Global Radar Market Size, Share, Growth Analysis, By Type(Ground-Based Radar and Airborne Radar), By Application(Defense and Military, and Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG30I2229 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 60 | Figures: 75

Global Radar Market News

In May 2023, Thales and Bharat Electronics Limited (BEL) signed a contract to supply multifunction radar systems for the Indian Navy's surface ships.

In April 2023, Northrop Grumman unveiled its Digital Affordable Sensor System (DASS), a next-generation radar system designed for advanced airborne surveillance and reconnaissance missions.

In March 2023, Raytheon Technologies announced a significant investment in Velodyne Lidar, a leading lidar technology company, to support the development of advanced radar and sensing solutions for autonomous systems.

In January 2023, BAE Systems received a contract from the U.S. Air Force to develop and deliver next-generation radar systems for the F-16 Fighting Falcon aircraft.

In September 2022, Leonardo announced the launch of the Grifo-E AESA radar, an advanced radar system for fighter aircraft, featuring electronic scanning technology and multi-mission capabilities.

Global Radar Market Report Snapshots

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Global Radar Market size was valued at USD 33.31 billion in 2022 and is poised to grow from USD 34.34 billion in 2023 to USD 43.84 billion by 2031, growing at a CAGR of 3.10% during the forecast period (2024-2031).

Global radar market is characterized by intense competition and a diverse range of players offering radar-based solutions. Numerous companies, including established manufacturers, emerging startups, and technology giants, contribute to the market's competitiveness. These players constantly strive to innovate and differentiate their products by improving radar performance, enhancing features, and expanding application areas. Market competition also drives collaboration and partnerships among industry participants to leverage each other's strengths and capabilities. Additionally, factors such as product pricing, customer support, and aftersales services play a crucial role in determining the competitive positioning of companies in the radar market. 'Raytheon Technologies Corporation (US)', 'Lockheed Martin Corporation (US)', 'Thales Group (France)', 'Northrop Grumman Corporation (US)', 'Leonardo S.p.A. (Italy)', 'Saab AB (Sweden)', 'BAE Systems plc (UK)', 'Honeywell International Inc. (US)', 'L3Harris Technologies, Inc. (US)', 'Israel Aerospace Industries Ltd. (Israel)', 'Mitsubishi Electric Corporation (Japan)', 'Rheinmetall AG (Germany)', 'Indra Sistemas S.A. (Spain)', 'Harris Corporation (US)', 'General Dynamics Corporation (US)', 'Cobham plc (UK)', 'Hensoldt AG (Germany)', 'Bharat Electronics Limited (India)', 'Aselsan A.Å. (Turkey)', 'RADA Electronic Industries Ltd. (Israel)'

One significant driver of growth in the global radar market is the increasing emphasis on safety and security measures across various industries and sectors. With rising safety concerns, growing terrorist activities, and inter-country conflicts, there is a heightened demand for radar systems to enhance surveillance, detection, and monitoring capabilities. Additionally, the development of new airports, expansion of fleet sizes, and the need for efficient transportation systems further contribute to the growing demand for radar-based equipment.

One key market trend in the radar industry is the increasing integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), into radar systems. AI and ML algorithms enhance the capabilities of radar by enabling more accurate target detection, classification, and tracking. This trend allows for improved situational awareness, faster decision-making, and enhanced operational efficiency. By leveraging the power of AI and ML, radar systems can adapt to dynamic environments, handle complex data processing tasks, and provide real-time actionable insights, driving the growth and innovation in the radar market.

North America dominated the global radar market due to its advanced defense capabilities, technological advancements, and substantial defense budgets. The region is home to major radar manufacturers, research institutions, and defense contractors, contributing to its market dominance. The United States, in particular, holds a significant share in the North American radar market, owing to its robust defense infrastructure and ongoing modernization programs.

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Global Radar Market Size, Share, Growth Analysis, By Type(Ground-Based Radar and Airborne Radar), By Application(Defense and Military, and Automotive) - Industry Forecast 2024-2031

Global Radar Market News

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