Market Size of Military Radars Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 16.71 Billion |
| Market Size (2029) | USD 21.47 Billion |
| CAGR (2024 - 2029) | 5.15 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Radar Market Analysis
The Military Radars Market size is estimated at USD 16.71 billion in 2024, and is expected to reach USD 21.47 billion by 2029, growing at a CAGR of 5.15% during the forecast period (2024-2029).
The COVID-19 pandemic caused the aerospace and defense (A&D) manufacturing industry to be shaken up in a way that had never happened before. But the defense sector stayed stable and grew because most countries didn't cut their defense budgets and stayed committed to keeping their military power. The market is growing because more money is being spent on defense around the world, and more money is being spent on buying advanced radar systems for military communications. According to the Stockholm International Peace Research Institute (SIPRI), despite the pandemic, global defense spending reached USD 1981 billion in 2020.
The main things that are driving the military radar market are more money being spent on improving air defense, improvements in military radar technology, and more combat aircraft being bought. Furthermore, factors such as early-stage investments, a lack of detection for small drones, and stringent cross-border trading policies are limiting the market growth. Also, factors like rising geopolitical tensions and research and development (R&D) in military radar for airborne platforms are likely to give market leaders in military radar products a chance to make a lot of money.
