Antenna Transducer and Radome Market will exhibit a CAGR of 10.2% between 2020 and 2027 and reach USD 16.73 by 2027, and the market value as per 2019 was USD 11.13 Billion.
Fortune Business Insights™ in a recently published report, titled, “Antenna, Transducer and Radome (ATR) Market Size, Share and Industry Analysis by Component (Antenna, Transducer, and Radome), By Technology (Radar, Communication and Sonar), By Application (Commercial, Defense, and Homeland Security), and Regional Forecast, 2020 – 2027.”
Antenna Transducer and Radome Market Drivers and Restraint :
Increasing Military Budgets Worldwide to Drive the Market
According to a report by Stockholm International Peace Research Institute (SIPRI), overall global military expenditure has shot to $1,917 billion in 2019 that is a gradual increase of 3.6% from 2018. Additionally, the five largest spenders along with Saudi Arabia and Russia accounted for about 62% of the total expenditure. Furthermore, the United States registered the highest military spend that was a staggering $732 billion in 2019, a growth of over 5.3% from 2018, while holding nearly 38% of the total military spend. International threats and political tensions is propelling the countries to modernize their military with high-tech and advanced weaponry systems. The acute focus on strengthening their military prowess by the government agencies that include increased military budget will drive the market growth during the forecast period.
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List of Significant Manufacturers Antenna Transducer and Radome Market are:
- BAE Systems (The U.K.)
- Cobham plc. (The U.K.)
- General Dynamics Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- L-3Harris Technologies Inc. (The U.S.)
- Leonardo S.p.A (Italy)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Company (The U.S.)
- Thales Group (France)
Presence of Major Manufacturers in North America to Stoke Demand
Among the regions, North America held the largest market of USD 4.68 billion in 2019 and is expected to gain major global antenna, transducer and radome market revenue in the forthcoming years. This is ascribable to factors such as high spending for modernization of military in the U.S. Furthermore, large presence of established manufacturers providing original equipment in the region will aid market growth. On the other hand, Asia-Pacific is likely to gain momentum during the forecast period. This is attributable to factors such as high demand for surveillance technology owing to increasing infiltration by the terrorists. Moreover, growing impetus on modernization of military to flex military muscle in countries such as China and India will bode well for the market growth between 2020 and 2027.
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