Research and Markets has released a new report that predicts the military radar global market could reach a total value of $8.4 billion by 2019 from the $6.9 billion recorded in 2012.
Increased demands from the army, navy and air force services, as well as emergency responders have spurred the military radar market’s growth worldwide, Research and Markets said Monday.
Market players such as Lockheed Martin, Northrop Grumman, Raytheon, BAE Systems, Boeing, Harris, Saab Sensis and DRS Technologies hold 54 percent of the market, according to the report.
Research and Markets also said North American defenses forces are the largest spenders in the market, followed by Asia-Pacific defense clients.
“The market is also supported by the substantial purchases of military radar systems made by the emerging nations,” Research and Markets said.