The global radar market was worth US$ 34.2 Billion in the year 2022 and is expected to reach US$ 60.5 Billion by the year 2028 at a double-digit CAGR of 10% between 2022 and 2028.
Though radar systems are primarily developed to serve military and defense purposes, they also find usage in marine, air traffic, and meteorological monitoring with aircraft anti-collision systems. Plus, new terminals and airports are coming up around the world. Upon that, there is a proliferation of terrorist activities, border infiltrations, and inter-country conflicts all across. These factors are expected to accelerate the radar market in the near future.
Besides, the European Commission has instructed deploying permanent band of 79 GHz automotive radars in the automobiles and it would be extended to the other EU member states as well. FMI has walked through these facets with insights in its latest market study entitled ‘Radar Market’. It has its indigenous team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary and tertiary modes of research.
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“With growing concerns about security and safety all across, the global radar market is bound to grow well in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Radar Market
- The Asia-Pacific is expected to grow at the fastest rate in the radar market going forward. This could be attributed to growing demand for modern-day naval radars abreast with advanced technologies from regions like China and India. Plus, the defense sector asks for anti-ballistic missile systems.
- Europe holds the second-largest market share with Germany leading from the front. This could be reasoned with more number of air surveillance radars being asked for.
- North America holds a significant market share with growing privatization on the part of space exploration sector in the US. For instance – NASA is a customer for private companies such as SpaceX for various operations and does provide R&D funding along with the other monetary help. This has driven utilization of satellites in GPS, which is also shaping the demand.
Competitive Analysis
- Northrop Grumman Corporation, in September 2021, did deliver its 15th AN/TPS-80 Ground/Air Task-Oriented Radar (G/ATOR) AESA (Active Electronically Scanned Array) multi-mission radar system to Marine Corps in the US.
- Thales, in October 2020, did announce launching of an airborne surveillance radar termed as ‘AirMaster C’. It holds the capability of detection of target and could also be installed on UAVs, helicopters, and fixed-wing aircraft.
- Raytheon company, in December 2019, inked a contract with the US Air Force for supporting radar system that is technologically advanced. This contract worth US$ 217 Million does render support to processor and sensor for advanced synthetic aperture radar system 2-A.
- Google, since January 2022, started working with Ford for developing a standardized and an open API interface for radar system. Standardized API calls, for addressing general-purpose radar, promote interoperability and do speed up rolling out of novel applications.
- Uhnder, in March 2022, did launch the very first 4D digital imaging radar for next-generation advanced driver assistance systems (ADAS), AVs (autonomous vehicles), and the automated mobility applications. It would be providing accuracy during minimization of interference from the other radars, that too, irrespective of lighting and weather conditions. 4D precision would be providing precision along with improvised sense of standing or mobilizing objects at long or short distances.
- Mobileye, in January 2023, entered into partnership with Wistron NeWeb Corp. (WNC) for producing software-defined imaging radars. These radars, with integrated system-on-chip design, do make provisions for 4D, thorough image of environment up to as well as beyond 1K feet distance. The former’s camera-based perception systems do let the autonomous vehicles see as well as interpret the surroundings irrespective of kinds of roads, lighting, or weather.
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What does the Report state?
- The research study is based on platform (land, naval, airborne, and space), by range (short range, medium range, and long range), by application (aerospace & defense, marine, weather forecasting, remote sensing, and automotive), and by type (detection and search, targeting radars, weather sensing radars, navigational radar, and mapping radars).
- With radar systems increasingly being used for digital signal processing, the global radar market is expected to grow well in the forecast period.
Radar Market by Category
Platform:
- Land
- Naval
- Airborne
- Space
Range:
- Short Range
- Medium Range
- Long Range
Application:
- Defense & Aerospace
- Marine
- Weather Forecasting
- Remote Sensing
- Automotive
Type:
- Detection and Search
- Targeting Radars
- Weather Sensing Radars
- Navigational Radars
- Mapping Radars
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6-years.
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