Published By : 29 Apr 2016 | Published By : QYRESEARCH
Radars are widely adopted by the various sections of the military forces to determine the location of ships and planes in case they are lost or during warfare and drill sessions. They are used by government bodies to determine the possibility of natural calamities such as tsunami and earthquake, by helping to pinpoint the magnitude, the time, and the location of a calamity, thereby saving a nation several hundred lives.
Military radar was also used for locating the plane of the Malaysian Airline Flight 370. The demand for military radar is also expected to rise due to its ability to detect missile launches and determine if an approaching air craft is friendly one or not. According to a report published by a market intelligent company called Transparency Market Research, the global military radar market is expected to reach US$8440 mn by 2019, after being valued at US$6900 mn in 2013, expanding at a 2.9% CAGR from 2012 to 2019.
U.S and China Collectively held over 40% Share of the Global Military Radar Market in 2012
In terms of countries, over 40% of the global military radar market in 2012 was held by the U.S. and China collectively. These two superpowers are expected to maintain their dominance in the global military radars market in the coming years.
North America held the largest share in the global military radar market in 2012. Asia Pacific was the second largest market for military radars owing to a continual strengthening process of the military forces in countries such as India, China, Japan, and South Korea. Substantial purchases of military radars from emerging nations are aiding the growth of the global military radars market.