PORTLAND, Oregon, October 7, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "World Airborne Fire Control Radar Market by Frequency Band and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022," forecasts that the world airborne fire control radar market is expected to reach $3,455 million by 2022, growing at a CAGR of 3.9% from 2016 to 2022. X-band segment is expected to witness highest growth rate, while region-wise North America is projected to lead the market during the forecast period.
Summary of the Airborne Fire Control Radar Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/airborne-fire-control-radar-market
Over the years, the demand for air and missile radar systems has increased significantly, owing to adoption of active electronically scanned array (AESA)-based systems, rise in concern for border security, automation of defense and surveillance radar systems, increase in military spending in various developing countries and others.
Radar has been extensively used by the defense industry after the Second World War and is now among the crucial component in military communications. High number of advancements in the recent years in radar technologies has given rise to increased flexibility of the tools. This has also resulted in the development of AESA in the airborne fire control radar systems. These types of phased array radar systems are much more precise, making it easier for airborne fire control radar in easy tracking of the target.
Furthermore, territorial conflicts in Asia-Pacific and Middle East & Africa pose a major challenge in today's environment. The cause for such conflicts includes a mix of political and economic interests, normative reasons, and struggle over scarce natural resources. It has been seen in the past that territorial conflicts were the leading cause of war, especially if two countries disagreed over specific parts of territory. Due to this, the countries have secured their borders with effective technologies through air, water, and land; this increase in security concerns gives rise to the demand for airborne fire control radar systems worldwide.
In terms of frequency band, S-band accounted for the maximum revenue share during the forecast period. In addition, X-band airborne fire control radar is expected to grow at the fastest rate.
"By region, Asia-Pacific is projected to be one of the fastest growing airborne fire control radar markets during the forecast period, due to the strong economic growth and rising military expenditure, industrial development, and civil unrest situations in countries including India, Japan, and China," states lead analyst Rohit Sharma, ICT & Media Research, at AMR. North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period.
Key findings of the study
- In the year 2015, S band segment dominated the overall airborne fire control radar market in terms of revenue, and is projected to grow at a CAGR of 3.3%.
- North America generated the highest revenue among all regions in 2015.
- Asia-Pacific is the fastest growing region with India, China, and Japan as the leading countries for airborne fire control radar market.
- U.S. and China accounted for the majority of the share, in terms of revenue, responsible for nearly 50% of the total market.
Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, SAAB Group, Thales Group, and Airbus Group are leading players in global airborne fire control radar market. They have adopted various strategies such as contracts & agreements, new product launches, expansion, and partnerships to sustain in the market.
Summary of similar reports can be viewed at https://www.alliedmarketresearch.com/aerospace-&-defence-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research