Air and Missile Defense Radar Market Thriving Robust Growth, Profitable Industry Share and Revenue Forecast to 2029
The global air and missile defense radar market size is projected to gain impetus from the increasing modernization programs in ballistic missile systems. Radars are an integral part of the defense industry and are used for monitoring illicit fishing, smuggling, piracy, terrorism, and drug trafficking. This market is discussed in detail in an upcoming report by Fortune Business Insights titled, “Air and Missile Defense Radar Market Size, Share & Industry Analysis By Range (Short, Medium, Long), By Platform (Airborne, Naval, Land), By Application (Ballistic Missile Defense (BMD), Conventional) and Regional Forecast, 2022-2029.”
List of Companies Profiled in the Report:
- General Dynamics Corporation (the U.S.)
- Saab AB (Sweden)
- Reutech Radar Systems (South Africa)
- Lockheed Martin Corporation (the U.S.)
- Thales Group (France)
- The Raytheon Company (the U.S.)
- Northrop Grumman Corporation (the U.S.),
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The report answers the following questions:
- What is the nature of the market for air and missile defense radar?
- What are the key industry developments of this market?
- How will the defense sector gain impetus from this market?
- Who are the leading players in this market?
Drivers & Restraints-
Increasing Hi-tech Modernization Programs in Missile Systems to Augment Growth
The rise in border security issues and terrorist activities in several countries across the world is a key factor promoting the global air and missile defense radar market growth. In addition to this, technological evolution, increasing demand for AMDR systems, and the rise in maritime business and trade will aid in the expansion of the market in the coming years. The governments across several countries are investing massively in upgrading their military technologies and strengthening their naval base will also add impetus to the market growth in the coming years.
On the negative side, the rise in cybercrimes and warfare may restrict the overall growth of the market as they may affect the infrastructure of naval defense systems. Moreover, the high cost of installation and maintenance of air and missile defense radar systems may also cause a major hindrance to the market in the forecast period.
Nevertheless, recent advances in ballistic missiles and missile defense systems for air and the miniaturization of surveillance and radar systems are likely to create lucrative growth opportunities for the market in the coming years.
Detailed Segmentation of the Air and Missile Defense Radar Market include:
The market is segmented into range, platform, application, and region. The range segment is further classified into short, medium, and long. Based on the platform, the market is grouped into land, naval, and airborne. With respect to application, the market is bifurcated into conventional and ballistic missile defense (BMD).
North America Dominated Market Accounting to Presence of Leading Manufacturers
Regionally, North America accounted for the largest air and missile defense radar market share on account of the rising demand for air and defense missile systems from the developed nations such as Canada and the U.S. Companies with their manufacturing base in the U.S. produce AMDRs based on land, airborne, and marine to serve the U.S. military sector. Furthermore, the presence of major manufacturers in this region, coupled with the rising investments in missile defense programs will further help this region dominate the market in the coming years.
On the other side, the Middle East and the Asia Pacific regions have witnessed a huge demand for airborne and nasal-based AMDRs, attributed to the constant missile, and cross-border threats that they are receiving from the past few years. The increasing demand across these regions is likely to help attract significant revenue in the coming years.
Companies Engaging in Development of Ballistic Missiles to Gain Competitive Edge
Some of the players operating in the market for air and missile defense radar market are investing massively in research and development, and adoption of various military technologies to strengthen the defense sector of their nations. Several other players are also engaging in the development of new bomber aircraft, ballistic missiles, fighter jets, and others so as to serve the defense sector of the respective governments.
November 2019 – The Raytheon Company won a contract worth $ 97.3 million for the support integration and production of the AN/SPY-6(V). This consists of software development for Aegis baseline 10 and the development of a maintenance training system.
December 2019 – Strategic Capabilities Office welcomes Northrop Grumman Corporation into their group for demonstrating the ground of the ballistic missile organized by the U.S. Air Force.
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