According to a new report published by Allied Market Research, titled, " Radar Market by Product Type, Platform, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027 " the global radar market size was valued at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, registering a CAGR of 3.80%. North America is expected to be the leading contributor to the global radar market during the forecast period, followed by Europe and Asia-Pacific.
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 airtraffic control, aircraft navigation, and marine navigation.
Radar systems have witnessed increasing popularity in the military & defense sector, as radar antennas are mounted at the airports or other ground stations to detect approaching enemy airplanes or missiles. For instance, Cassidian, leader in global security solutions and systems,has developed airborne and ground surveillance radar systems that use the latest ultrahigh-resolution radar technology, which can monitor wide areas and stationary targets while detecting and tracking moving targets at considerable distances simultaneously. 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 increase indemand for radar systems in automotive & defense industries, advancement in radar technology, and increase in territorial battles. However, the adverse climatic conditions result in malfunctioning of radar systems, which hampers the growth of the global industry. On the contrary, increase in investment from developed countries in the military sector is anticipated to createlucrative 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, rise in concerns about vehicle & driver safety contribute toward the radar market growth in the coming years.
The global radar market is segmented intoproduct type, platform, application, end user, and region. 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. By end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.
Region woes, the radar market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA.North America contributed maximum revenue in 2019. However, between 2019 and 2027, the radar market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in investment from the developed countries such as China and India.
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 3.0% during the forecast period.
- North America and Europe collectively accounted for more than 62.0%% of the radar market share in 2019.
- Indiais anticipated to witness highest growth rate during the forecast period.
- Russia was the major shareholder in the Europe radar market, accounting for approximately 30% share in 2019.
The key players profiled in the report include 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. These players have adopted various strategies such as product launch, partnership, and acquisition to expand their foot hold in the industry.