According to a new report by Allied Market Research, titled, Global Defense Tactical Radio Market by Type and Application: Global Opportunities Analysis and Industry Forecast, 2017-2023, the global defense tactical radio market was valued at $7,978.5million in 2016, and is projected to reach at $17,874.1 million by 2023, growing at a CAGR of 11.9% from 2017 to 2023.
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In military and defense sector, tactical radio communication is majorly used to convey command over the battlefield from person to person. In 2016, handheld segment dominated the defense tactical radio market, in terms of revenue, due to increase in demand for wireless communication devices.
Based on region, North America was the highest revenue contributor to the market in 2016, accounting for around 39.71% share, due to rise in adoption of electronic-based system/components across the defense sectors.
The report features a competitive scenario of the defense tactical radio market and provides a comprehensive analysis of the key growth strategies adopted by the major players. The key players in the global market are BAE Systems, Inc., Barrett Communications Pty. Ltd, Cobham plc, Codan Limited, General Dynamics Corporation, Harris Corporation, Leonardo S.p.A, Raytheon Company, Rockwell Collins, Inc., and Thales S.A.
These players have adopted various competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Defense Tactical Radio Market:
- The vehicle-mounted segment accounted for the highest share in 2016, growing at a CAGR of 12.5% from 2017 to 2023.
- Army application generated the highest revenue, accounting for $2903.4 million in 2016.
- LAMEA is expected to dominate the market, in terms of market share, during the forecast period.