X-Band Radar Market Worth $5.61B by 2021
The report "X-Band Radar Market by Application (Defense, Government, and Commercial), Type (Mobile, and Sea-based X-band Radar), Array (Active Electronically Scanned Array (AESA), Passive Electronically Scanned Array (PESA), and Region - Global Forecast to 2021", The global X-Band radar market is projected to grow from $4.58 billion in 2016 to $5.61 billion by 2021, at a CAGR of 4.1% during the period under consideration. 2015 is considered the base year for the study, whereas 2016 to 2021 is the forecast period.
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The key players operating in the global X-band radar market are
- Japan Radio Company Ltd. (Japan)
- Terma A/S (Denmark)
- Northrop Grumman Corp.(U.S.)
- Raytheon Co. (U.S.), and
- Saab AB (Sweden), among others.
The emergence of electronic and network centric warfare, replacement of legacy systems resulting in the automaton of radar systems, territorial conflicts and geopolitical instabilities, and sea-based X-Band radars, among others, are driving the demand for the X-Band radar across the globe.
Defense Application of the X-Band Radar to Capture the Largest Share in the Global X-Band Radar Market
The defense application is the fastest-growing segment in the X-Band radar market due to the growing demand for mobile X-Band radars for land and naval security during the forecast period. The air surveillance capability of the X-Band radar is the prime factor for the increase in demand from the defense sector. Also, increased investments by governments in different defense sectors are driving the demand for mobile X-Band radars such as the sea-based X-Band radar and space-based X-Band radar.
Mobile X-Band radars can be used for a wide range of applications including gauging the dynamics of extraordinary cyclones and cloud microphysics, urban rainfall, sea-breezes, land-based and airborne platforms including coastal and border areas, air traffic control, early warning and detection of the weather, perimeter surveillance and airborne surveillance. The demand is constantly growing due to the increasing use in varied sectors.
North America to Dominate the Global X-Band Radar Market
North America is estimated to capture the largest market share in the X-band radar market in 2016. The X-Band radar market in the APAC region is projected to grow at the highest CAGR during the forecast period. North America has a strong foothold in the X-Band radar market with the top market players such as The Raytheon Co. (U.S.) and Northrop Grumman Corp.(U.S.).
The X-Band radar market is expected to grow significantly in the Asia-Pacific region due to rapid industrialization and the influx of several multinational players. Increased investments in the missile defense systems across the globe are responsible for the higher demand for X-Band radars. Territorial disputes, increased threats from the Islamic State of Iraq and Syria (ISIS) and disputes in the Crimean peninsula (March 2014) are expected to increase the market for missile defense systems. Thus, the growing demand for missile defense systems will drive the market for the X-Band radar globally.