Military Man-Portable Radar Systems Market to have exponential 10% CAGR during forecast period 2027

Dec, 2018 Market Research Future Published a Report on Military Man-Portable Radar Systems Market.

Military Man-Portable Radar Systems Market Overview:

As per the latest report published by Market Research Future (MRFR), the global military man-portable radar system market will surpass a valuation of USD 4,700 Mn by the year 2023, reflecting an above-average CAGR during the forecast period (2017-2023). Military man-portable radar systems are used for monitoring, tracking, missile control, and surveillance.  They are primarily meant for executing complex military operations. Advances in technology, has allowed miniaturization of radar systems which has created new application opportunities for such devices. The focus remains on making such systems more compact, and user-friendly as well as achieve a greater mobility.  In recent years, a range of portable radar devices have been introduced.

The demand for portable radar systems has continued to grow as counties all over the world aim to improve their defense monitoring capabilities. Factors such as rising defense budget and growing concerns over border security due to socio-political disputes among countries in various parts of the world are driving the demand for various type military products including man-portable radar system. In addition, technological advancements in radar systems is having a positive impact on the market. As warfare technologies evolve, military products become more versatile and advanced. However, the high-cost of military man-portable radar systems may have deterring impact of its market.   

MRFR’s report include a segmental analysis of the market based on application, range, components and frequency-band.

By application, the market has been segmented into target acquisition, search & detection, air defense, and others. The search and detection segment currently commands for more than one-thirds share of the global market. The air defense segment is also expected to remain high profitable over 2023. In addition, segment is set to post the relatively higher CAGR between 2018 and 2023.  By component, the market is segmented into transmitter, antenna, receivers and others. The transmitter segment currently holds the top position and trend is likely to continue throughout the review period.  Transmitter are instrumental to functioning of any radar system and thereby continues to be an irreplaceable component of man-portable radar systems. The transmitter segment is expected to surpass a valuation of USD 1,400 Mn by 2023-end. By range, the market has been segmented into <50 Km and >50 Km. Of these, the >50 Km is expected to remain highly attractive over 2023. Further, the segment is set to outperform the <50 Km segment in the near future, reflecting a robust CAGR. By frequency-band, the market has been segmented into ku-band, ka-band and others. The Ka band segment is projected to retain its predominant position over 2023. Towards the end of the assessment period, the segment is likely to surpass a valuation of USD 2,000 Mn, witnessing an impressive CAGR.

The market has been covered across regions such as Latin America, North America, Asia Pacific (APAC), the Middle East & Africa (MEA) and Europe. The market in North America is expected to present significant growth opportunities to market in the coming years. In 2017, the region commanded the largest market share and is expected to remain dominant throughout the forecast period. This is primarily owing to presence of a massive military industry in the region, which spearheaded by the US. Europe and APAC are the others two important markets for military man-portable radar system. While Europe accounts for the second largest market share, market is APAC is expected to exhibit the fastest CAGR during the review period.

MRFR’s report includes an observation on the competitive landscape of the global military man-portable radar system market. Leading market players that are covered include Leonardo S.p.A, Telefunken Racoms, Elbit Systems Ltd., BAE Systems PLC., Blighter Surveillance Systems Ltd., Thales Group, Saab AB, FLIR Systems Inc., ASELSAN A.S., Harris Corporation., and SpotterRF.