Growing Security Threats And Military Modernization Initiatives Drive Demand For Radars, According To New Report By Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Radars. Global market for Radars is projected to reach US$11.9 billion by 2020, driven by external and internal security threats, territorial disputes, technological advancements, and modernization initiatives by armed forces.
San Jose, California (PRWEB) - Follow us on LinkedIn – Radars have witnessed significant developments over the years and today are highly advanced surveillance equipment with a wide range of applications. Defined as electronic equipment designed to identify, detect, measure, and map the speed, distance, direction, range, and altitude of both fixed and moving objects, radars continue to remain a critical civil and military technology. Though the applications of radars are widespread in the military and defense sector, demand for radar systems is now growing in non-military applications such as radar astronomy, weather surveillance, air traffic control, and archeology and agriculture, among others. Increasing demand for radars for use in aircraft anti-collision systems, anti-missile systems, outer-space surveillance systems, ocean-surveillance systems, flight-control and altimetery systems, meteorological precipitation monitoring, ground-penetrating radar geological observations, and guided-missile target-locating systems is also benefiting market growth.
Against the backdrop of external and internal security threats, territorial disputes, and modernization initiatives taken by armed forces, radars are benefiting from increasing focus of governments and militaries across the globe on surveillance and sensing. The market is also expected to benefit from the increasing dependence on sensor data from Intelligence, Surveillance, and Reconnaissance (ISR) systems used in satellites, and unmanned aircrafts. General maintenance of systems across air, land and naval domains; the introduction of new, advanced platforms; and retrofitting current platforms with new technologies are expected to fuel expenditure on military radars. Technological innovations such as improved surveillance duration and resolution, detection capabilities and early warning capabilities will spur growth in the market in the coming years.
As stated by the new market research report on Radars, Asia-Pacific represents the largest market worldwide. Defense expenditure in the region has been increasing significantly encouraged by strong economic growth, thus benefiting spending on new radar systems and upgrades of existing radars. Latin America is forecast to emerge as the fastest growing regional market with a CAGR of 9.5% over the analysis period. Growth in the region is driven by economic development, modernization programs in the defense sector, and high military expenditure on radar systems.
Key players covered in the report include Applied Radar Inc., BAE Systems plc, Cambridge Consultants Limited, DRS Technologies Inc., EWR Weather Radar, FLIR Systems Inc., Honeywell International Inc., ICx Technologies Inc., Indra Sistemas S.A., ELTA SYSTEMS Ltd., Lockheed Martin Corporation, M/A Com - Cobham plc, Mitsubishi Heavy Industries Ltd., Northrop Grumman Corporation, Raytheon Company, Raytheon Systems Limited, Rockwell Collins, Selex ES, Telephonics Corporation, Terma A/S, Thales Group, and Vicor Corporation among others.
The research report titled “Radars: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the United States, Canada, Europe (Germany, UK, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, UAE, Algeria and Rest of Middle East & Africa) and Latin America (Brazil and Rest of Latin America). Product Segments analyzed in the report include Land Based Surveillance, Air Defense Surveillance, Naval Surveillance and Others.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Radars_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
View original release here: http://www.prweb.com/releases/radars_market/military_radars_market/prweb11779720.htm