The Latest Military Radar Systems Industry Statistics Explained
The global military radar systems market size was valued at USD 14.14 billion in 2019.
The statistic indicates that the total market value of military radar systems worldwide was $14.14 billion in the year 2019. This figure represents the cumulative value of all military radar systems sold and utilized in various countries. Military radar systems play a crucial role in defense and security operations by detecting and tracking aircraft, missiles, ships, and other potential threats. The market size reflects the significant investment made by governments and defense organizations in acquiring and upgrading radar technology to enhance national security and military capabilities.
The industry is projected to grow at a CAGR of 3.8% from 2020 to 2027.
This statistic indicates that the industry is forecasted to experience a Compound Annual Growth Rate (CAGR) of 3.8% annually from the year 2020 to 2027. The CAGR is a measure of the mean annual growth rate of an investment or business over a specified period of time. In this context, a CAGR of 3.8% suggests that the industry is expected to expand steadily over the seven-year period, with a consistent rate of growth each year. This projection can be helpful for stakeholders in the industry to anticipate future trends, plan for expansion or investment, and assess overall market potential.
Surface Naval Radar Systems accounted for 24% of market share in 2019.
The statistic indicates that Surface Naval Radar Systems held a market share of 24% in 2019 within the broader market it operates in. This means that out of all the various products or systems within the market, Surface Naval Radar Systems captured nearly a quarter of the total market demand or revenue. This high market share suggests that Surface Naval Radar Systems were popular and well-received by customers, potentially due to factors such as technological advancements, performance, reliability, or competitive pricing. Companies operating in this sector may have a significant focus on developing and improving radar systems for naval use to maintain or enhance their market position.
Airborne radar systems are expected to witness the fastest growth, at a CAGR of 4.7% from 2020 to 2027.
This statistic indicates that the market for airborne radar systems is projected to experience significant growth over the period from 2020 to 2027. The Compound Annual Growth Rate (CAGR) of 4.7% suggests a steady and consistent increase in demand for airborne radar systems during this timeframe. This growth rate is considered fast compared to other segments within the industry. Factors driving this growth may include advancements in radar technology, increasing adoption of radar systems in defense and commercial aircraft, and the need for enhanced safety and surveillance capabilities in the aviation sector. Overall, this statistic highlights the potential opportunities and expansion expected in the market for airborne radar systems in the coming years.
The Asia-Pacific is expected to witness significant growth over the forecast period, with a CAGR of 5.2% from 2015 to 2022.
This statistic indicates the projected growth rate of the Asia-Pacific region between the years 2015 and 2022, as measured by the compound annual growth rate (CAGR) of 5.2%. A CAGR of 5.2% suggests a steady and positive trend in economic expansion over the forecast period. This growth is expected to outpace many other regions, signifying favorable economic conditions and opportunities for development in Asia-Pacific countries during these years. Factors driving this growth could include increasing investments, technological advancements, rising consumer demand, and favorable government policies. Overall, the forecasted CAGR of 5.2% highlights the region’s potential as a key player in the global economy and an attractive market for businesses and investors.
Ground-Based Military Radar Systems held 25% of the market revenue in 2019.
The statistic “Ground-Based Military Radar Systems held 25% of the market revenue in 2019” indicates that out of the total revenue generated in the military radar systems market in 2019, a quarter of it was attributed specifically to ground-based systems. This suggests that ground-based military radar systems are a significant player in the market and hold a considerable share of revenue compared to other types of radar systems like airborne or naval. This statistic highlights the importance and demand for ground-based military radar systems within the defense industry and implies that they are a key area of focus for manufacturers and customers in this market segment.
The defense sector expenses for military radar systems worldwide reached about 10 billion U.S. dollars in 2018.
The statistic indicates that the global defense sector spent approximately 10 billion U.S. dollars on military radar systems in the year 2018. This suggests a significant investment in radar technology for defense purposes on a worldwide scale. Military radar systems play a crucial role in monitoring and detecting potential threats, enhancing situational awareness, and ensuring national security. The substantial financial allocation to radar systems reflects the continued importance placed on defense and security measures by various countries around the world, highlighting the ongoing technological advancements and modernization efforts within the defense sector.
The global naval radar systems market is expected to grow at a CAGR of 6.06% during the period 2018-2022.
This statistic indicates the anticipated compound annual growth rate (CAGR) of the global naval radar systems market over the period from 2018 to 2022. A CAGR of 6.06% suggests a steady and consistent growth rate over the specified time frame. This projection implies that the naval radar systems market is expected to expand by approximately 6.06% each year on average during the four-year period. Factors such as technological advancements, increasing defense budgets, and the growing need for maritime security are likely contributing to this predicted growth in the market for naval radar systems.
The Middle East Military Radar Market is expected to grow over $2 billion by 2025.
The statistic “The Middle East Military Radar Market is expected to grow over $2 billion by 2025” suggests that there is projected growth in the market for military radar systems in the Middle East region. This growth is expected to amount to over $2 billion in total market value by the year 2025, indicating a significant increase in demand for military radar technology within the specified timeframe. Such growth may be influenced by factors such as increasing defense spending, evolving security threats, technological advancements, and geopolitical developments in the Middle East region, all of which are likely driving forces behind the expansion of the military radar market in the area.
Latin America military radar market was valued at USD 1.2 billion in 2019.
The statistic “Latin America military radar market was valued at USD 1.2 billion in 2019” indicates the total monetary worth of the military radar industry in Latin America during the year 2019. This value represents the sum of all transactions related to the manufacturing, sale, and services related to military radar systems within the Latin American region. The figure of USD 1.2 billion reflects the economic significance, size, and investment in military radar technologies within the Latin American defense sector during that particular year, suggesting a substantial market presence and potential growth opportunities within this industry segment.
Military Radar Systems for space applications is projected to reach $238 million by 2022.
The statistic “Military Radar Systems for space applications is projected to reach $238 million by 2022” indicates the anticipated market value for military radar systems specifically designed for use in space-related operations by the year 2022. This projection suggests a growing demand and investment in advanced radar technology for military purposes in space. The estimated value of $238 million highlights the significant financial resources that are expected to be allocated towards the development and deployment of radar systems tailored for use in a space environment, reflecting the importance of enhancing situational awareness, communication, and monitoring capabilities for military operations beyond Earth’s atmosphere.
By 2025, North America is expected to hold the largest market share at 38%.
This statistic indicates a projection that by the year 2025, the North American region is anticipated to maintain the largest market share, accounting for 38% of the market. This suggests that businesses operating in North America may have a significant portion of the market to target and potentially capitalize on for growth and profitability. Factors such as economic stability, technological advancement, consumer demand, and regulatory environment likely contribute to this forecast. Companies looking to expand or enter markets in North America may find this statistic important for strategic planning and decision-making to tap into the region’s market potential in the coming years.
By 2020, China had developed and implemented over 30 types of military radars.
The statistic “By 2020, China had developed and implemented over 30 types of military radars” indicates the significant investment and advancement in China’s military technology and defense capabilities. The development and deployment of more than 30 types of military radars suggest that China has made substantial progress in enhancing its surveillance, reconnaissance, and overall situational awareness capabilities. Military radars play a crucial role in detecting and tracking various targets, including aircraft, missiles, and ships, thereby enhancing China’s ability to defend its territorial integrity and national security interests. This statistic highlights China’s commitment to modernizing its military forces and underlines its pursuit of technological innovation in the defense sector.
Radar systems used in unmanned aerial vehicles (UAVs) are anticipated to drive the market and are expected to grow at a CAGR of 4.2% from 2020 to 2027.
The statistic provided indicates that radar systems utilized in unmanned aerial vehicles (UAVs) are forecasted to play a significant role in propelling market growth within the specified timeframe. The Compound Annual Growth Rate (CAGR) of 4.2% projected for the period spanning from 2020 to 2027 implies a consistent annual increase in the market size for radar systems in UAVs. This anticipated growth is likely fueled by factors such as increasing adoption of UAVs across various industries, advancement in radar technology, and the expanding applications of UAVs in sectors like defense, agriculture, and monitoring. The steady growth rate forecast reflects a sustained demand for radar systems in UAVs and underscores the importance of this technology in driving innovation and efficiency in UAV operations.
In 2015, Military Radar expenditure in Africa was estimated to be around $460 million.
The statistic indicates that in 2015, the total expenditure on Military Radar systems in Africa was projected to be approximately $460 million. This figure represents the amount of money allocated by African countries towards the acquisition, deployment, maintenance, and operation of radar systems primarily for military purposes. Military radars are critical assets that provide situational awareness, early warning capabilities, and surveillance for national security. The investment in such advanced technological systems suggests a commitment to enhancing defense capabilities, ensuring security, and potentially deterring external threats in the region. The expenditure on military radars reflects the strategic priorities and defense budgets of African nations in 2015.
Between 2018 and 2026, the CAGR of Military Radar market in India is expected to be 3.2%.
The Compound Annual Growth Rate (CAGR) of 3.2% for the Military Radar market in India between 2018 and 2026 signifies the average annual growth rate over this period. This statistic indicates that the market is projected to increase by 3.2% each year on average during the specified time frame. A CAGR provides a smooth representation of the growth rate over multiple years, accounting for both increases and decreases in market size or value. Therefore, this forecast suggests a gradual but consistent expansion of the Military Radar market in India over the next eight years.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.statista.com
2. – https://www.www.mordorintelligence.com
3. – https://www.www.frost.com
4. – https://www.www.thebusinessresearchcompany.com
5. – https://www.www.prnewswire.com
6. – https://www.www.marketsandmarkets.com
7. – https://www.www.globenewswire.com
8. – https://www.www.globalsecurity.org
9. – https://www.www.researchandmarkets.com
