The global surveillance radar market growth is set to gain traction from the rising investments by the U.S. in the deployment of surveillance radar-based unmanned aerial vehicles (UAVs) for enhancing battlefield operations. This information is given by Fortune Business Insights™ in a new study, titled, “Surveillance Radar Market Size, Share & Industry Analysis, By Platform (Airborne, Ground, Naval, and Space), By Application (Commercial, Military, Homeland Security, Others), By Radar Type (Short Range Surveillance Radar, Medium-Range Surveillance Radar, and Long Range Surveillance Radar), and Regional Forecast, 2020-2027.” The study further mentions that the surveillance radar market size was USD 7.33 billion in 2019 and is anticipated to reach USD 11.78 billion by 2027, exhibiting a CAGR of 8.21% during the forecast period.
Drivers & Restraints-
Increasing Border and Coastal Security Issues to Accelerate Demand
The high demand for next-generation combat aircraft from various countries, such as India, China, and the U.S. is surging. This is occurring because of its possession of high tactical capabilities required during warfare. The rising issues associated with coastal and border security is expected to augment the demand for UAVs enabled with surveillance radars .Besides, the increasing trend of modernizing military aircraft fleet would surge the number of new aircraft orders. It would also bolster the demand for surveillance radars. However, fundamental theories and techniques often limit the performances and sizes of the radar system. It may obstruct the surveillance radar market growth.
Regional Analysis-
North America to Dominate Backed by Presence of Renowned Companies
Geographically, in 2019, North America generated USD 3.62 billion in terms of revenue. It is set to dominate in the near future because of the presence of a large number of prominent companies, such as Lockheed Martin Corporation, Northrop Grumman Corporation, and Raytheon Technologies in this region.
Asia Pacific, on the other hand, is set to be the fastest-growing region fueled by the rising expenditure of regulatory bodies on naval-based systems and military land. The Middle East &Africa is set to exhibit significant growth in the coming years backed by the increasing number of new aircraft orders from airlines in Saudi Arabia and the U.A.E.
Source :- https://www.fortunebusinessinsights.com/surveillance-radars-market-104290
