The global radar market revolves around electromagnetic systems that excel in object detection by utilizing radio waves to gauge the location, distance, angles, speed, and spread of objects within their range. With applications ranging from industrial contexts to military and transportation, radar technology's versatility drives its market growth. Particularly acclaimed for its robustness in measuring angles and velocities, radar systems find extensive use in industrial applications, further fueling market expansion through continuous innovation and adoption.
According to Data Bridge Market Research, the Global Radar Market was valued at USD 36.46 billion in 2021 and is expected to reach USD 57.38 billion by 2029, registering a CAGR of 5.83% during the forecast period of 2022-2029.
“High demand for military applications drive the market growth”
The global radar market experiences robust growth due to the high demand for military applications. Radar systems play a pivotal role in defense and security operations, providing critical capabilities such as surveillance, target tracking, and threat detection. Nations worldwide invest significantly in radar technology to bolster national security and optimize military strategies. The continuous need for advanced radar solutions to enhance situational awareness, counter emerging threats, and modernize defense forces drives substantial investments in the global radar market, propelling technological advancements and innovation in the field.
What restraints the growth of the global radar market?
“Global radar market encounters a significant restraint in the form of high costs”
The global radar market encounters a significant restraint in the form of high costs. Radar technology development, manufacturing, and maintenance involve substantial expenditures. These costs can deter potential buyers, especially smaller enterprises or organizations with budget constraints. Furthermore, the complexity of radar systems often leads to intricate installation and operational expenses. The financial burden hampers market accessibility and adoption, limiting the benefits of radar technology across industries.
Segmentation: Global Radar Market
The radar market is segmented on the basis of type, range, band, and application.
- On the basis of type, the radar market is segmented into detection and search, targeting radars, weather sensing radars, navigational radars, mapping radars, and others.
- On the basis of range, the radar market is segmented into short range, medium range, and long range.
- On the basis of band, the radar market is segmented into L-band, S-band, C-band, X-band, Ku-band, Ka-band, and others.
- On the basis of application, the radar market is segmented into defense and aerospace, marine, weather forecasting, remote sensing, automotive, and others.
Regional Insights: Asia-Pacific dominates the Global Radar Market
The radar market is led by Asia-Pacific (APAC) due to its numerous small and medium-sized enterprises (SMEs), robust manufacturing bases, and extensive adoption of radar technology. These factors create a favorable ecosystem for radar innovation and production, solidifying APAC's dominance in the market as it continues to drive technological advancements and cater to diverse industry needs.
In the forecast period of 2022 to 2029, North America is poised for significant radar market growth. This projection stems from the region's prominent use of radar technology in military applications. The defense sector's high demand for radar systems, including surveillance and threat detection, fuels the growth of North America's radar market, showcasing its pivotal role in national security and defense strategies.
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Recent Developments in Global Radar Market
In September 2021, Northrop Grumman achieved a milestone by completing the Low-Rate Initial Production (LRIP) phase of the Ground/Air Task-Oriented Radar (G/ATOR) AESA multi-mission radar program. The company delivered the initial full-rate production system to the Marine Corps, with ongoing deliveries planned until 2024. This system offers improved mission capabilities, sustained logistics support, and software updates that will extend throughout the radar's 30-year operational span.
The Prominent Key Players Operating in the Global Radar Market Include:
- Sensors & Software Inc. (Canada)
- Guideline Geo (Sweden)
- Chemring Group PLC (U.K.)
- GSSI Geophysical Survey Systems, Inc. (U.S.)
- HEXAGON (Sweden)
- US Radar (U.S.)
- Radiodetection Ltd. (U.K.)
- PENETRADAR CORPORATION (U.S.)
- Utsi Electronics (U.K.)
- Geoscanners AB (Sweden)
- Groundradar (Spain)
- Proceq (Switzerland)
- ImpulseRadar (Sweden)
- Transient Technologies (Ukraine)
- 3D-Radar (Norway)
- Maverick Inspection Ltd. (Canada)
- Ground Penetrating Radar Systems, LLC (U.S.)
- Exploration Instruments LLC (U.S.)
- MALA GPR Australia (Australia)
- SSI Services UK Ltd. (U.K.)
- Japan Radio Co (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global radar market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Radar Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
