The global Air and Missile Defense Radar Market size was valued at USD 6.62 billion in 2021. The market is projected to grow from USD 7.04 billion in 2022 to USD 10.99 billion by 2029, exhibiting a 6.57% CAGR during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Air and Missile Defense Radar Market, 2022-2029.”
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List of Key Players Mentioned in the Report:
- Hensoldt AG (Germany)
- Israel Aerospace Industries Ltd. (Israel)
- Leonardo S.P.A. (Italy)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- Rheinmetall AG (Germany)
- SAAB AB (Sweden)
- Terma A.S. (Denmark
- Thales Group (France)
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Russia–Ukraine War Impact
Russian and Ukrainian ports are the primary export destinations for crude oil, wheat, and corn. The current conflict has halted cargo import and export via the sea, resulting in sluggish growth in the marine sector. Several European countries, on the other hand, have increased their defense budgets in 2022 in response to NATO recommendations. NATO has advised countries to increase their defense budgets to 2% of their GDP. For example, officials in Poland have declared that the defense budget will be increased to 2% of its GDP in 2022 and 3% of GDP in 2023. The increased defense budget is expected to increase naval vessel procurement, supporting the market growth.
Ground-based Air and Missile Defense Radars to be Fastest Growing due to Higher Demand
By platform, the market is divided into airborne, land, and naval. In 2021, the naval radar segment dominated the market by having the largest share.
Rising Demand for Long Range Radars Will Boost Growth of S-band Radars
Based on radar type, the market is divided into X band radars and S band radars. The S band segment is expected to be the fastest growing in the forecast period due to technological advantage over X-band radars.
Ballistic Missile Defense to be the Fastest Growing during Forecast Years due to Rising Ballistics Missiles Threats
Based on application, the market is divided into conventional and ballistic missile defense. The ballistic missile defense segment is projected to grow at the highest CAGR over the period of 2022-2029.
The global market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Drivers and Restraints:
Developments in Hypersonic Missiles will Pave the Way for Advanced Air and Missile Defense Radars
The recent development of hypersonic missiles by the U.S., China, and Russia has created significant difficulties for the early identification of such fast-moving objects. Australia, Germany, France, India, Japan, and other nations have also contributed to the development of hypersonic missiles.
Higher operational efficiency, platform compatibility, user-oriented advanced systems, and a wide frequency band are all requirements for radar systems. Radars must occasionally operate in challenging environmental conditions, which can cause internal parts to fail.
North America to Lead Backed by Demand for Land-based Radars
North America held the largest Air and Missile Defense Radar Market share. North America is expected to experience the fastest growth in the region for land-based radars.
Due to rising defense spending by China, India, and Japan, the Asia Pacific market is anticipated to develop at the quickest rate.
The European market, which was predicted to be the second largest in 2021, is anticipated to expand significantly as a result of rising radar purchases made as a preventative measure against a possible war between Russia and Ukraine.
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global Air and Missile Defense Radar Market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
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Key Industry Development:
May 2022: For the purpose of locating and monitoring weapons close to the China-India border, India claimed to have purchased 12 Swathi radars. Within a 50-kilometer range, Swathi can track shells, mortars, and rockets.
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