Naval Radar Market Set to Expand, Predicted to Reach $15.36 Billion by 2028
Naval Radar Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, June 25, 2024 /EINPresswire.com/ -- The global naval radar market has shown robust growth in recent years, with projections indicating further expansion. Valued at $11.94 billion in 2023, the market is expected to reach $12.67 billion by 2024, growing at a CAGR of 6.1%. It will grow to $15.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.This growth can be attributed to increasing investments in naval fleets, rising procurement of radar and air defense systems, and the demand for new-generation air and missile defense technologies.
Rising Demand for Coastal Surveillance Drives Market Growth
The demand for coastal surveillance is a significant driver of growth in the naval radar market. With increasing global trade through shipping routes and heightened security concerns, there is a growing emphasis on enhancing maritime security and monitoring coastal activities. Governments worldwide are allocating substantial budgets to upgrade naval systems, which include advanced radar technologies capable of continuous monitoring and threat detection.
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Naval Radar Market Major Players and Market Trends
Key players such as RTX Corporation, Lockheed Martin Corporation, and Thales Group are leading the naval radar market. These companies are focusing on technological advancements to introduce radar systems with enhanced capabilities. For example, Hensoldt AG launched the Quadome radar system, equipped with advanced Gallium Nitride (GaN)-based active electronically steered antenna (AESA) technology, catering specifically to offshore patrol vessels and frigates.
Innovative products like the Quadome radar system highlight the industry's commitment to rapid response and precision in naval operations. Such advancements are crucial for improving situational awareness and operational efficiency in maritime environments.
Naval Radar Market Segments
The naval radar market is segmented based on:
• Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar
• Component: Antennas, Transmitters, Receivers, Power Amplifiers
• Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications
Regional Insights: Asia-Pacific Emerging as a Growth Leader
North America dominated the naval radar market in 2023, driven by significant defense expenditures and technological advancements. However, Asia-Pacific is anticipated to witness the fastest growth during the forecast period. This growth is attributed to escalating regional tensions and increasing defense budgets across countries like China, India, and Japan.
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Naval Radar Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Naval Radar Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on naval radar market size, naval radar market drivers and trends, naval radar market major players, competitors' revenues, market positioning, and market growth across geographies. The naval radar market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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