The Radar Systems market is estimated to grow at USD 31 billion in 2021 and reach USD 42.5 billion by 2028; it is projected to grow at a CAGR of 4.7% from 2021 to 2028, according to Brandessence.
Radar systems play an essential part in warfare, and the technology is broadly adopted in several countries globally. In 2022, China is creating a new monitoring and defence system which will be tested by purposefully crashing a spacecraft into an asteroid. In addition, Israel also launched a new balloon-mounted radar system with advanced missile. With the continual development of technology in radar systems, it is necessary for vendors to come up with innovations to get an edge over the competition.
Huge demand for radar system across various applications led the several market players execute several strategies. For instance, in June 2022, Elbit Systems launched DAiR, an innovative simultaneous multi-mission tactical radar. Additionally, Mitsubishi Electric and Leonardo UK have collaborated on a radar technology demonstrator model that could advise future joint development efforts between the U.K. and Japan. Ongoing recent developments by several market players across the globe are eventually enhancing the growth of radar market system.