Pune, India, July 27, 2023 (GLOBE NEWSWIRE) -- The global radar market is to Witness Substantial Growth in the forecast period. This growth can be attributed to the increasing demand for advanced radar systems used for monitoring and surveillance purposes in response to rising border intrusion activities and the growing military budget of nations. This information is published by Fortune Business Insights is set to release a report titled "Radar Market Size, Share & Industry Analysis, and Regional Forecast, 2023-2030."
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The radar industry has experienced significant growth in recent years, owing to the increasing demand for advanced radar systems used for monitoring and surveillance purposes. Radar is an electromagnetic detection system that uses radio waves to determine the range, angle, and velocity of objects. It is widely used in military and defense applications to locate, detect, track, and identify potential targets and threats.
Major Key Companies Covered in Radar Market are:
- ASELSAN A.Ş. (Turkey)
- Blighter Surveillance Systems Ltd. (The U.K)
- Detect Inc. (The U.S.)
- Elbit Systems Ltd.(Israel)
- Flir Systems, Inc. (The U.S.)
- Harris Corporation (The U.S.)
- Israel Aerospace Industries Ltd.(Israel)
- Leonardo S.P.A (Italy)
- Lockheed Martin Corporation (The U.S.)
- Hensoldt (Germany)
- Raytheon Company (The U.S.)
- Saab AB (Sweden)
- Terma A/S (Denmark)
- Thales Group(France)
- Honeywell International Inc. (The U.S.)
- Among others
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2018-2020 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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The market is segmented based on various components, including antenna, transmitter, receiver, and others. Antenna is a critical component of the radar system that transmits and receives electromagnetic waves. The transmitter generates radio waves that are transmitted through the antenna, while the receiver captures and processes the signals reflected by the target.
Segments:
The market is classified based on various components, including antenna, transmitter, receiver, and others. The services segment is divided into installation/integration, support & maintenance, and training & consulting. The application segment categorizes the market into ground-based, airborne, naval, and space-based. The frequency segment classifies the market into L-band, S-band, C-band, X-band, Ku-band, Ka-band, and others. The end-use segment is categorized into military applications, air traffic control, remote sensing, ground traffic control, and others. Furthermore, the market is geographically categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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Radar is an electromagnetic detection system that uses radio waves to determine an object's range, angle, and velocity. It is commonly used in military and defense applications to locate, detect, track, and identify potential threats and targets. Radar offers various benefits, which has resulted in major countries adopting it for real-time monitoring. For example, the Indian government announced in December 2020 that it had integrated several countries into its coastal radar network to counter potential threats along its coastline. This move highlights the increasing adoption of radar technology to neutralize potential threats in high seas.
What does the Report Include?
The upcoming market report features both qualitative and quantitative analyses of various factors, including key drivers and restraints that are expected to impact growth. The report also offers regional insights, covering different regions that contribute to the market's growth. It further includes a competitive landscape, highlighting leading companies and their strategies such as partnerships, new product launches, and collaborations that aim to drive the market growth between 2023 and 2030. The research analyst has employed multiple research methodologies, including PORTER's Five Point analysis, to extract information about current trends and industry developments that will fuel the market growth during the forecast period.
DRIVING FACTORS
Growth Favored by Increasing Border Intrusion Activities
The year 2023 saw multiple border disputes between India and China, leading to the latter swiftly installing and upgrading radars along the 3,488-km Line of Actual Control (LAC). These major intrusions have fueled the demand for advanced radar systems for surveillance purposes. Furthermore, the growing military budget of various government agencies worldwide is anticipated to drive the growth of the global radar market in the coming years.
REGIONAL INSIGHTS
The dominance of North America in the Radar Market Fueled by Established Players
North America is expected to maintain its leading position in the global radar market among all regions. This can be attributed to the presence of established players, including Raytheon Company, Lockheed Martin Corporation, and Detect, Inc., who are actively introducing advanced radar systems for military and defense applications.
In contrast, the Asia-Pacific market is anticipated to experience significant growth, primarily due to the rising demand for naval radars equipped with advanced technologies to detect intrusion along seas in the region. This growth is expected to occur between 2023 and 2030.
COMPETITIVE LANDSCAPE
Consolidation of Market Positions by Prominent Companies through Contract Signings
The global radar market is characterized by the presence of key players striving to maintain their dominance by signing significant contracts with government agencies and other organizations. This fragmentation in the market has led major companies to adopt strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems. These strategies aim to cater to the growing demand for industrial applications and consolidate their strategic position in the market.
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Key Industry Development:
- March 2020 - Northrop Grumman Corporation signed a contract with the U.S. Air Force worth USD 262 million. According to the company, under the agreement, it will supply electronically scanned array radars for the Air Force F-16 Falcon jets.
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