Technavio has predicted a compound annual growth rate of three percent for the global radar system and technology sector by 2020 in its latest report on the market.
Factors including the recent shift toward next-generation military radar systems and the implementation of radar-absorbing materials are possible prospects to drive market growth through the end of the forecast period, TechNavio said in the report released Feb. 29.
The research organization also listed Wednesday the following top five vendors in the market that are expected to make an impact during the forecast period:
- Lockheed Martin
- Northrop Grumman
- Rockwell Collins
- Reutech Radar Systems
“[The] existing major players in the market need to identify the evolving trends and market shifts, and adapt to them for long-term success and survival in the market,“ said Abhay Singh, lead analyst at Technavio.
The report added that recent economic constraints and budget cuts in Europe and the U.S. led to challenges in the market, but developing countries in Asia-Pacific and the Middle East look to build up their defense radar systems and technology with modern capabilities.