According to this new defense Intelligence report: The global military radar market, valued at US$14 billion in 2017, is expected to grow at a CAGR of 2.46% over the forecast period, to reach US$17.8 billion by 2027, and will cumulatively value US$162.1 billion.
The market consists of five categories: airborne radar, ground-based radar, naval radar, space-based radar and sonar systems, with ground-based radar systems generating the highest share of 35.6%. This will be followed by airborne, naval and sonar systems with shares of 30.2%, 13.8%, and 11.1%, respectively. The remaining 9.3% will be accounted for by space-based radar systems. North America is forecast to dominate the sector with a share of 38.3%, followed by Asia-Pacific and Europe, which will account for 28.3% and 19.6%, respectively. The Middle-East, Latin America, and Africa are expected to account for 10.4%, 1.9%, and 1.3%, respectively.
Source: ASDReports - Market Research
Date: Oct 11, 2017