The marine radar market is expected to reach US$1.34 billion in 2022. The market is expanding as businesses provide technologically advanced maritime radar using different wireless technologies. As a result, revenue reached US$ 2.4 billion by 2033, representing a CAGR of 5.5% between 2023 and 2033. In 2023, the market is anticipated to bring in US$ 1.4 billion.
The increasing spending on military activities by developed & developing nations has provided a lucrative opportunity for market growth. With the rising demand for weapon guidance applications and increased marine tourism spending the global marine radar market is expected to grow in the forecast period. The rising demand for pleasure & luxury boats creates a growth opportunity for the market. The merchant marine is the most significant application of marine radar.
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Increasing investment by market players in research & development activities to achieve a competitive edge is expected to drive market growth. Also, the key market players are continuously collaborating with other manufacturers to provide new technology-based products. Thus with all these, the marine radar market is expected to grow in the coming years.
Key Takeaways from the Market Study
- The global marine radar market is expected to account for a 5.5% CAGR throughout the forecast period.
- From 2018 to 2022, the market demand expanded at a CAGR of 5.3%
- By product type, X-band radars are expected to accumulate a market share of 42.5% in 2033
- By application, the merchant marine segment dominates the market with a share of 40%
- North America to emerge as a promising market, capturing nearly 38% of the global market share in 2023
- Asia Pacific to be an opportunistic market, expected to capture 27% of revenue
“The increasing technological advancement & increasing defense budget across the globe is expected to drive the growth of the marine radar market during the forecast period,” says the FMI analyst.
Key Companies Profiled:
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- Japan Radio Co Ltd
- BAE Systems
- FLIR Systems
- Navico Group As
- GEM Elettronica
- HENSOLDT U.K.
- Koden Electronics Co. Ltd
- Rutter Inc.
Leading players operating in the global marine radar market are focusing on intensive research and development for launching innovative products and services in the market. Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market. The market players are also emphasizing offering radar systems with high reliability and high performance
- In June 2022- Lockheed Martin delivered the first five sentinel A4 Air & Missile Defense Radars to the United States Army. The sentinel A4 radar is developed and manufactured by Lockheed Martin in Syracuse N.Y.
- In June 2022- Raytheon Technologies announced that it will establish its global headquarters office in Arlington, Virginia.
- In February 2022- Furuno Electric Cp. Ltd is proud to introduce its stable fish size indicator (Fish Finder) FCV- 38 which will optimize fishing operations with the help of spilled beam & multi detection technology.FCV-38 is the high-performance 4kW fish finder with a 38 kHz transducer using spilled beam technology that provides excellent depth detection capability.
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Know More about What the Marine Radar Market Report Covers
Future Market Insights offers an unbiased analysis of the global marine radar market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the marine radar market, the market is segmented based on product type (X band radars and S-band radars) and application (merchant marine, fishing vessels, yacht/recreational, and military/naval), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Covered in the Marine Radar Industry Analysis
By Product Type:
- X Band Radar
- S-Band Radar
By Application:
- Marchant Marine
- Fishing Vessels
- Yacht/Recreational
- Military/Naval
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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