Strategic Analysis of the Global Radar Market, Forecast To 2031
Allied Market Research, titled, “Radar Market by Offering, Product Type, Platform, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2028” the global radar market size was valued at $32.56 billion in 2019, and is projected to reach $44.35 billion by 2028, to register a CAGR of 4.7% from 2021 to 2028. North America is expected to be the leading contributor to the global radar market during the forecast period, followed by Europe and Asia-Pacific.
Radar is an electronic system, which measures the range and
behavior of objects by transmitting an electromagnetic pulse at the object.
High-power radar using large dish antennas has been used to measure distances
to the moon and other planets, asteroids, and artificial satellites. In
addition, radar systems are widely used in air traffic control, aircraft
navigation, and marine navigation.
Radar systems have witnessed increasing popularity in the
military & defense sector, as radar antennas are mounted at the airports or
other ground stations to detect approaching enemy airplanes or missiles. For
instance, the U.S. Department of State has approved the sales of integrated air
defense weapon systems of $1.87 billion to India, which includes radar,
launchers, targeting, and guidance systems, advanced medium-range air to air
missiles, and more, as per a statement from the state department. In addition,
Lockheed Martin, an American global aerospace, defense, security, and advanced
technologies company, launched state-of-the-art next-generation RADAR
technology, Digital Array Row Transceiver (DART), which operates on the
principle of the gallium–nitride (GaN) technology and extends the service life
of the radar system.
Major factors that drive the global radar market are
increase in demand for radar systems in automotive & defense industries,
advancement in radar technology, and increase in territorial battles. However,
the adverse climatic conditions result in malfunctioning of radar systems,
which hampers the growth of the global industry. On the contrary, increase in
investment from developed countries in the military sector is anticipated to
create lucrative opportunities for the expansion of the global radar market during
the forecast period.
Moreover, economically developed nations tend to witness
high penetration of radar technology in various vehicle segments. Factors such
as economic growth, increase in demand for passenger vehicles, rise in concerns
about vehicle & driver safety contribute toward the radar market growth in
the coming years.
The global radar market is segmented on the basis of
offering, product type, platform, application, end user, and region. By
offering, the market is segmented into hardware, software, and services. By
product type, the market is fragmented into continuous wave radar, pulse radar,
and others. On the basis of platform, it is classified into marine, air,
ground, and space. The applications covered in the study include air traffic
control, remote sensing, ground traffic control, and space navigation & control.
By end user, the market is differentiated into automotive, aviation,
industrial, weather monitoring, military & defense, and others.
Region wise, the radar market trends have been analyzed
across North America, Europe, Asia-Pacific, and LAMEA. North America
contributed maximum revenue in 2019. However, between 2019 and 2028, the radar
market in Asia-Pacific is expected to grow at a faster rate as compared to
other regions. This is attributed to increase in investment from the developed
countries such as China and India.
Key Findings Of The Study
- In
2019, the continuous wave radar accounted for the maximum revenue, and is
projected to grow at a notable CAGR of 3.8% during the forecast period.
- North
America and Europe collectively accounted for more than 60.0%% of the
radar market share in 2019.
- India
is anticipated to witness highest growth rate during the forecast period.
- Automotive
segment is expected to witness highest growth rate in global radar market
during forecast period.
The key players profiled in the report include Northrop
Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins
Inc., Thales Group, Honeywell International Inc., L-3 Communications Holdings,
General Dynamics Corporation, BAE Systems, and Dassault Aviation. These players
have adopted various strategies such as product launch, partnership, and
acquisition to expand their foothold in the industry.
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