According to Fortune Business Insights™, the global military radar market size was valued at USD 35.58 billion in 2023 and is projected to grow from USD 46.07 billion in 2024 to USD 211.12 billion by 2032, exhibiting a robust CAGR of 20.96% during the forecast period. In 2023, North America dominated the market with a share of 38.28%, largely due to strong defense investments and continuous radar system upgrades across the U.S. and Canada.
The report, titled "Military Radar Market Size, Share, Russia-Ukraine War Impact, By Component (Transmitter, Antenna, Receiver, Duplexer, and Others), By Frequency (C-Band, S-Band, X-Band, L-Band, UHF/VHF, and Ku/K/Ka-Band), By Range (Long, Medium, Short, and Very Short), By Platform (Airborne Radar, Land Radar, and Naval Radar), By Application (Weapon Guidance, Airspace Monitoring & Traffic Management, Airborne Mapping, Ground Surveillance & Intruder Detection, Navigation, and Others), and Regional Forecast, 2024–2032," highlights that sustained increases in defense spending by leading economies will remain the primary growth driver for this market.
According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached USD 1,917 billion in 2019, a 3.6% increase from 2018. The U.S., China, India, Russia, and Saudi Arabia were the top five spenders, accounting for 62% of the total. This trend signals growing demand for advanced defense technologies, especially military radar systems, which are critical for surveillance, target tracking, and threat detection.
List of Key Companies Profiled in the Military Radar Market Report:
Source:
https://www.fortunebusinessinsights.com/industry-reports/military-radar-market-101777
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