Home Defence & Homeland Security ‘Missile defense radar market to reach USD 10.40bn by 2020’

‘Missile defense radar market to reach USD 10.40bn by 2020’

US: According to a new market research report ‘Air and Missile Defense Radar Market (by Land-Based Systems, Naval Systems and Airborne Systems) – Global Forecasts and Analysis to 2014 – 2020’, by research firm MarketsandMarkets, Air and Missile Defense Radar Market is estimated to be USD 7.0 billion in 2014 and is expected to register a CAGR of 6.82% to reach USD 10.40 billion by 2020. Global market players like Russia, Israel and US contributes 70% towards the global air and missile defense radar market. Major eastern countries are in constant threat of nuclear and other conventional missile attacks, countries are geared up to increase their air and missile defense; hence, the current market trend is highly opportunistic. The air and missile defense market is highly driven by the latest technology. Though the current systems are successfully tested by the market players, yet their real-time deployment in war zones is limited.

The continued requirement for larger radar foot prints across Europe, East Asia and the Middle East will be the driving factor of the market. The increasing missile threat in regions like Asia-Pacific and in the Middle East, and the growing technological trend in ballistic missile systems are the key growth factors in the market. Joint ventures play a vital role in achieving technological advancement in the market.

Source: MarketsandMarkets