Global & Asia-Pacific Radar Market Outlook - 2027
The global & Asia-Pacific radar market size was $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, to register a CAGR of 3.8% from 2020 to 2027. Radar is an electromagnetic system, which detects the location and distance of objects and uses radio waves to determine the spread, angle, and speed of an object, which falls within its radius.
Radar comprises a transmitter to produce an electromagnetic signal, which is radiated into space by an antenna. It is used to forecast and detect the spacecraft, aircraft, missiles, weather, and other forms of vehicles. Radar systems are majorly used in industrial applications such speed monitoring, object recognition & tracking, area & distance monitoring, collision avoidance with static & moving objects, owing to their high robustness in measuring distances, velocities, and angles as compared to optical or ultrasound systems.
Radar was initially developed for defense and military purposes. However, with upcoming technologies and innovation, modern radar system is primarily applicable for air traffic control, radar astronomy, weather formation, and meteorological monitoring. In addition, it is incorporated in air defense systems, anti-missiles systems, and aircraft anti-collision systems.
Furthermore, radar system is widely used in the automotive industry, which has enhanced safety features in passenger cars and other transport systems. Radar deployed in automotive assist in lane changing, aids in cruise control, which allows adjusting the vehicle speed to maintain a safe distance from vehicles ahead, and delivers collision warning, assisting driver about the possible threats.
Ground Traffice Control radar segment is projected as one of the most lucrative segments.
Rise in preference of economically emerging nations toward deployment of radar technology in various passenger and commercial vehicles is a key factor that drives the growth of the global & Asia-Pacific radar market. In addition, increase in demand for high-end passenger cars, rise in concerns about vehicle & driver safety, and implementation of safety regulations contribute toward the growth of the global & Asia-Pacific radar industry. Furthermore, increase in demand for radar systems and high defense budget due to rise in security-related issues is also driving growth of global & Asia-Pacific radar market. However, adverse climatic conditions result in the malfunctioning of the radar system, which acts as a major restraint of the global & Asia-Pacific radar market.
Highly advanced radar systems are used for digital signal processing, and are capable of extracting information from high noise level, which is an internal source of random variations in the signal that is generated by all electronic components. For instance, in the aviation sector, aircraft are equipped with radar systems, which enable the detection of obstacles, help forecast weather information, and provide accurate altitude details to assist the pilot to take necessary actions.
By End User
Military and Defense segment is expected to secure leading position during forecast period.
The global & Asia-Pacific radar market is segmented on the basis of product type, platform, application, and end user. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of 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. Depending on end user, the market is segregated into automotive, aviation, industrial, weather monitoring, military & defense, and others.
The global & Asia-Pacific radar market trends are analyzed across China, Japan, India, South Korea, rest of Asia-Pacific, and rest of the world. The growth of the global & Asia-Pacific radar system market is driven by factors such as increase in the defense budget of India and China and rise in demand for radar systems. In addition, rise in demand for modern air defense system & surveillance radar for security surveillance and reconnaissance is expected to significantly contribute toward the growth of the market during the forecast period. Moreover, high demand for autonomous vehicle and security & surveillance radar systems to detect and locate hostile targets in military & defense sector are expected to create opportunities for the radar market in the Asia-Pacific region.
India would exhibit the highest CAGR of 7.7% during 2020-2027
Covid-19 Impact Analysis
The overall effect of the COVID-19 outbreak is impacting the production process of several industries in global & Asia-Pacific radar market. As government of different provinces have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the global & Asia-Pacific radar market growth.
The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
Top Impacting Factors
The prominent factors that impact the global & Asia-Pacific radar market growth are increase in demand for radar systems in automotive & defense industry, advancement in radar technology, and increase in territorial battles. However, adverse climatic conditions restrict the market growth. On the contrary, deployment of lightweight radars in aerial vehicles is expected to create lucrative opportunities for the market. Each of these factors is likely to have a definite impact on the growth of the global & Asia-Pacific radar market during the forecast period.
Competitive analysis and profiles of the major global & Asia-Pacific radar market players such as Northrop Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Honeywell International Inc., L-3 Communications Holdings, General Dynamics Corporation, BAE Systems, and Dassault Aviation are provided in this report.
Key Benefits for Stakeholders:
- This study comprises analytical depiction of the global & Asia-Pacific radar market size along with the current trends and future estimations to depict the imminent investment pockets.
- The global & Asia-Pacific radar market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global & Asia-Pacific radar market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the global & Asia-Pacific radar market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Global & Asia-Pacific Radar Market Report Highlights
By Plat forms
By Product Type
By End User
Key Market Players
BAE SYSTEMS, THALES GROUP, NORTHROP GRUMMAN CORPORATION, GENERAL DYNAMICS CORPORATION, HONEYWELL INTERNATIONAL INC., RAYTHEON TECHNOLOGIES CORPORATION, L3HARRIS TECHNOLOGIES, INC., DASSAULT AVIATION, SAAB AB, LOCKHEED MARTIN CORPORATION
Radar system is used for detecting, tracking, locating, and recognizing objects at considerable distances. Radar operates by transmitting electromagnetic energy toward objects, which are referred to as targets. Modern radar systems are equipped with digital signal processors, solid-state modules, and complex A–D converters; thereby, dueling their demand majorly in the military & defense sector.
Major factors that drive the growth of the global & Asia-Pacific radar market are increase in demand for radar systems in automotive & defense industries, advancement in radar technology, and increase in territorial battles. However, adverse climatic conditions result in the malfunction of the radar systems, which hampers the market growth. Conversely, high investment from developed countries in the military sector is expected to create lucrative opportunities for the radar market.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Expansion and acquisition are expected to be the prominent strategies adopted by the market players. The growth of the radar system market in Asia-Pacific is driven by factors such as increase in the defense budget of India and China and rise in demand for radar systems. In addition, rise in demand for modern air defense system & surveillance radar for security surveillance and reconnaissance is expected to significantly contribute toward the growth of the market during the forecast period.