The global airborne fire control radar market demand is expected to showcase exponential growth by reaching USD 3,866.4 million by 2028 while exhibiting a CAGR of 4.73% between 2021 and 2028. Fortune Business Insights in its latest report, titled “Airborne Fire Control Radar Market, 2021-2028.”, mentions that the market stood at USD 2,655.4 million in 2020. Factors such as the increasing demand for target detection equipment and the growing adoption of advanced technologies such as active electronically scanning arrays (AESA) will boost the adoption of the product worldwide.
Market Exhibited -6.7% Growth Rate in 2020 amid COVID-19; Postponement of Major Defense Projects Hampered Growth Prospects
The cancellation or postponement of major defense projects due to the lockdown announced by the government agencies worldwide has significantly affected the growth prospects of the market. Owing to this the market exhibited a negative growth rate of 6.7% in 2020. However, the increasing spending of defense budget by countries will bode well for the market’s growth in the forthcoming years.
List of the Companies Profiled in the Global Market:
- Airbus S.A.S. (Netherlands)
- BAE Systems (The U.K.)
- General Dynamics Corporation (The U.S.)
- Israel Aerospace Industries Ltd (Israel)
- Leonardo S.p.A. (Italy)
Browse Summary
https://www.fortunebusinessinsights.com/airborne-fire-control-radar-market-104048
DRIVING FACTORS
Increasing Demand for Reconnaissance and Targeting Activities to Promote Market Growth
The rising intrusion activities and the growing focus on upgrading their militaries by countries worldwide will boost the demand for advanced technologies for reconnaissance and targeting activities. Moreover, the increasing focus on accurate target detection and handling crucial missions is leading to the development of advanced radar systems. For instance, Israel Aerospace Industries Ltd has developed reconnaissance and targeting ELM-20600 RTP POD that efficiently detects, classifies, and precisely tracks and selects ground targets. Moreover, it includes inflight SAR images recording capabilities that ensure real-time target assessment. The increasing adoption of active electronically scanning array (AESA) technology that provides high reliability and low interception rate is further expected to bode well for the global airborne fire control radar market growth in the forthcoming years.
