As per MRFR Analysis, the global marine radar market is valued at USD 4.89 Billion and is projected to grow at a CAGR of 6.89% from 2024 to 2032. Marine radars are essential for navigation and collision avoidance, detecting both stationary and moving objects under various climatic conditions. The market is driven by increasing demand for weapon guidance applications and military expenditure in developed economies. However, fluctuations in raw material prices and stringent government regulations may hinder growth. The X band segment holds the largest market share, primarily due to its suitability for smaller antennas and enhanced target resolution. The merchant marine application leads the market, fueled by rising international trade. North America is expected to dominate the market, while the Asia Pacific region is anticipated to grow at the fastest rate due to increased defense spending in countries like China and India.
Key trends influencing the marine radar market include technological advancements and regulatory compliance.
Key players include Lockheed Martin Corporation, Northrop Grumman Corporation, FURUNO ELECTRIC CO.LTD., Raytheon Company, Saab AB, BAE Systems, Garmin Ltd, FLIR Systems, Inc., Kongsberg Group, and Alphatron Marine B.V.
Factors such as growing demand for weapon guidance application and surveillance radar are driving the global marine radar market. Additionally, factors such as increasing military expenditure by developed economies is also bolstering the market growth. However, fluctuations in raw material prices is expected to hamper the market growth. Stringent government regulations pertaining radar manufacturing will also influence the global marine radar market. For instance, The Government of Canada provides guidelines for the range performance, minimum range, and display for marine radars. All players operating in the marine radar market must comply to the regulations of various countries in which they have their presence.
Based on type, the X band segment accounted for the largest market share as they can be utilized on smaller antennas and offer enhanced target resolution. Based application, merchant marine accounted for the largest market share owing to factors such as increasing international trade.
North America is estimated to account for the largest share during the review period. Presence of prominent players such as Lockheed Martin Corporation, and Northrop Grumman Corporation among others is driving the market growth. However, Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to factors such as increasing defense expenditure by developing economies such as China and India. Additionally, technological advancements and growing demand for advanced detection systems are driving the market growth over the forecast period.
U.S. Navy's SPY-6 Radar:
Deployment Near Taiwan:
China's Counter-Stealth Radar:
Wave Fusion Radar for Offshore Wind:
Advancements in Marine Radar Systems:
The key players in the global marine radar market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US), Kongsberg Group (Sweden) and Alphatron Marine B.V. (The Netherlands).
Marine Radar Manufactures
Naval Ship Manufactures
Recreational Boat Manufacturers
Component Providers
Defense Organizations
Research Institutes
Regulatory Bodies
The market numbers and forecast derived were the outcome of our disciplined research methodology which includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.
In this process, the data collection was done through various secondary sources, which included annual reports, SEC filings, journals, government association, Aerospace & Defense magazines, white papers, corporate presentations, company websites, some paid databases and many others.
In this process, both demand side and supply side parties were involved to extract genuine facts and insights about market forecast, production, trend, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain have been approached to obtain key information.
Market Sizing, Forecast and Analysis: Detailed coverage on market segment and its sub segments
Regional / Country Trend and Forecast: Detailed analysis on North America, Asia Pacific, Europe, Middle East & Africa, and Latin America, along with key countries in each of the regions
Market dynamics intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain & value chain analysis
Technology Trend, Regulatory Landscape, and Patent Analysis Outlook
Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, strategic developments including JVs, Product Launch, and M&A
Regional attractiveness and related growth opportunities
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In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country and its related segment as per the report scope (subject to data availability)
Marine Radar Market Highlights:
Frequently Asked Questions (FAQ) :
The market can acquire a CAGR of close to 6.89% from 2024 to 2032
Some of the key growth inducers in the global market are the soaring demand for weapon guidance applications as well as surveillance. The rising military spending in emerging countries are also fostering significant market growth.
Depending on type, the X band segment can secure the top position in the global market.
APAC is presumed advance at the fastest rate in the forthcoming period.
The key market trends studied in the report are the rising technological advancements coupled with the escalating demand for advanced detection systems.
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Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
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