Global Military Radars Market : Industry Analysis
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Global Military Radars Market was valued at US$ XX Bn in 2019 and is expected to reach US$XX Bn by 2027, at a CAGR of XX% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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Global Military Radars Market Dynamics
Increasing concerns regarding border security across the globe and continuous threat from neighboring countries have forced the governments to procure a hi-tech weapon which is one of the factor expected to flourish the growth of military radar market by the end of 2027. Moreover, miniaturization and automation of surveillance and defense systems are predictable to flourish the growth of military radar market around the world. Likely, rising demand for military radar for weapon guidance system is predicted to boost the demand for military radar.
Additionally, increasing government initiatives to build defense infrastructure coupled with huge investment by the government to curb the threats from neighboring nations is projected to boost the growth of military radar market. Also, growing research and development activities by major key players to offer effective surveillance product and modernization of existing military radar systems are boosting the growth of military radar market.
However, the high cost of space-based radars is expected to hamper the growth of the military radar market over the forecast period. Likewise, growing cyber warfare is also one of the major factors hindering the growth of military radar market.
Global Military Radars Market Segment Analysis
Ground-based military radar segment accounted for the largest CAGR of the global market share in 2019 and is projected to continue its dominance over the upcoming years. Ground-based radars are gaining traction as they offer real-time information in situations such as warfare. The radars effectively help in activities, for instance, ground penetration, locating enemy weapons, and unexploded tunnels, among others.
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