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The air and missile defence radar industry is being driven by the rising military expenditure across the globe, fuelled by the rising geopolitical tensions and the growing risk of military conflicts and terror activities. Further, the heightened use of ballistic missiles in military drills and training programmes is likely to augment the demand for air and missile defence radar systems for detection purpose, as such missiles can cause great damage to a territory owing to their exceptional strength and precision.
In October 2021, Raytheon Company (NYSE: RTN) announced that its missiles and defence business will produce the first radar series for the U.S Army’s lower tier air and missile defence sensor programme. The initial deliveries of the production will take place by 2021. Meanwhile, in October 2021, Lockheed Martin Corporation (NYSE: LMT) unveiled its Sentinel A4 radar to be deployed by the US Army. This radar can simultaneously identify and track different threat types, while detecting unmanned aircraft systems, rockets, artillery, cruise missiles, and mortars. Such developments are anticipated to support the market growth in the forecast period.
In terms of region, North America is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. Reportedly, the United States is the highest spender on military and defence in the world. In addition to this, the rapid expansion of the major security and aerospace companies in the region is likely to provide lucrative opportunities for the market expansion in the forecast period.
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The major players in the global air and missile defence radar market are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Israel Aerospace Industries Ltd., Airbus SE, and BAE Systems, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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