Grand View Research: Military Radar Market Worth $14B in 8 Years

market researchA Grand View Research report predicts the global military radar market will reach $13.78 billion in value by 2024 due to an increasing demand for border safety.

The use of radar technology in weapon guidance, air traffic control and collision avoidance systems is also projected to drive market growth, Grand View Research said Thursday.

The projected growth will also be driven by a demand for high-resolution imaging radars that work to detect fixed and moving targets, according to the research company.

Grand View Research noted the ground-based radar segment accounted for about 29.5 percent of the overall market share during 2015.

Key market players mentioned in the report include BAE Systems, General Dynamics, Northrop Grumman, Lockheed Martin, Raytheon, Airbus Group, Finmeccanica, Israel Aerospace Industries, Thales and Saab Group.

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