Jay Clemens
Transparency Market Research has released a report that predicts the global military radar market will reach $8.44 billion in worth in 2019.
The increase represents a 2.9 percent compound annual growth rate from the $6.9 billion recorded in 2012, Transparency Market Research said Thursday.
Security and economic concerns, strategic alliances, border protection issues, growing government defense investments and increasing demand for light weight radars are the factors that Transparency says will spur the market.
The report cites wind turbines as the major challenge for the military radar market.
North America dominates the military radar market due to budgetary sanctions for the region’s defense sector, followed by Asia-Pacific amid growing armed forces in China and other countries in the region.
The report lists Saab Sensis, Lockheed Martin, Terma A/S, Harris, Boeing, Northrop Grumman, Raytheon and ASELSAN as among the major market players.
