May 15, 2018
WELLESLEY, Mass., May 15, 2018 – Emerging market growth and technological advancements are allowing the modern manufacturing of radars to achieve its highest potential, according to a new report from BCC Research. However, there are many restraints facing the market including stringent regulations, high investment costs and mounting pressure on manufacturers to offer cost effective radars with advance capabilities.
The global market for radars was worth $27.5 billion during 2017. It is estimated to be valued at $32.2 billion by 2022, indicating a compound annual growth rate (CAGR) of 5.3%, according to Radar Manufacturing: Global Markets to 2022.
Major players within this industry include Leonardo S.p.A., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Corp. and Thales.
“Going forward, rise in technological advancements pertaining to radars used in space and marine exploration activities as well as defense operations will drive the radar manufacturing industry in the forecast period,” the report states. “Countries and companies across the globe are expected to invest heavily in research and development for advanced radar technologies. For instance, in 2018, in 2017, Raytheon Integrated Defense System was awarded a contract worth $1.5 billion by the Missile Defense Agency to provide advanced surveillance radar systems to the U.S.”
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Radar Manufacturing: Global Markets to 2022( IAS052A )
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