X-Band Radar Market worth $5.08 Bn by 2020
The report, now available on ASDReports, "X-Band Radar Market by Type (Portable & Non-portable), Application (Defense, Government, & Commercial) - Global Forecasts, Trends & Analysis to 2015-2020", The X-band radar market is estimated to be valued at $4.12 Billion by the end of 2015 and is projected to grow at a CAGR of 3.56% to reach $5.08 Billion by the end of 2020.
The key challenge faced by the X-band radar market is that of the stringent government regulations. With an increase in the number of key manufacturers of X-band portable radars, and the growing demand for these radars for commercial purposes, the X-band frequency spectrum is getting congested. This factor results in the government agencies restraining from allocating this frequency range for commercial purposes.
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North America is the leader in the worldwide market for portable X-band radars. The region is expected to witness a CAGR of 5.47% from 2014 to 2020. The region witnesses a strong demand of portable X-band radars in homeland and border security.
The European X-band radar market is expected to reach $1,602.09 Million by the end of 2015 and is projected to grow at a CAGR of 2.13% through the review period. The instability in Western Europe results in the need for procurement of military equipment like submarines, command and control systems, tactical helicopters, mobile artillery-hunting radar systems and next generation Gripen aircrafts loaded with surveillance radars, to meet the need for stability in Europe despite the political challenges driving the radar market expenditure.
Asia-Pacific is expected to emerge as a potential revenue pocket in the next five years due to the rising demand of portable X-band radars for weather detection, border security, critical infrastructure monitoring, facility surveillance, and several other applications. Hence, the APAC market is projected to reach $654.36 Million by the end of 2015 and is expected to grow at a CAGR of 3.12% through the review period.
The market is segmented on the basis of the type, application, and geography. The competitive landscape includes an analysis of the market share of the leading companies in the X-band radar market. The report includes analyses of the impact of the main drivers and restraints country-wise and region-wise to give better insight into the X-band radar market. Industry and market trends have also been highlighted, which would provide competitive market intelligence to utilize business opportunities.
The major players in the X-band radar market are SAAB AB (Sweden), Selex ES S.p.A (Italy), Thales-Raytheon Systems ( U.S.), Kelvin Hughes Limited (UK), and Israel Aerospace Industries Ltd ( Israel) to name a few.
Source : ASDReports - Market Research - view original press release