Valley Cottage, NY, Nov. 16, 2017 (GLOBE NEWSWIRE) -- According to the research report titled “Marine Radar Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” published by Future Market Insights, the global market is expected to witness sluggish growth in the years to come. The main reason for the slow growth is a marked decline in the shipbuilding industry in the recent past. This slow growth has reduced the number of marine radar systems installations to a certain extent. The research publication explains several aspects that have a negative influence over the growth of the global marine radar market and also few recommendations that will impact businesses in the coming years. The report covers exhaustive analysis of various segments across key regions such as North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA) during the period 2017-2027. This 10 year forecast will help gauge the growth direction of the market and help key stakeholders understand how to plant strategic seeds in the future to achieve stability during the said period.
Global Marine Radar Market: Forecast Insights
The global market for marine radars is expected to grow at a slow rate to reflect a CAGR of 2.9% during the period of forecast. From a value of around US$ 770 Mn in 2017, the global marine radar market is estimated to reach around US$ 1 Bn by the end of the assessment year (2027).
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Global Marine Radar Market: Dynamics
- Drivers- Growing international trade and technology exchange coupled with increasing defence spending is expected to drive the global market
- Challenges- Uncertainties in the shipbuilding industry and state restrictions for private sector in defence technology are the main restraints hindering revenue growth of the global marine radar market
- Opportunities- Opening channels through technology exchange agreements and tapping the markets in several developing countries can provide high growth opportunities in the coming years
- Trends- Intensifying new product development and technology up-gradations along with political regimes to escalate the regional shipbuilding industry are some of the trends influencing the growth of the market
Global Marine Radar Market: Segmental Snapshot
The global marine radar market is segmented by product type, application and region.
By product type, the X-Band Radar segment is expected to dominate the global market during the period of assessment to reflect a value of a little under US$ 600 Mn by 2027 end. During this period, the X-Band Radar segment is projected to grow at a value CAGR of 3.1% which is the highest compared to the other product type segments.
By application, the Merchant Marine segment is the largest with respect to value share. However, the Military Naval segment is also catching steam to grow at the fastest pace and register a value CAGR of 3.8% during the period of forecast 2017-2027.
By region, Asia Pacific excluding Japan (APEJ) shows higher market attractiveness followed by Western Europe. This region led the global market in terms of value share in 2016 and is likely to dominate the global market by the end of the assessment year. The marine radar market in Asia Pacific excluding Japan is estimated to reach about US$ 420 Mn by the end of the year of assessment.
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Global Marine Radar Market: Competition Scenario
The report on the global marine radar market covers detailed competitive analysis in which several key marine radar players are profiled. This section features major companies such as FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd., BAE Systems, Johnson Outdoors Inc., Alphatron Marine BV, Garmin, Wärtsilä SAM Electronics GmbH, Transas Marine International AB, FLIR Systems, Inc., Navico Inc., TOKYO KEIKI INC., GEM Elettronica, Rutter Inc., Kelvin Hughes Limited, Koden Electronics Co., Ltd., and Kongsberg Maritime AS.
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