Radar Market Overview:
The global radar market reached US$ 24,012.56 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 41,026.41 million by 2030. The market is growing at a CAGR of 5.8% during the forecast period (2023-2030). The market is driven by factors such as the increasing adoption of radar systems in Defense & commercial aircraft, marine vessels, weather stations, airport surveillance, unmanned vehicles, satellites, etc.
The radar industry is driven by the growing demand for safety and security in automotive applications. In addition, the increasing demand for weather and climate forecasting is propelling market growth. The expansion of the market is being driven by the increasing need for border security and the revolution in electronic and network-centric warfare. In addition, rising demand and expenditures in the military sector are driving market growth. However, it is expected that the high costs associated with system development and maintenance will limit market expansion.
In addition, solid-state phased radars can detect, classify, monitor, and pinpoint the location of a target. Consequently, the need for long-range radar employing phased-array antennas is anticipated to be one of the key factors driving the growth of the Radar Market over the coming years. Solid-state radar is the transmitter component of a radar system. Although unmanned aerial vehicles (UAVs) are primarily employed by the military, they can also be used as remote surveillance tools in the civilian sector.
Radar Market Drivers:
The defense sector is the largest end-user of radar systems and is driving the growth of the market. Radar systems are used for surveillance, reconnaissance, and target acquisition, and the demand for these systems is growing due to increasing geopolitical tensions and the need for advanced defense technologies.
Governments and private companies are investing heavily in research and development to develop advanced radar systems with enhanced capabilities. This investment is driving the growth of the radar market by facilitating the development of new and innovative radar technologies.
Radar Market Restraints:
Radar systems rely on specific frequency bands for their operation. Spectrum allocation refers to the process of assigning and regulating the use of different frequency bands for various applications. However, in some cases, limited availability of spectrum or strict regulations on spectrum usage can impact the deployment and expansion of radar systems, particularly for certain applications such as automotive radar or drone surveillance.
Radar Market Opportunities:
The factors expected to drive the market are advancements in border surveillance systems. Moreover, increasing the need for a missile detection system is anticipated to boost the market. Increased investments in advanced surveillance technologies are upcoming opportunities for the market. However, extreme weather conditions hamper the accuracy of surveillance radars.
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COVID-19 Impact Analysis:
COVID-19 has spread around the globe, inflicting massive fatalities and catastrophic economic damage. The pandemic had a significant impact on various industries, notably the automobile industry, with major manufacturers shutting down operations totally or working at reduced capacity in accordance with government directives. The duration of the lockout and uncertainties about supply chain disruptions have made forecasting the industry’s recovery impossible. The crisis resulted in structural changes that had a substantial influence on the market.
Russia-Ukraine Conflict Analysis:
As soon as Russia began its illegitimate and unjustified full-scale invasion of Ukraine, the U.S., the U.N., and other countries-imposed sanctions on the country. Numerous businesses are starting to cease operations in Russia as a result of the current turmoil. As companies begin to exit the Russian market, these sanctions will undoubtedly have a big impact on the global industry.
Recent Developments in the Industry:
- On March 20, 2023, in order to provide the Republic of Korea Air Force with the newest generation of resilient, high-altitude airborne early warning and control aircraft, L3Harris Technologies, Melbourne, announced a teaming partnership with Israeli Aerospace Industries’ ELTA Systems Group (IAI/ELTA) and Korean Air Lines.
- On November 21, 2022, Lockheed Martin Corp. LMT company with U.S. headquarters won a contract to provide Kuwait with ground-based radar systems. The prize was given by the Air Force Life Cycle Management Centre at Hanscom Air Force Base in Massachusetts.
- On November 9, 2022, in order to supply the US Navy with two more AN/SPN-50(V)1 shipboard air traffic radar (SATR) systems, SAAB was granted a contract modification.
Radar Market Segmentation:
As per the research analysis, the global radar market is segmented by range into short, medium and long; by platform into land, naval, airborne and space; and by application into military, air traffic control, remote sensing, ground traffic control and others.
- Based on application, the ground surveillance segment is the increased acquisition of modern radars for border security, the ground surveillance & intruder detection sector retained the largest share in 2020.
- Rising cross-border tensions have raised the demand for military radar systems used for monitoring and threat identification. The airspace monitoring and traffic management industry will expand significantly since it assists air traffic controllers in monitoring every aircraft in the airspace. The Radar Market is expected to rise moderately due to increased demand from the aviation and marine sectors.
The global radar market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Global Radar Market:
North America dominated the radar market in 2021 and is valued at US$ XX Million. The biggest defense spending by the U.S. and the purchase of cutting-edge military radars are market-driving factors for radar in the region. The market is expected to increase due to efforts and programs like the Air and Missile Defense Radar and Three-Dimensional Expeditionary Long-Range Radar. Important OEMs like Boeing, Northrop Grumman, Lockheed Martin, and others contribute to the market’s expansion.
Asia-Pacific Global Radar Market:
Asia-Pacific is estimated to capture a significant market share during the forecast period. This market growth is owing to increasing demand for modern naval radars with advanced technologies from emerging nations such as India and China. Furthermore, the need for anti-ballistic missile systems in the defense service across Asia-Pacific helped to grow the market.
Leading players operating in the global radar market are focusing on research and development to diversify their product portfolios by introducing innovative technology in radars. In addition to this, players are investing mergers, acquisitions, and collaborations to expand their global presence.
The major global players include ASELSAN A.S., Lockheed Martin Corporation, Saab AB, Rockwell Collins, Northrop Grumman Corporation, Thales Group, Raytheon Technologies Corporation, Hensoldt AG, L3Harris Technologies, Inc., and SRC, Inc.
Suggestions for Related Report
- Global Automotive Radar Market
- Global Surveillance Radar Market
- Global Short Range Air Surveillance Radar Market
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Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global radar market segmentation by range, material, application and region, highlighting the key commercial assets and players.
- By Range: short, medium, long
- By Material: land, naval, airborne, space
- By application: military, air traffic control, remote sensing, ground traffic control and others
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global radar market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global radar market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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