Marine Radar Market Research Report – Global Forecast till 2027

Marine Radar Market: Information by Type (S Band and X Band), by Application (Fishing Vessel, Merchant Marine, Military Naval and Recreational Boat), and by Region — Global Forecast till 2027

ID: MRFR/A&D/5888-HCR | February 2021 | Region: Global | 125 pages         

Marine Radar Market

Marine Radar Market Size Valued at USD 4.89 Billion, market Grow at a CAGR Of 6.89% by 2020 -2030

Segmentation

By Type S Band X Band
By Application Fishing Vessel Merchant Marine Military Naval Recreational Boat

Key Players

  • 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)

Drivers

  • Increasing military expenditure increasing international trade
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Marine Radar Market Scenario


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.


The global marine radar market is estimated to register a CAGR of nearly 2.9% during the forecast period of 2018 to 2023.


Segmentation of the Global Marine Radar Market


Marine Radar Market


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.


Intended Audience



  • Marine Radar Manufactures

  • Naval Ship Manufactures

  • Recreational Boat Manufacturers

  • Component Providers

  • Defense Organizations

  • Research Institutes

  • Regulatory Bodies


Key Players


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).


Research Methodology


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.


Secondary Research


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.


Primary Research


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.


Report Key Insights



  • 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


Report Customization


MRFR offers report customization to our valued customers. Below are the options available for customization:


Company Profiles


In-depth profiling of additional market players (3 to 4 companies)


Country Level Analysis


Detailed analysis of a country and its related segment as per the report scope (subject to data availability)



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Frequently Asked Questions (FAQ) :

The market can acquire a CAGR of close to 2.9% 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.