Radar Systems Market Size, Landscape, Industry Analysis, Business Outlook, Current and Future Growth to 2030
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Increasing investments by governments for upgrading existing fighter aircraft radar is a key factor driving radar systems market revenue growth
VANCOUVER, B.C, CANADA, June 13, 2023/EINPresswire.com/ -- The global radar systems market size was USD 32.48 Billion in 2021 and is expected to register a revenue CAGR of 4.6% during the forecast period, according to latest analysis by Emergen Research. Recent years have seen notable rise in the market for radar systems, which has been fueled by technological improvements and rising demand across numerous industries.
The term "radar" refers to a system that employs radio waves to detect and locate various types of things, including aeroplanes, ships, cars, and weather formations. In military defence, air traffic control, weather monitoring, and navigation systems, it is essential. A number of factors are predicted to contribute to the growth of the radar system market, which is anticipated to continue growing.
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The rising demand for better situational awareness and surveillance is one of the major factors propelling the market for radar systems. Several nations' defence budgets have increased as a result of growing worries about global security. In order to improve their defence capabilities, governments all around the world are making significant investments in radar systems. Additionally, the need for better air traffic management, collision avoidance, and weather monitoring has increased demand for radar systems in the civil aviation industry.
Radar technological advancements have also accelerated market expansion. Modern radar systems' greater range, accuracy, and signal processing power have opened up new business prospects in a number of different sectors. Further enhancing their capabilities and broadening their uses, radar systems have been integrated with other technologies like artificial intelligence and machine learning.
Some Key Highlights From the Report
The marine segment accounted for a significant revenue share in 2021. High demand for marine radar systems for detection and tracking of marine activities, which includes submarines, warships, offshore patrol vessels, and other vessels is one of the key factors driving revenue growth of this segment. Maritime radar operates at either x-band (10 GHz) or S-band (3GHz) frequencies. Utilization of ship radar helps to prevent maritime mishaps and makes use of radar's basic features. Additionally, such radar systems are used by authorities, coast guards, and vehicle tracking systems to monitor coastal traffic.
The remote sensing segment accounted for largest revenue share in 2021. Ability to surveillance through cloud and rain during both day and night and provision of high-resolution images for easy mapping and tracking are major factors driving revenue growth of this segment. Radar data is excellent in its ability to detect surface and surface disturbances in the sea. Along with this feature, ships can also be monitored and tracked to the point where a ship's size and direction may be utilized to determine its speed and heading to determine its current position.
The military & defense segment accounted for a significant revenue share in 2021. Increasing inter-country conflicts over borders and disputed areas are increasing need for surveillance, which is one of the key factors driving revenue growth of this segment. Increase in military funding and rapid technological advancement in surveillance and battle systems are further supporting growth of the market.
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Competitive Terrain:
The global Radar Systems industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Some major companies in the global market report include BAE Systems, Northrop Grumman, Boeing, Lockheed Martin Corporation, General Dynamics Corporation, Thales, Saab, Raytheon Technologies Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, and L3Harris Technologies, Inc.
Emergen Research has segmented the global radar systems market based on product, application, end-users, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
Air
Military aircraft
Commercial aircraft
Marine
Military vessels
Commercial vessels
Unmanned
Unmanned Ground Vehicle (UGV)
Unmanned Aerial Vehicle (UAV)
Unmanned Surface Vehicle (USV)
Land
Mobile radar systems
Portable radar systems
Space
Spacecraft
Satellites
Application Outlook (Revenue, USD Billion; 2019-2030)
Remote sensing
Air traffic control
Ground traffic control
Space navigation & control
End-Users Outlook (Revenue, USD Billion; 2019-2030)
Aviation
Military & defense
Automotive
Industrial
Weather monitoring
Others
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Target Audience of the Global Radar Systems Market Report:
Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Radar Systems Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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