The global military radar market size is expected to reach
USD 13,779.7 million by 2024, according to a new study by Grand View Research,
Inc.
The escalated demand for
improving border safety is anticipated to propel growth in the security &
surveillance systems and equipment, such as military radars. Radar systems used
in the military sector are further used for weapon guidance, controlling air
traffic, and air collision avoidance. Military radars are extensively used in
missile guidance techniques, such as Active Radar Homing (ARH) and Semi-Active
Radar Homing (SARH), as these systems help in the accurate target detection
tracking.
The growing demand for military
radars for the guidance of missile systems is expected to propel the demand
over the next eight years. The need for high-resolution imaging radars for
detecting fixed and moving targets in the battlefield is further anticipated to
incite growth in the industry. The wide-scale adoption of military radars for
aircraft collision avoidance is anticipated to contribute to the industry
expansion.
The growth in market is highly
susceptible to the prevailing economic conditions. The after effects of global
recession have greatly impacted the military spending across the world, which
is a significant factor responsible for driving down the growth opportunities
in the industry. The European countries, such as the UK, Germany, and Russia,
have experienced cuts in military budgets owing to the financial crisis and
macroeconomic conditions. Another key factor affecting the growth of military
radars is the cost of developing space-based radars, which demand an extensive
spending on R&D activities and manufacturing.
North America military radar
market revenue by type, 2014 - 2024 (USD Million)
Browse full research report on
Military Radar Market
Further key findings from the
report suggest:
- Convection
ovens accounted for over 45% of the market share in 2014, which can be
primarily attributed to their ability to cook food faster. In addition,
these microwave ovens facilitate the cooking of multiple items
simultaneously. Vegetables, cookies, roasted meats and cookies can be
effectively prepared in a convection microwave oven. Grill ovens also
contributed to a significant portion of the market revenue. Increased
emphasis on healthy eating habits has propelled the demand for grill ovens
as they are used for roasting food in a very short duration.
- Household
microwave ovens contributed to over 60% of the overall revenue in 2014.
Demand for household oven primarily originates from the working segment
owing to quicker food preparation times. A surge in the establishment of
hotels and fast food centers has favorably impacted microwaves’ adoption
in commercial applications as they enable the serving of a large volume of
food in shorter durations.
- Built-in
microwaves have gained prominence over the last few years owing to their
compact nature which facilitates their accommodation in modular kitchens.
They also enhance the aesthetics of the kitchen as they can fit in a wall
or a cabinet, thereby offering some counter free space in the kitchen.
Counter-top microwaves are available in various sizes and can be installed
manually without the need of an expert, owing to which they occupied a
majority of the revenue share.
- North America
accounted for over 30% of the market in 2014 which can be attributed to
high penetration of microwaves across households and commercial
establishments. The industry has reached its maturity stage in the U.S.
and also several European countries, resulting in a potentially sluggish
growth rate over the forecast period. Most of the microwave sales in North
America and Western Europe are expected to emerge from customers opting
for premium microwaves. The microwave oven industry has substantial growth
prospects in the Asia Pacific region as majority of sales are expected to
originate from customers purchasing microwaves for the first time.
- Key industry
participants include Samsung, LG Electronics, Panasonic, Electrolux, and
Galanz. Companies focus on product differentiation and geographical
diversification as key strategies to expand their presence and achieve
higher market penetration. Manufacturers also emphasize on the development
of energy efficient microwaves to lower electricity consumption.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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