The global airborne fire control radar market size is set to exhibit massive growth based on the rising investments by leading economies for strengthening their defense systems. Fortune Business Insights™ supplies this information in its report, titled "Airborne Fire Control Radar Market, 2021-2028." The global airborne fire control radar market size was USD 2,655.4 million in 2020. The market is projected to grow from USD 2,797.3 million in 2021 to USD 3,866.4 million in 2028 at a CAGR of 4.73% in the 2021-2028 period.
According to the latest data from the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached almost USD 2 trillion in 2020, rising 2.6% from 2019 levels. The top spenders, as per SIPRI, were the US, China, India, Russia, and the UK. The main purpose behind this startling increase in defense spending is the modernization and advancement of military infrastructure and arsenal by major economies. Airborne fire control radar solutions form a critical component of a country’s air force and the growing allocation of resources to the defense sector will ensure wider adoption of such systems. Furthermore, new emerging conflicts and political disagreements between countries have bolstered the demand for superior and technologically enhanced weapon systems.
Based on frequency band, the market is segmented into S-band, X-band, and Ku/k/ka band. On the basis of platform, it is segregated into military aircraft and military helicopters. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Covered in the Airborne Fire Control Radar Market Report
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Saab AB
- Israel Aerospace Industries Ltd
- Raytheon Technologies Corporation
- BAE Systems
- General Dynamics Corporation
- Leonardo S.p.A
- Thales Group
Key Players to Devise Strategies to Mark Significant Market Position
Strategies such as joint ventures have enabled companies to gain contracts from national defense forces. For example, Northrop Grumman Corporation and Lockheed Martin Corporation entered a joint venture in February 2020 to secure a contract worth USD 235.8 million from the US Military to deliver exceptional post-adoption services for AH-64E Apache Helicopter. In addition, key players have developed innovative features for airborne fire control radar systems for tracking the movement of missiles automatically. Moreover, the companies have incorporated modular designs for attracting demand and marking considerable brand position in the market.
September 2020: The US army rewarded Longbow LLC with USD 165 million for providing the Netherlands, the Indian military, Morocco, and the UAE with an AH-64E Apache helicopter powered by the 78 LONGBOW Fire Control Radar (FCR) systems.
Browse Full Report-