Radar for military market will reach $62.66 billion in 2023, report saysNews
March 24, 2023
LONDON. The global market for military radar will grow from $57.91 billion in 2022 to $62.66 billion in 2023, at a compound annual growth rate (CAGR) of 8.2%, according to a new report from The Business Research Company, "Military Radars Global Market Report 2023."
According to the study authors, global market growth in the military radar sector was hindered in part by the war between Russia and Ukraine, which disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The conflict so far has led to economic sanctions on multiple countries, a surge in commodity prices, and disruptions in the supply chain that have caused inflation across goods and services.
Growth in defense spending by emerging economies, according to information in the report, has contributed to the growth of the military radar market, with countries spending on operation, maintenance, procurement of weapons, and armored vehicles, and military research and development.
The global military radars market size is expected to grow to $79.37 billion in 2027 at a CAGR of 6.1%, the report predicts,
For more information visit The Business Research Company website.