Asia-Pacific region to witness highest growth in military radars market during the forecast period
In 2015, Asia-Pacific is expected to have the second-largest market share and highest growth rate in the global military radars market. Existence of intercountry conflict over the disputed area of South China Sea is a major factor that is compelling the authorities to increase naval surveillance capabilities in the affected region.
The involved countries such as China, Taiwan, Vietnam, Malaysia, Brunei, and the Philippines have competing territorial and jurisdictional claims, particularly over rights to exploit the regions extensive reserves of oil and gas. High growth in military expenditure and modernization of surveillance and battle systems is driving the radar market in India.
The major players in the military radars market are Lockheed Martin Corporation( U. S.), Northrop Grumman Corporation( U. S.), Raytheon Company( U. S.), Saab Group( Sweden.), and Thales Group( France), Airbus Group( Netherlands), BAE Systems( U. K.), General Dynamics Corporation( U. S.), Israel Aerospace Industries( IAI)( Israel), and Finmeccanica SpA( Italy).
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