According to the report titled ‘Surveillance Radar System Market Size, By Component (Hardware, Software), By Platform (Land, Air, Naval, Space), By Radar Range Type (Short Range, Medium Range, Long Range), By Application (Commercial, Military, Homeland, Security), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global surveillance radar system market is expected to witness substantial growth during the period 2021-2027.
 

Rising military investment for the development of new technologies, coupled with increased adoption of artificial intelligence (AI) and 3D sensors in surveillance radars are propelling the growth of global surveillance radar system market.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4357587/
 

For the unversed, surveillance radars are systems used majorly in defense and military sectors to monitor potential threats, provide maximum security in less-desirable weather conditions, and detect long-distance targets.
 

Furthermore, increased participation of industry players to gain competitive advantage has led to the advancements in technology and given rise to improved radar systems, thereby accelerating the overall development of the business sphere. 
 

Based on component, the software segment is anticipated to gain considerable traction during the analysis period, due to growing preference for advanced surveillance radars for the detection of low flying objects and other obstacles.
 

In terms of platform ambit, the space segment of worldwide surveillance radar system industry is estimated to progress at 9% CAGR during the review timeline, pertaining to immense emphasis placed on space surveillance radars particularly in developed economies like United States for safeguarding crucial space assets. 
 

Concerning radar range, the medium range segment accounted for 20% market share in the year 2020 and is predicted to observe significant growth through 2027, owing to the surging usage of such systems in the military sector across Asia Pacific region.  
 

Based on application spectrum, the homeland vertical is expected to witness robust expansion over the study period, due to the optimum utilization by homeland security departments to protect citizens against threats and crimes. 
 

From a regional standpoint, Middle East & Africa market is poised to garner maximum returns by 2027, owing to the swift development of domestic aviation infrastructure in the region. 
 

The competitive landscape of global surveillance radar system market is defined by companies such as BAE Systems plc, Leonardo S.p.A., Elbit Systems Ltd., Thales Group, Hensoldt AG, Raytheon Company, Lockheed Martin Corporation, Terma A/S, FLIR Systems, Northrop Grumman Corporation, Honeywell International Inc., Larsen & Toubro Ltd., L3harris Technologies, SAAB AB, and Israel Aerospace Industries Ltd. among others.