The global airborne fire control radar market size is expected to showcase exponential growth by reaching USD 3,866.4 million by 2028 while exhibiting a CAGR of 4.73% between 2021 and 2028. Fortune Business Insights in its latest report, titled “Airborne Fire Control Radar Market, 2021-2028.”, mentions that the market stood at USD 2,655.4 million in 2020. Factors such as the increasing demand for target detection equipment and the growing adoption of advanced technologies such as active electronically scanning arrays (AESA) will boost the adoption of the product worldwide.
Increasing Demand for Reconnaissance and Targeting Activities to Promote Market Growth
The rising intrusion activities and the growing focus on upgrading their militaries by countries worldwide will boost the demand for advanced technologies for reconnaissance and targeting activities. Moreover, the increasing focus on accurate target detection and handling crucial missions is leading to the development of advanced radar systems. For instance, Israel Aerospace Industries Ltd has developed reconnaissance and targeting ELM-20600 RTP POD that efficiently detects, classifies, and precisely tracks and selects ground targets. Moreover, it includes inflight SAR images recording capabilities that ensure real-time target assessment. The increasing adoption of active electronically scanning array (AESA) technology that provides high reliability and low interception rate is further expected to bode well for the global airborne fire control radar market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region stood at USD 891.41 million in 2020 and is projected to hold the highest position in the market during the forecast period. This is attributable to the presence of established airborne fire control radar manufacturers such as Northrop Grumman Corporation, Raytheon Technologies Corporation, and Lockheed Martin Corporation in the region.
Europe – The market in the region is expected to showcase exponential growth backed by the growing demand for advanced airborne fire control radar systems by the Air Force of countries such as the U.K. and Germany between 2021 and 2028.
Asia-Pacific – The increasing focus on the procurement of advanced 5th Generation fighter jets by China is expected to propel the product’s adoption in the region. Moreover, the surging demand for innovative UAVs is likely to contribute to the regional growth in the forthcoming years.
COMPETITIVE LANDSCAPE
Contract Signing by Major Companies to Strengthen Their Market Positions
The market is witnessing fierce competition amongst the major companies operating in it. These companies are focusing on signing lucrative contracts to expand their airborne fire control radar portfolio. Moreover, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, partnership, and collaboration that will favor the growth of the market in the forthcoming years.
Browse Source:
https://www.fortunebusinessinsights.com/airborne-fire-control-radar-market-104048
