Global Radar Market - 2023-2030Market 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).
Radar systems find applications in diverse sectors, including defense and military, aerospace, maritime surveillance, automotive, weather monitoring, air traffic control, and industrial applications. Each sector has specific requirements, leading to a wide range of radar technologies and solutions.
The Asia-Pacific is emerging as the fastest-growing region among all others and is expected to hold more than 35% of the total market shares in the global radar market by the end of the forecast period. By platform segment, military applications iaredominating the global market with more than 40 % of the total market share globally.Market Dynamics
The Need For Military Radars And Surveillance Equipment Is Increasing Due To The Growing Border Safety
The demand for military radars and surveillance equipment is anticipated to increase due to the growing need to increase border safety, particularly in the context of surveillance and military applications. The global radar market is expected to increase as a result of these factors. Radar technology plays a crucial role in border security and surveillance by providing accurate and real-time information about potential threats, intrusions, or illegal activities. Radars can detect and track various objects, including aircraft, ships, vehicles, and personnel, enabling effective monitoring and control of borders and sensitive areas.
Stringent Regulations Hinder The Growth
Radar systems often contain advanced technologies and capabilities that are subject to export control regulations. These regulations are designed to protect national security interests and prevent sensitive technologies from falling into the wrong hands. However, strict export control restrictions can limit the international trade and sale of radar systems, thereby inhibiting the market growth.
Radar systems, especially those used in safety-critical applications like aviation or maritime, may be subject to stringent licensing and certification requirements. These requirements ensure that radar systems meet certain performance, reliability, and safety standards. However, the complex and lengthy certification processes can increase costs and time-to-market, potentially hampering market growth, especially for smaller companies or startups.COVID-19 Impact Analysis
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).Segment Analysis
The global radar market is segmented based on range, platform, application and region.
Owing To Its Widespread Use In Air Defense, Maritime Surveillance, Border Control, And Weather Monitoring, Long Range Segment Dominates The Global Radar Market
In the field of weather monitoring, long-range radars play a crucial role in detecting and tracking weather phenomena such as storms, precipitation, and severe weather conditions over large areas. This information is essential for weather forecasting, disaster management, and public safety. Long-range radar systems are essential for weather monitoring and forecasting. Weather surveillance radars, such as the NEXRAD (Next-Generation Radar) system in the United States, utilize long-range capabilities to detect and track precipitation, storms, and severe weather patterns over vast areas. These radars play a crucial role in weather prediction, enabling early warnings and effective disaster management.Geographical Analysis
Radar Company Growth Opportunities in North America Are Enormous Because Of Massive Investments Delivered To Strengthen The Defense Sector
The U.S. defense budget, which is the largest in the world, plays a crucial role in driving market growth prospects for the radar business in North America. The defense investments focus on areas such as advanced missile defense systems, next-generation fighter aircraft, modernizing naval fleets, and enhancing border security capabilities. Radar systems are integral to these defense programs, fueling the demand for advanced radar technologies.
Furthermore, the North American defense sector also benefits from collaborations and partnerships between government entities, defense contractors, and research institutions. These collaborations aim to develop and deploy cutting-edge radar systems for various defense applications, leading to market growth opportunities for radar businesses.Competitive Landscape
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.Why Purchase the Report?
• To visualize the global radar market segmentation based on range, platform, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of radar market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global radar market report would provide approximately 61 tables, 60 figures and 180 Pages.Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies