According to a report,"Radar Market Size, Share & Trends Analysis Report By Component (Antenna, Transmitter, Receiver), By Service, By Platform, By Frequency Band, By Range, By End Use, By Region, And Segment Forecasts, 2019 - 2025", published by Grand View Research, Inc., The global radar market size is expected to be valued at USD 38.01 billion by 2025, registering a CAGR of 3.8% over the forecast period, Increasing deployments of radars and security related issues across the globe are driving the market growth. Additionally, the market is also witnessing healthy growth in demand due to the increase in sea trade and travel activities across the globe. They have been used for understanding path patterns, altitude, and migration path. Additionally, weather radar systems are used for monitoring changes in climate patterns.
Unlike earlier, now the deployment of radars is not limited to the military sector. These systems are now increasingly being adopted in air traffic control, remote sensing, ground traffic control, marine, and meteorological monitoring, among others. The growing adoption and deployment of radars in various sectors for different applications are anticipated to support the market growth over the forecast period.
The growth of the air travel industry is encouraging market players to offer airborne radars that operate between L and Ka bands. Short range targeting radars, particularly used for helicopters and tanks, function under the millimeter band. Long range, ground-based radars use lower frequencies and are increasingly being adopted for satellite communication applications. Additionally, a radar system reveals detailed information that is essential for flight operations in dense clouds and it can also be concluded that aircraft-based systems are witnessing high-scale deployment in order to enhance flight safety.
Key Takeaways from the report:
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The growing deployments of new antennas and upgrading of the existing radar systems are the key factors driving the growth of the antenna segment
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The installation/integration service segment is expected to reach USD 6,127.5 million by 2025 owing to the increasing deployments of radars in emerging economies of Asia Pacific
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The demand for ground-based radars is likely to increase owing to the development of new airports and terminal expansions in various economies across the globe
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The X-band segment is projected to witness significant growth over the forecast period owing to the growing spending on the deployment of radars for military applications
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The long-range radar segment growth can be attributed to the use of these radars for guiding space vehicles, tracking satellites, observing planetary equipment, and monitoring meteors
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The growth of the air traffic control segment is being driven by the growing demand for efficient air traffic control
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Asia Pacific regional market is anticipated to witness rapid growth owing to the rapid growth of industries & sectors such as defense, space, and aviation in the region
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The key players operating in the radar market include Lockheed Martin Corporation; CollinsAerospace; Saab AB; Honeywell International Inc.; General Dynamics Corporation; BAE Systems; Northrop Grumman Corporation; Raytheon Company; and Thales Group.
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Regional Insights
The Asia Pacific region generated the second-highest revenue in 2018. The presence of several SMEs, manufacturing bases, increased radar technology adoption, and growing sea trade are expected to favor the development of radar systems in the region. Availability of funding and investments are expected to further contribute to the regional market growth. Research & development in the defense sector in Asia Pacific is a major ongoing trend. For instance, China has developed military radars that can detect all types of bombers and fighter jets.
North America is expected to witness high demand for radar systems. Quantum radar is being developed in Canada for enhancing the detection of stealth aircraft. This technology helps detect objects with greater accuracy as compared to the conventional systems. It is undergoing trial phases in the University of Waterloo and is expected to be launched by 2025.
Radar Market Share Insights
Some of the key players operating in the market are Lockheed Martin Corporation; Collins Aerospace; Saab AB; Honeywell International Inc.; General Dynamics Corporation; BAE Systems; Northrop Grumman Corporation; Raytheon Company; and Thales Group. Northrop Grumman Corporation has been an innovative developer of reliable military radar systems used for surveillance. The key manufacturers are engaged in manufacturing and deploying radars used in air and ground traffic monitoring systems. The need to manage air traffic in various countries, coupled with the need for precise information about flight movements, is predicted to create growth opportunities for the players in the market.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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