Military radar market to nearly double over the next decade: report
NewsFebruary 15, 2023
PORTLAND, Oregon. The military radar market will nearly double from $13.9 billion in 2021 to $25.1 billion by 2031 for a compound annual growth rate of 6.5%, a new report predicts.
The growth is being fueled by a rise in investments to strengthen the capabilities of air defense, as well as technological advancements and increased purchases of combat aircraft, the Allied Market Research report states.
Some of the obstacles to growth include "stringent" cross-border trading policies, but rising geopolitical tensions and an overall increase in research and development in this market -- particularly when it comes to airborne platforms -- presents new growth opportunities for the industry, the report found.
The antenna segment of the market is expected to be the strongest, the report adds. "Currently, defense forces use an active phased array type of antenna that offer a complete image of the area under surveillance. This has led to the rising demand for antenna in military radar across the world," it states.
