Pune, India, September 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Early-Warning Radar Market.
Global Early-Warning Radar Market is expected to reach USD 1,994.3 Million by 2027 at a CAGR of 6.20% during the forecast period. Market Research Future (MRFR), in its report, offers an in-depth look into the market during the review period.
Factors such as ongoing conflicts in the Middle East & Africa, long-standing tensions among the US and China, the US and Iran, India and Pakistan, South Korea and North Korea, territorial disputes between countries in Asia-Pacific, increasing defense expenditures, advancements in solid-state electronics, and the replacement of obsolete systems are driving the growth of the early-warning radar market.
Extensive research has been conducted on the global early-warning radar market, which has been segmented by type, range, dimension, application, and end use.
Based on type, the global early-warning radar market has been segmented into air-interception radars, bombing radars, navigation radars, and others. The air-interception radars segment dominated the market with an estimated valuation of USD 574.7 million in 2019, and the segment is also expected to register the highest CAGR of 6.97% during the forecast period. The bombing radars segment is expected to exhibit a CAGR of 6.00% during the forecast period.
By range, the global early-warning radar market has been classified into short range, medium range, and long range. The medium-range segment is expected to exhibit the highest CAGR of 6.98% during the forecast period.
Based on dimension, the global early-warning radar market has been categorized into 2D, 3D, and 4D. The 2D segment held the largest market share and was valued at USD 753.6 million in 2019.
Based on application, the global early-warning radar market has been classified into attack, defense, surveillance, collision avoidance, and others. The defense segment held the major market share and was valued at USD 604.5 million in 2019.
Based on end use, the global early-warning radar market has been segmented into navy, army, and air force. The navy segment held the largest market share and was valued at USD 667.6 million in 2019.
The prominent players profiled in the global early-warning radar market are Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Leonardo SpA (Italy), Northrop Grumman Corporation (US), Saab AB (Sweden), Boeing (US), BAE Systems (UK), Thales Group (France), Israel Aerospace Industries Ltd (Israel), and HENSOLDT (Germany). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
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Global Early-Warning Radar Market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America was the global market leader with a valuation of USD 512.3 Million in 2019. The regional market value is projected to reach USD 794.1 Million by 2027 at a 5.63% CAGR during the forecast period. The regional market comprises the US and Canada. The presence of key companies, such as Raytheon Technologies Corporation, Northrop Grumman Corporation, and Lockheed Martin Corporation, has resulted in the dominance of the regional market.
Europe was the second-largest market with an estimated value of USD 267.7 million in 2019, and it is expected to reach a projected value of USD 443.4 million by 2027, registering a 6.51% CAGR during the forecast period. The European early-warning radar market includes the UK, Germany, France, Italy, Russia, and the rest of Europe. Over the last five years, European countries such as the UK and France have witnessed numerous terrorist incidents. Moreover, the influx of illegal immigrants from countries such as Syria, Iraq, and Libya into Europe is escalating the risk of internal instability. These challenges are fueling the demand for military equipment in the region.
Asia-Pacific accounted for the third-largest market share in 2019. It is anticipated to be the fastest-growing market for early-warning radars during the review period. The Asia-Pacific early-warning radar market includes China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific. There have been numerous territorial disputes along the India-Pakistan and India-China borders, as well as in the Indian Ocean, the Himalayas, and the South China Sea. This has led the militaries of these countries and neighboring countries to adopt early-warning radars to counter the rise in cross-border activities. The regional early-warning radar market is expected to reach USD 416.0 million by 2027.
The market in the Middle East & Africa is expected to reach a valuation of USD 223.8 million by 2027. The market growth in the Middle East can be attributed to the focus on protection against terrorism and related activities. The increasing instances of terrorism in the Middle East is also one of the major factors driving the market.
The Latin America market is expected to reach a valuation of USD 117.0 million by 2027. In Latin America, the market growth is significantly driven by major countries, including Brazil, Mexico, and the rest of Latin America. The growth of the Latin American early-warning radar market can be attributed to an increase in the Brazilian military expenditure by 5.1% from 2017 to 2018, reaching USD 27.8 billion.