Naval Radar Market to Grow at a Steady Clip, Geopolitical Tensions to Ramp up Demand
Today, most of the naval vessels are used for frontline combat in order 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. Governments in major countries such as the U.S., Russia, China, India, France and Germany, 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. Increasing military operations and coastal surveillance will propel the global naval radar market to grow more than two-fold during the forecast period (2019 – 2029).
Market has witnessed significant adoption of multi-functionality radars by naval forces, on smaller vessels owing to high performance and light- weight features.
Surveillance Radars to Strengthen Growth Prospects
Attributed to the optimistic demand for naval security, surveillance radars with improved technology are increasingly deployed to enhance detection capabilities and are anticipated to gain traction in the global naval radar market during the forecast period.
The proliferating defense economy with the introduction of advance technologies such as automated multi-role and multi-band radar systems are multiplying the demand for dedicated surveillance radar.
Navigation radars account for over 1/4th of the total market value. Navigational radars are used to identify, track and position vessels and also to safely navigate the ship from one point to another.
With the help of navigational radars, accidents can be prevented at sea. These benefits have further pushed the market towards a profitable future.
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North America Leads Global Sales, South Asia & Oceania to Offer Profitable Opportunities
North America and Europe account for more than 35% share of total market revenues.
Market share of the region is estimated to rise further during the forecast period due to the increasing threats from terrorist outfits.
Matching with the global trend of naval fleet expansion, the Canadian government is also investing significantly in new vessel commissioning.
Within Asia Pacific, Southeast Asia & Oceania (SEAO) offer the most gainful opportunities with an astounding 5% CAGR from 2019 to 2029.
Increasing demand for surveillance radars for border surveillance, intelligence, and reconnaissance, and modern air defense systems, among others, are expected to drive the demand in the region during the forecast period.
Growing initiatives and political intent to rehabilitate the growth of shipbuilding industry in countries like China, South Korea and Japan are anticipated to be an important factor influencing the market growth.
Advancement in Radar Technologies to Shape Competition Landscape
Competitive rivalry is projected to be high among key players to acquire a higher share of the market.
Leading players such as
- Furuno Electric Co., Ltd.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
Systems are key stakeholders and account for more than 50% market share in the global market.
Market shares keep varying, as governments award contracts to companies and price value of one contracts differ from that of the other.
The strategy of focusing on high growth sectors and increasing the demand for enhanced radar solutions enables enterprises to enhance their product portfolio through up-gradation and new launches. Recently
- Raytheon built two additional shipsets of SPY-6 radars under a $250 million contract with the U.S. Navy. The company is now contracted to deliver a total of nine radar shipsets to DDG-51 Flight III destroyers.
- Through partnerships with the U.S. Government, Spain, Japan, and Canada, Lockheed Martin’s solid state radar (SSR) technology will provide front-line defense to nations around the world with cutting-edge air and missile defense capabilities.
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Global Naval Radar Market: In-Depth Assessment on Key Segments
The global naval radar market is segmented on the basis of type and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for naval radar has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous naval radar manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report.
Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates.
The report provides detailed competitive and company profiles of key participants operating in the global naval radar market.
Global Naval Radar Market – Scope Of The Report
The following report provides forecast and analysis of the global naval radar market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and volume (units), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global naval radar market along with several macro-economic indicators.
This newly published and insightful report on naval radar sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global naval radar market.
The report also comprises the study of current issues with end users and opportunities for naval radar. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of naval radar manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the naval radar market provided in the report adds to the credibility of this exhaustive research study..
Global Naval Radar Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes.
Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the naval radar market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the naval radar market, which includes global GDP growth rate, various industries growth rate such as Electronics, Aerospace & Defense and others.
This report serves as an authentic resource of intelligence on the naval radar market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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