What Is The Current and Historic Market Size Analysis Of The Air And Missile Defense Radar Market?
The air and missile defense radar market has seen considerable growth due to a variety of factors.
• In recent times, the size of the air and missile defense radar market has significantly expanded. It is expected to increase from $12.86 billion in 2024 to $13.95 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.5%. The escalation during the historical period can be credited to factors such as geopolitical disputes, upgrading of military infrastructure, concerns over missile proliferation, inflating defense budgets, and the rise of asymmetrical threats.
What are the Market Size and Expected Growth Rates for the Air And Missile Defense Radar Market Size Evolve over the Forecast Period?
The Air And Missile Defense Radar market is expected to maintain its strong growth trajectory in upcoming years.
• Significant expansion is anticipated in the air and missile defense radar market in the coming years. Predicted to swell to $18.7 billion in 2029 with a compound annual growth rate (CAGR) of 7.6%.
, this growth over the predicted period can be attributed to multiple key drivers. Factors such as the growing emphasis on homeland security, increased investment in ballistic missile defense, c4isr systems integration, global arms race, and radar system technological innovations are all contributing. Key trends over this period will include the integration of artificial intelligence (AI), the enlargement of naval air and missile defense systems, focus on cybersecurity, worldwide collaborations in radar development, and the implementation of 3D radar systems.
Which Key Drivers Are Propelling The Air And Missile Defense Radar Market's Growth?
Global military expenditure is on the rise and this is propelling the market for air and missile defense radar. The term military expenditure refers to the funds reserved for maintaining and strengthening armies or other defense mechanisms, often called a military expenditure program, which forms a portion of a nation's defense budget. Advanced technologies like air and missile defense radars are becoming the primary investment areas as nations boost their defense and military funding, enabling better detection and interception of threats. Radars are a crucial part of the military since they get fitted on fighter aircraft which in turn manage air-to-air missiles, rockets, and firearms. For instance, according to Stockholm International Peace Research Institute's analysis in April 2024, global military spending hit an estimated $2.443 trillion in 2023. This figure illustrates a 6.8 percent rise from 2022. Hence, the increased military budgets worldwide are accelerating the growth of the air and missile defense radar market.
What Are The Key Segments Within The Global Air And Missile Defense Radar Market?
The air and missile defense radar market covered in this report is segmented –
1) By Platform: Airborne, Land, Naval
2) By Radar Type: X Band Radars, S Band Radars
3) By Range: Short Range, Medium Range, Large Range
4) By Application: Conventional, Ballistic Missile Defense
Subsegments:
1) By Airborne: Fighter Aircraft Radars, UAV Radars, Helicopter Radars
2) By Land: Ground-Based Radars, Mobile Radars, Fixed Site Radars
3) By Naval: Shipborne Radars, Coastal Surveillance Radars, Submarine Radars
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How Are New Trends Impacting The Size Of The Air And Missile Defense Radar Market?
The air and missile defense radar market is seeing a surge in technological innovation, with a primary focus on advancements in networked radar systems. Major firms in the industry are investing heavily in developing these new technologies to maintain their market position. Networked radar systems provide enhanced communication and coordination between various defense systems leading to unprecedented situational awareness and effective defense mechanisms. For example, ELTA Systems Ltd, a specialized defense-oriented company based in Israel, launched the ELM-2090 TERRA Strategic Early Warning System in February 2023. The system includes a dual-radar setup that uses both UHF and S-band radars, each of which can operate independently and provide exceptional detection and tracking capabilities against long-range, low-RCS targets. However, their deployment together significantly elevates the overall system performance.
Who Are the Key Players In The Air And Missile Defense Radar Market?
Major companies operating in the air and missile defense radar market include:
• BAE Systems Inc.
• Israel Aerospace Industries Ltd.
• Leonardo SpA
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Reutech Radar Systems
• SAAB AB
• Telephonics Corporation
• Thales Group
• Airbus Group Inc.
• Aselsan AS
• DeTect Inc.
• General Dynamics Corporation
• Indra Sistemas SA
• Hensoldt AG
• Almaz Antey Corporation
• Finmeccanica SpA
• Rockwell Collins Inc.
• Bharat Electronics Limited
• The Boeing Co.
• FLIR Systems Inc.
• Honeywell International Inc.
• L3Harris Technologies Inc.
• NEC Corporation
• QinetiQ Group plc
• Reutech Radar Systems Pty Ltd.
• Terma A/S
• ThalesRaytheonSystems LLC
• Toshiba Corp.
What Are The Regional Insights Into The Air And Missile Defense Radar Market?
North America was the largest region in the air and missile defense radar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the air and missile defense radar market report during the forecast period. The regions covered in the air and missile defense radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
