Clear Skies Ahead: Military Radar Market to Reach USD 18.4 billion by 2029

Posted by Lisa Seghers on July 3rd, 2024

The Military Radar Market is a vital component of the global defense industry, driven by the increasing need for advanced surveillance and security systems. The market size was valued at USD 14.1 billion in 2024 and is projected to reach USD 18.4 billion by 2029, growing at a CAGR of 5.4% during the forecast period.

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Competitive Landscape

Major players in the military radar market include:

• Lockheed Martin Corporation: A leading provider of advanced radar systems for various defense applications, including missile defense, air surveillance, and target tracking.
• Northrop Grumman Corporation: Offers a wide range of radar solutions, including airborne, ground-based, and naval radar systems.
• Raytheon Technologies: Specializes in radar systems for missile defense, air and missile threat detection, and naval surveillance.
• Thales Group: Provides advanced radar systems for air defense, naval, and ground-based applications.
• BAE Systems: Develops radar technologies for military and security applications, including electronic warfare and surveillance systems.

These companies are focusing on research and development, strategic partnerships, and acquisitions to enhance their market position and cater to the growing demand for advanced radar capabilities.

Future Outlook

The military radar market is expected to witness robust growth in the coming years, driven by continuous advancements in technology, increasing defense budgets, and the rising need for enhanced surveillance and security capabilities. The integration of artificial intelligence (AI), machine learning, and big data analytics is anticipated to further revolutionize the radar landscape, making systems more efficient, accurate, and capable of real-time decision-making.

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