Rising defense spending driving global radar market surge: reportNews
March 06, 2023
NEW YORK, New York. Rising defense budgets around the globe are fueling a rapid increase in the global surveillance radar system market in the coming years, a new report predicts.
The report, from Spherical Insights, states that the market is expected to grow from $32.4 billion in 2021 to $47.9 billion by 2030 for a compound annual growth rate of 4.9%.
BAE Systems, General Dynamics, Honeywell International, Lockheed Martin, L3 Technologies, Northrop Grumman, Rockwell Collins, Saab, and Thales Group are expected to be the leaders in this market over that period, the report adds.
"Military radar system producers are particularly focused on striking a balance between quality and price while installing retrofit solutions to upgrade the existing solutions to the latest standards after realizing that governments are looking for effective as well as cost-effective defense solutions," the report states.