ID: MRFR/A&D/5888-HCR | 125 Pages | Published By Sejal Akre on March 2023
Marine Radar Market Size Valued at USD 4.89 Billion, market Grow at a CAGR Of 6.89% by 2020 -2030
Marine radar are detection devices that are used to detect obstacles and ships. They provide bearing and distance for navigation and collision avoidance at sea. Additionally, these systems offer enhanced accuracy as they detect stationary and moving objects even in dense climatic conditions.
Factors such as growing demand for weapon guidance application and surveillance 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.
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).
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.
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The market can acquire a CAGR of close to 6.89% from 2020 to 2027
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.