Naval Radar Market Outlook – 2027
The naval radars are short-range radars that are used majorly by navy of many countries. They are used for frontline combat to cater to maritime disputes and geopolitical threats; thus, heightening the adoption of powerful radar systems. This has led to deployment and routine upgrades of existing naval fleets and offshore naval vessels; thus, augmenting the demand for naval radars. Radar systems enhance detection capabilities, surveillance resolution, and duration. Major developing economies' governments have been investing significantly in R&D activities to enhance the capabilities of naval vessels. This has resulted in the development of groundbreaking radar systems. Increase in military operations and coastal surveillance will propel the global naval radar market to grow more than two-fold during the forecast period. The naval market has witnessed significant adoption of multi-functionality radars by naval forces, on smaller vessels, owing to high performance and lightweight features.
COVID-19 scenario analysis:
- The epidemic has placed more pressure on the automobile industry as it was already suffering for last many months, due to change in engine norms in many developing countries.
- The companies have faced tremendous losses due to complete lockdown as the supply, sales and demand were kept on hold for months.
- The rapid spread of coronavirus has had a major impact on the global shipping market’s which is transportation by water.
- The exports and imports have completely been shut for months now, which has led to many serious lose for most of the companies.
- During the pandemic, the only transporting goods are necessities and medical aid such as medicine, PPE Kits, etc., which is down through water transportation only.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increasing procurement of radar and air defense systems and advancements in radar technologies are expected to drive the market growth during the forecast period. However, High manufacturing costs may result in hampering the growth of the market. Furthermore, the requirement of new-generation air and missile defense systems and rise in adoption of lightweight unmanned aerial vehicles (UAV) are expected to offer lucrative opportunities for the market during the forecast period.
The naval radar market trends are as follows:
Increase in procurement of radar and air defense systems
The high-end weapon systems such as missiles are increasingly being used in these wars by various terrorist organizations. Countries in this region are increasing their defense expenditure to safeguard their borders with new radar systems for defense against these weapons. In addition, increase in transnational disputes among various nations have increased the defense spending of nations to safeguard their borders. Hence, the countries with increased spending on various radar and air defense systems will further drive the growth of the naval radar market during the forecast period.
Advancements in radar technologies
Rise in demand for weapon guidance application and surveillance has forced radar manufacturers to upgrade. The advancements in radar technologies lead to more adaption of the naval radar market during the forecast period. Additionally, factors such as increasing military expenditure by developed economies is also bolstering the market growth. The growth in purchasing powers of various countries has also ignited the race for the businesses on the top of the game for the global marine radar market. Also, the influx of various businesses into marine tourism yet again elevated the use of marine radars. This factor also attributes to the growth of the global naval radar market during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the naval radar market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the naval radar market share.
- The current market is quantitatively analyzed to highlight the naval radar market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed naval radar market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the naval radar market research report:
- Which are the leading market players active in the naval radar market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Naval Radar Market Report Highlights
Key Market Players
Lockheed Martin Corporation, Kelvin Hughes Limited, Raytheon Company., Saab AB, Airbus Group, West Marine, BAE Systems PLC, Northrop Grumman Corporation., Furuno Electric Co. Ltd., BAE Systems