Naval Radar Market Set to Register Stellar 4% CAGR, Demand Upheld by Surveillance Applications Opines Fact.MR
Published : 17 Mar 2020 Industry: Industrial Goods
The global naval radar market is estimated to grow at a steady CAGR of over 4% during the forecast period (2019-2029) and reach a value pool of over US$ 2 Bn. Heightened defence spending for strengthening the naval fleet and securing the coastal line is anticipated to drive the market for naval radars during the forecast period. Strengthening coastal surveillance and adoption of e-navigation technologies are estimated to propel the demand growth for naval radars. Emerging countries offer lucrative growth opportunities for international naval radar manufacturers. Geopolitical threats and maritime disputes, piracy and terrorism have shifted the focus of regional defense organizations to enhance surveillance abilities and mitigate threats to coastlines. Advancements in security and functionality and a proliferating defense sector are set to offer remunerative opportunities and escalate demand in the foreseeable future.
Key Takeaways of Naval Radars Market Study
- At the country level, China has shown high growth potential in recent years owing to the increasing shipbuilding industry and naval expansion. The country is expected to showcase moderate growth of 3% in the near future
- North America and Europe collectively, remain key regions with a robust shipbuilding industry and has highly diverse vessel repair and maintenance services; the region is expected to dominate the demand for naval radars. The two regions cumulatively account for more than 35% share in the global naval radar market
- Surveillance radars will continue to account for the bulk demand share and grow 1.3x during the forecast period. This can be attributed to growing competition between nations for maritime resources utilized for scanning, searching, and identifying targets
- Navigation is another segment that is heightening the demand for naval radars owing to the need to track in a variety of situations and collision avoidance. The segment is anticipated to witness 1.5X growth by the end of forecast period
“Up-gradation of existing radar platforms with a shift from specialized radar systems to multi-band and multi-role radar system will positively affect the demand for naval radars in the foreseeable future.With rising terrorist activities across the globe and geopolitical threats across all nations will proliferate the demand for advanced naval radars” –Says the Fact.MR Analyst
Technological Advancements to Promote Sustainable Revenue
Leading players such as Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, and BAE Systems are key stakeholders and account for more than half of the share in the global market. Most of these players have bases in Europe and North America as the regional policies are favoring private sector involvement in defense technology development. Product innovations and efforts for offering advanced technology and customized solutions will emerge as prime differentiating factors in the long term forecast period. Market players must then invest in research and development to differentiate their offerings in a consolidated market.
Find More Valuable Insights on Naval Radars Market
Fact.MR, in its new offering, provides an in-depth analysis of the global naval radars market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the naval radars market on the basis of type (Surveillance Radar, Fire Control Radar, and Navigation Radar), application (Merchant Marine, Fishing Vessel, Yacht/Recreational Boat, and Military Naval) and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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