Global defense tactical radio market expected to reach $17.87 billion by 2023, report saysNews
April 20, 2018
PORTLAND, Ore. A new report by Allied Market Research found that the global defense tactical radio market -- valued at $7.97 billion in 2016 -- is projected to reach at $17.87 billion by 2023, growing at a combined annual growth rate (CAGR) of 11.9 percent from 2017 to 2023.
The report, titled "Global Defense Tactical Radio Market by Type and Application: Global Opportunities Analysis and Industry Forecast, 2017-2023," found that the North American region was the highest revenue contributor to the market in 2016, accounting for approximately 39.71 percent of the global market, due to the increased use of electronic-based system/components across the defense sectors.
The market outlook predicted that market growth will occur due to increased need for lightweight and small military handheld radios, added demand for tactical radios in emerging markets, and additional government investment in the telecommunications sector during the study period. The report also warned that market growth could be hampered by such factors as shortage of spectrum and limited channel capability.
Key global players identified in the report as leaders in the defense tactical radio market are BAE Systems, Barrett Communications, Cobham, Codan Limited, General Dynamics, Harris Corp. Leonardo, Raytheon, Rockwell Collins, and Thales.
For additional information on the global defense tactical market report, visit the Allied Market Research website.