According to a recent report by Fortune Business Insights titled "Airborne Fire Control Radar Market, 2021-2028," the global market for airborne fire control radar is expected to experience significant growth, with a projected value of USD 3,866.4 million by 2028 and a CAGR of 4.73% during the forecast period from 2021 to 2028. The market size was USD 2,655.4 million in 2020. The rise in demand for target detection equipment and the increasing adoption of advanced technologies, such as active electronically scanning arrays (AESA), are among the key factors that will drive the growth of the market worldwide.
Based on the platform, the market is bifurcated into fighter jets, combat helicopter, special mission aircraft, and UAVs.
On the basis of platform, the fighter jets segment held the largest global airborne fire control radar market share during the forecast period. This is owing to the increasing deliveries of fighter jets equipped with advanced radar systems to detect ground targets.
On the basis of frequency band, the market is trifurcated into L & S-band, X-band, and KU/K/KA band. Moreover, based on application, the market is divided into the Air to Sea, Air to Air, and Air to Ground. Lastly on the basis of region, the market is categorized into South America, the Middle East and Africa, North America, Asia-Pacific, and Europe.
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What does the Report Include?
The market analysis report offers a comprehensive examination of the airborne fire control radar market with a focus on critical factors such as materials, leading companies, applications, and products. The report provides both qualitative and quantitative analysis, highlighting the latest trends and key industry developments. It also includes historical data and forecasts revenue growth at the global, regional, and country levels. The report analyzes the industry's current dynamics and identifies opportunities that are likely to impact market growth between 2021 and 2028.
Increasing Demand for Reconnaissance and Targeting Activities to Promote Market Growth
The global demand for advanced technologies in reconnaissance and targeting activities is expected to increase due to rising intrusion activities and the focus on upgrading militaries worldwide. To meet the demand for accurate target detection and handling, advanced radar systems are being developed. For example, Israel Aerospace Industries Ltd has designed the ELM-20600 RTP POD for reconnaissance and targeting, which can detect, classify, and track ground targets with precision. The system also includes inflight SAR images recording capabilities for real-time target assessment. The adoption of active electronically scanning array (AESA) technology, which provides high reliability and a low interception rate, is expected to further drive the growth of the global airborne fire control radar market in the coming years.
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.
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.