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Air and Missile Defense Radar Technological Trend will Achieve New Development Future and Best Opportunities in Market
The global air and missile defense radar market is estimated to be $7 billion in 2014 and expected to grow at a CAGR of 6.82% to reach 10.40 billion in 2020. The growth regions will beinAsia-Pacific and the Middle East. However countries like South Korea, Japan, UAE, Saudi Arabia and Israel will likewise show a higher growth level in the market throughout the forecasted period.
Defense budget cuts in the U.S. and Europe will have an impact on the air and missile defense radar market.
The air and missile defense radar systems will be on high priority in the near future because of increased diplomatic tensions in the regions like the Middle East and Asia-Pacific. The radar systems have evolved rapidly while the technology trend will achieve new developments in future, which will create new and better opportunities in the market.
There is a slight decrease in the defense radar market for western’s air and missile. This decline is not because of lower spending on defense budgets in the western market, but its increased spending in the regions like Asia-Pacific and the Middle East.
Land-based radar systems have the highest CAGR across all platforms and it will account for 45% of the market share in the forecasted period.
There will be an increasing demand in Land-based radar systems like THAAD, Patriot air defense systems.
Air and Missile Defense Radar (AMDR) Market (by Land-Based Systems, Naval Systems and Airborne Systems) - Global Forecasts and Analysis to 2014 - 2020
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