increased utilization of these UAVs in surveillance and attack missions by the defense agencies
and garner high traction to the synthetic aperture radar (SAR) market.
Incorporation of advanced control system software tools to seamlessly support planning,
implementing, seamless communication, data processing and dissemination has led to
increased applications. Moreover, substantial potential of utilization for these systems in
commercial applications that include agriculture, energy, financial commodities and shipping
industries would present significant opportunities for industry growth.
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Defense based applications are expected to garner highest revenue margins over the forecast
period
These find significant applications in aircrafts and satellites that prove instrumental in tracking
missiles, rendering the images of the terrain and targets below the airborne vehicles. For
instance, in July 2017, upgraded aircraft by the U.S. Air Force, the F-22 featured a SAR systems.
According to Coherent Market Insights, global defense spending projected to increase at a CAGR
of 3% over the forecast period is expected to present significant growth potential over the same
period.
U.S. dominated the synthetic aperture radar market share in 2016, is expected to continue its
dominance over the forecast period
Collaboration of the US Department of Defense (DoD) and National Aeronautics and Space
Administration (NASA) has led to significant increase in R&D activities for space-based SAR
satellites. Moreover, the country contributes to over 40% of the global defense spending. These
factors are expected to fuel the regional demands for the business growth. Growing defense
budgets and research operations in the Asia Pacific that specifically include China, South Korea,
India, and Japan are expected to provide significant growth opportunities.
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Industry is characterized by the fragmented market presence of large players dominating the
regional industry share. Requirement to strengthen their industry foothold, players are
increasingly investing in product differentiation strategies and establishing partnerships with
the large end users to garner increased usability in low cost operations. For instance, in June