Allied Market Research, titled, “Radar Market Size by Offering, Product Type, Platform, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028″ the global radar market size was valued at $32.56 billion in 2019, and is projected to reach $44.35 billion by 2028, to register a CAGR of 4.7% from 2021 to 2028. North America is expected to be the leading contributor to the global radar market during the forecast period, followed by Europe and Asia-Pacific.
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Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation.
Radar systems have witnessed increasing popularity in the military & defense sector, as radar antennas are mounted at airports or other ground stations to detect approaching enemy airplanes or missiles. For instance, the U.S. Department of State has approved the sales of integrated air defense weapon systems of $1.87 billion to India, which includes radar, launchers, targeting, and guidance systems, advanced medium-range air-to-air missiles, and more, as per a statement from the state department. In addition, Lockheed Martin, an American global aerospace, defense, security, and advanced technologies company, launched state-of-the-art next-generation RADAR technology, Digital Array Row Transceiver (DART), which operates on the principle of the gallium-nitride (GaN) technology and extends the service life of the radar system.
Major factors that drive the global radar market are an increase in demand for radar systems in the automotive & defense industries, advancement in radar technology, and an increase in territorial battles. However, the adverse climatic conditions result in the malfunctioning of radar systems, which hampers the growth of the global industry. On the contrary, an increase in investment from developed countries in the military sector is anticipated to create lucrative opportunities for the expansion of the global radar market during the forecast period.
Moreover, economically developed nations tend to witness high penetration of radar technology in various vehicle segments. Factors such as economic growth, increase in demand for passenger vehicles, and rise in concerns about vehicle & driver safety contribute toward the radar market growth in the coming years.
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Competitive Analysis:
The Radar industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Radar Market include,
L3 TECHNOLOGIES, INC. (L3HARRIS TECHNOLOGIES, INC.)
Saab AB
General Dynamics Corporation
Dassault Aviation
Northrop Grumman Corporation
Rockwell Collins, Inc.
Honeywell International Inc.
Thales Group
BAE Systems
Lockheed Martin Corporation
The global radar market is segmented based on offering, product type, platform, application, end user, and region. By offering, the market is segmented into hardware, software, and services. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. Based on the platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. By end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.
Region-wise, the radar market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2019. However, between 2019 and 2028, the radar market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in investment from developed countries such as China and India.
COVID-19 has impacted severely the global automotive and industrial sectors, due to production facilities stalling which in turn has significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, thereby, leading to a slowdown in the growth of the radar market in 2020.
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Key Findings Of The Study
– In 2019, the continuous wave radar accounted for the maximum revenue and is projected to grow at a notable CAGR of 3.8% during the forecast period.
– North America and Europe collectively accounted for more than 60.0%% of the radar market share in 2019.
– India is anticipated to witness the highest growth rate during the forecast period.
– The automotive segment is expected to witness the highest growth rate in the global radar market during the forecast period.
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