrorist groups. North America is followed by Asia Pacific in terms of geographical market share. The growth in the region is attributed to the growing developments in the emerging nations such as China, India, Japan and South Korea among others.
The U.S. and China together accounted for over 40% of the global military radar market share and they are expected to maintain their position throughout the estimated period. China in its bid to emerge to emerge as the world super power has invested significantly in its defense forces. This has led to growth in demand for such advance systems in the country. The radar market in China is expected to grow at a CAGR of 3.4% during the forecast period.
Top five players have a combined share of 54% and no player has the largest share as the market is largely driven by government tenders. As a result of which military radar market is oligopolistic in nature. 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 market.
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The market has been segmented as follows for better understanding and to formulate winning strategies for the market players.
Military Radar Market
Rest of the World (RoW)