X-band radar market to grow more than 3 percent over next five years
NewsSeptember 04, 2015
VANCOUVER, Wash. Analysts at Markets and Markets say the global X-band radar market for defense, government and commercial applications should grow by about 3.56 percent between 2015 and 2020.
The market, with an estimated value of $4.12 billion by the end of 2015 is expected to reach $5.08 billion by the end of the forecast period, according to the report, which is titled, "click here." target="_blank">X-Band Radar Market - Global Forecasts, Trends & Analysis to 2015-2020."
Currently, about 3-5 percent of the total X-band radars around the world are portable due to the nature of the radar. A majority of the X-band radars that are installed are for the border security and homeland security departments, Markets and Markets analysts say.
Markets and Markets analysts say that North America is the leader in the worldwide market for portable X-band radars and that that region is expected to see a compound annual growth rate (CAGR) of 5.47 percent from 2015 to 2020.
Meanwhile the European X-band radar market they say is expected to reach $1,602.09 million by the end of 2015 and is forecasted to grow at a CAGR of 2.13 percent through the review period. The instability in Western Europe has resulted in a need for more procurement of military equipment such as submarines, command and control systems, tactical helicopters, mobile artillery-hunting radar systems, and next generation Gripen aircraft that have surveillance radars.
According to Markets and Markets, the key players in the X-band radar market are SAAB AB in Sweden, Selex ES S.p.A in Italy, Thales-Raytheon Systems in the U.S., Kelvin Hughes Limited in the United Kingdom, and Israel Aerospace Industries Ltd. in Israel.
For more on the report, click here.
