Monday, 06 May 2024
According to the latest market study on "Air Defense Radar Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Range, Product Type, System Type, Platform, and Application," the air defense radar market was valued at US$ 6,490.41 million in 2022 and is projected to account for US$ 9,368.34 million by 2030; it is expected to grow at a CAGR of 4.7%.
Air defense radars are crucial in detecting, tracking, and identifying airborne threats, including aircraft, missiles, and drones. A rise in bilateral militarized disputes among countries has led to an increase in military modernization initiatives across airborne, naval, and land platforms. This triggers the need for the defense forces of various countries to strengthen their homeland security and border monitoring measures. Governments of various countries across the world are investing heavily in modernizing their aircraft fleets by incorporating contemporary radar, which is propelling the air defense radar market growth.
Vendors operating in the air defense radar market are majorly focusing on collaborating with different governments and armed forces to understand their respective demands and provide them with reliable solutions. The armed forces of various countries are offering several contracts to air defense radar manufacturers to procure different defense systems. Moreover, armed forces across different countries are investing significantly in procuring air defense systems such as surface-to-air missile systems, integrated air defense systems, fighter aircraft, naval defense systems, early warning systems, and border surveillance systems. Radar systems are fundamental components of comprehensive air defense systems. They enable armed forces to detect, track, and identify airborne threats such as aircraft, missiles, and drones. Thus, the increasing procurement of air defense systems is a major factor aiding the air defense radar market growth.
Raw material and components suppliers provide iron, polymer matrix, nickel, metal alloy, carbon fiber, and graphite to manufacture radars. These businesses play a vital role in ensuring the quality and availability of the final product, and their operations impact the overall supply chain. The selection of raw materials depends on the desired quality, texture, functionality, and resistance required in air defense radar systems. However, fluctuations in the prices of raw materials can impact the cost of production and the overall cost of the product.
System integrators and software developers are the essential elements of the air defense radar market ecosystem. A system integrator offers an interoperable, real-time, tactical command and control system. For instance, Ultra Group is one of the leading air defense system integrator (ADSI) system providers. The company installed over 2,000 ADSI products globally, which is a combat-proven ADSI.
To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00011971 Source: The Insight Partners Analysis
BAE Systems and General Dynamics Corporation, Honeywell International Inc., Israel Aerospace Industries Inc., Leonardo S.p.A, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, SAAB AB, and Thales Group are key some of the air defense radar market players profiled during this study. In addition, several other important air defense radar market players were studied and analyzed during this market study to get a holistic view of the global air defense radar market and its ecosystem.
The air defense radar market in North America is majorly driven by the presence of some of the key air defense radar market players such as General Dynamics Corporation, Honeywell International Inc, Lockheed Martin Corporation, Northrop Grumman Corporation, and Raytheon Technologies Corporation. Further, the geopolitical tension in the region results in increased military expenditure in major North American countries. According to Stockholm International Peace Research Institute (SIPRI), the military expenditure of North America was US$ 809,723.4 million in 2020; it increased to US$ 840,273.3 million in 2021 and reached US$ 912,375.03 million in 2022.
Technological developments in radar systems further support the air defense radar market expansion. Manufacturers have developed new technologies such as active electronically scanned arrays (AESAs), multi-function radars, and phased array radars to increase detection range, accuracy, and target recognition. Thus, as the region continues to face security issues, demand for advanced radar systems is projected to remain strong, generating attractive prospects for domestic and foreign companies in the air defense radar market.
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