Military airborne radar market will reach $4.2 billion by 2029, study saysNews
June 26, 2019
LONDON. The global military airborne radar market, valued at $2.9 billion in 2019, will increase at a combined annual growth rate of 3.84%, to $4.2 billion by 2029, according to a market study by Global Data, "The Global Military Airborne Radar Market 2019-2029."
Driving the growth in this market are nations' need for advanced situational awareness for their militaries and the quest for ever-improving information-dissemination abilities. According to the report, nations developing and procuring radars for aircraft, rotorcraft, and unmanned aerial vehicles (UAVs) are prompting additional use of lower-cost enhanced ISR [intelligence/surveillance/reconnaissance], electronic warfare (EW), air defenses, network nodes, communications relays, and combat search-and-rescue units.
Over the period studied, the military radar market will be dominated by North America, with the Asia-Pacific region projected to be the second-largest spender. The study's authors found that growth in the Asia-Pacific region will occur in part due to China’s increasing assertiveness in territorial disputes with its neighbors, the ongoing arms race among countries in the region, and strong economic growth.
For additional information on this study visit the Global Data website.