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Global Air and Missile Defence Radar Market to Grow at a CAGR of 6.50% During 2022-2027, Aided by the Rising Military Expenditure Worldwide

According to a new report by EMR titled, ‘Global Air and Missile Defence Radar Market Report and Forecast 2022-2027’, the market attained a value of around USD 12.3 billion in 2021. The industry is further expected to grow at a CAGR of 6.50% between 2022 and 2027 to reach USD 17.6 billion by 2027.

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.

Market Breakup by Platform, Range, Application, and Region:

  • The market is segmented, based on platform, into ground-based, naval-based, and airborne-based.
  • Based on range, the market is segmented into short range, medium range, and long range and strategic system.
  • Based on applications, the market is divided into ballistic missile defence and conventional.
  • Region-wise, the global market for air and missile defence radar can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for air and missile defence radar is being driven by the growing concerns regarding terror activities and rising border tensions worldwide.
  • The rising military, defence, and aerospace expenditure across the globe is anticipated to bolster the market growth in the forecast period.
  • The growing technological advancements and the development of advanced radar systems are likely to support the market growth.
  • The market is expected to be further aided by the joint cooperation between various countries and leading market players to enhance the capabilities of the radar system for greater range detection.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for air and missile defence radar for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the platforms, ranges, applications, and regions of air and missile defence radar.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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