Raytheon Technologies Corp.’s RTX business unit, Missiles and Defense, recently secured a modification contract to provide integration and production support efforts for Air and Missile Defense Radar AN/SPY-6(V). The deal has been awarded by the Naval Sea Systems Command, Washington Navy Yard, D.C. Details of the DealValued at $67.7 million, the contract is expected to be completed by December 2021. Majority of the work related to this deal will be conducted in Marlborough, MA.This modification includes options, which, on being exercised, would bring the cumulative value of this modification to $781 million.Radars & RaytheonWith rapid escalation of geopolitical tensions globally in recent times, developed and developing nations have been boosting their defense arsenal significantly. Radars constitute a vital part of this arsenal.Empirically, demand for military radar systems has expanded manifold in recent times, driven by factors like rise in defense spending of emerging economies, increase in regional tensions and inter-country conflicts that have boosted threats from missiles and aircraft. This in turn has been benefiting radar manufacturing companies like Raytheon, in the form of contract wins, like the latest one.Notably, Raytheon’s product portfolio consists of varied radars like integrated air and missile defense radars, ballistic missile radars, surveillance radars as well as air dominance radars. Radars like AN-SPY 6, AN-TPY-2, APG-79, APG-82 are some of its combat proven products that enjoy solid demand in the global military radar market.Growth ProspectsPer Markets and Markets Research, the global military radar market is expected to reach $17.4 billion by 2025 at a CAGR of 4.4% from 2020. Such growth projections for the aforementioned market should benefit prominent radar manufacturers like Raytheon Technologies, Lockheed Martin LMT, L3Harris Technologies LHX and Northrop Grumman NOC.Notably, Lockheed’s product portfolio includes various radar and electro-optical/infrared sensor systems like AN/APY-9 radar, airborne ground surveillance radar systems, IRST21 Sensos system, AN/TPQ-53 radar systems, SPY-7, long range discrimination radar and a few more.L3Harris’ manufactures combat-proven radars like SPS-48 Land based surveillance radar, AN/APY-11 Multimode radar, Tactical Air Surveillance radar, AN/SPS-48G Long range 3D surveillance radar and many more. Northrop’s broad portfolio of products comprises radars like AN/APG-83 scalable agile beam radar, AN/ASQ-236 Dragon’s eye radar pod as well as AN/APG-81 and AN/APG-71 for F-35 and F-22 jets respectively.Zacks Rank and Price PerformanceRaytheon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The company’s shares have gained 21.3% in the past six months compared with the industry’s increase of 8.3%.Image Source: Zacks Investment Research 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report L3Harris Technologies Inc (LHX): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research