Radar Market - Forecast (2020 - 2025)
The Global Radar Market generated $24.37 billion in revenue in 2018, and the revenue is projected to grow at a CAGR of 4.32% from 2019 to 2025. According to research done by Ploughshares Fund, 13,850 nuclear weapons are possessed by different countries, with the U.S. and Russia accounting for 92% of the total number. This increasing number of nuclear weapons has given rise to high-security concerns.
Owing to the potential threats, during the Second World War, the US navy had developed a device named RADAR, which is an acronym for Radio Detection And Ranging. Radar, an electronic detection system that uses radio waves to sense and detect objects such as weapons, missiles, aircraft, ships, and vehicles within a specific range. It comprises antennas, emitters, transmitters, and receivers. Apart from military applications, there are several other capabilities and applications of radar in automotive, weather forecasting, air traffic control systems ocean surveillance, and other applications.
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North America held the maximum market share, accounting for approximately 37.48% of the total demand. Increasing emphasis on security concerns, increasing terrorist attacks, rising nuclear bombing threats, high investments by governments, and technological furtherance are some of the prominent factors driving the North America radar market.
High budgets are provided by governments for the military sector to automate all the security and defence systems. Sophisticated radar systems are being developed and deployed in the military sector. According to IndustryARC analysts, the application segment is poised to grow at a healthy CAGR of 5.75% through 2025.
Radar Market Growth Drivers:
Legacy Systems
Globally, most countries are adopting the necessary technologies to replace the legacy systems in the military with automated equipment. Radar systems have been proven to be efficient in detecting security threats. With the spurring technological advancements, the demand for radar systems is increasing.
Increasing Territorial Conflicts
Increasing territorial conflicts lead to high-security alerts. To have impeccable security at the boundaries, radar systems are used to detect any unauthorized object within the premises. The rising conflicts in the territories have led to high utilization of radar systems, ultimately boosting the radar system market.
Radar Market Key Players Perspective:
Lockheed Martin is one of the leading market players. Recently it teamed up with the Israeli radar company Elta Systems. This is intended to increase production and meet the global demand for radar systems in the coming future.
Other key players of the radar market are Northrop Grumman, Thales, SAAB, Rockwell Collins, Dassault, General Dynamics, Finmeccanica, Honeywell, L3, Kelvin Hughes, IAI, Selex, Qinetiq, and BAE Systems.
Radar Market Trends –
Solid-State Electronics
During the first couple of decades of radars, vacuum electronics devices played a major role in supplying power to the amplifiers. Over the years, solid-state transmitters are gaining traction over vacuum electronics due to their reliability, performance, and advantage.
GaN-based amplifiers
Amplifiers play a prominent role in radar systems. Gallium Nitride (GaN) based amplifiers are capable of working at high voltages; as a result, high efficiency is acquired when compared to traditional amplifiers, subsequently increasing the efficiency and range of radars.
Radar Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the radar market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of segments in the Radar Market and their specific applications in different areas.
Radar Market Report: Industry Coverage
The Radar market is segmented on the basis of product and application. Based on product, the market is sub-segmented into X band, S-band, HF band, VHF band, and UHF band radars. By application, the market is sub-segmented into military, air traffic control, aerospace and defence, automotive, anti-missile systems, surveillance systems, aircraft anti-collision systems, and others.
The radar market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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