Global Electrically Scanned Array Market to Rise to $8,275 Mn by 2023


Posted October 27, 2020 by nita01

The report predicts the global electronically scanned array market to exhibit a robust 5.80% CAGR over the 2018-2023 forecast period, rising from a value of USD 5,900 million in 2017 to USD 8,275 million in 2023.
 
The report considers all relevant parameters of the market’s current performance in order to provide detailed forecasts regarding the market’s growth trajectory over the 2018-2023 forecast period.
The report predicts the global electronically scanned array market to exhibit a robust 5.80% CAGR over the 2018-2023 forecast period, rising from a value of USD 5,900 million in 2017 to USD 8,275 million in 2023.
Key drivers for the global electronically scanned array market include the rising drive among governments to modernize and automate their armies, and the resultant increase in defense expenditure targeted at technological improvement in existing machinery. Smart armies have emerged as the future of armed forces, with leading military forces such as the U.S. spending huge amounts on technological updation and the incorporation of advanced military tools such as remotely operable drones. These changes include the rising incorporation of electrically scanned array systems in place of traditional radar systems, which is likely to remain a major driver for the global electrically scanned array market over the forecast period. Defense and surveillance systems are a major target for military modernization efforts, lending strong support to the global electrically scanned array market’s growth over the forecast period.
Segmentation Analysis:
The report segments the global electrically scanned array market by type, range, end use, and region.
By type, the global electrically scanned array market is segmented into active and passive electrically scanned arrays. Active electrically scanned arrays dominate the market at present and are likely to remain the dominant contributor over the forecast period. However, passive electrically scanned arrays are likely to exhibit growth at a higher growth rate over the forecast period.
By range, the global electrically scanned array market is segmented into short, medium, and long. Long-range electrically scanned arrays are the dominant segment in the global market at present, but the demand for medium-range electrically scanned arrays is likely to grow at a higher rate over the forecast period.
By end use, the global electrically scanned array market is segmented into airborne, naval, and land. Airborne electrically scanned array systems are the dominant contributor to the global electrically scanned array market at present and are likely to remain the dominant contributor over the forecast period due to the primary use of electrically scanned arrays in aircraft-based radar systems. However, land-based use of electrically scanned arrays is expected to grow at the highest rate over the forecast period.
Regional Analysis:
The report looks into the regional segmentation of the global electrically scanned array market by segmenting it into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America is expected to remain the dominant contributor to the global electrically scanned array market over the forecast period due largely to the presence of the U.S., which is the foremost spender on military technology in the world and has undertaken massive efforts to modernize its army to truly bring it into the digital age. The U.S.’s continued military modernization efforts are likely to remain the key driver for the electrically scanned array market in North America over the forecast period.
The Asia Pacific market for electrically scanned arrays is likely to exhibit growth at the highest growth rate over the forecast period due to the increasing military expenditure in developing countries such as China and India. Increasing geopolitical tensions around India’s borders with China and Pakistan, as well as tensions regarding China’s approach into the South China Sea, are likely to result in increasing military expenditure in the region over the forecast period, driving the electrically scanned array market at a handsome growth rate.
Competitive Analysis:
Leading players in the global electrically scanned array market include Lockheed Martin (US), Northrop Grumman (US), Leonardo-Finmeccanica (Italy), Raytheon (US), Saab AB (Sweden), Israel Aerospace Industries (Israel), Thales Group (France), Toshiba (Japan), RADA Electronic Industries (Israel), and Defence Research, and Development Organization (India), among others.
Browse Report in Details @ https://www.marketresearchfuture.com/reports/electronically-scanned-array-market-6734
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Categories Aerospace
Tags Electrically Scanned Array Market
Last Updated October 27, 2020