Global Radar Market

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 Insights

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).

The global radar market is dominated by radar-based equipment, which serves as a crucial security apparatus in defense sectors worldwide. Initially designed for military purposes, these systems are now extensively utilized in air traffic control, maritime operations, meteorological monitoring, and aircraft anti-collision systems. The proliferation of technology has led to the creation of lightweight radars, positively impacting market growth. Radar systems equipped with digital signal processing capabilities address security concerns effectively. The rising focus on safety and security, coupled with increased defense budgets, is projected to drive the demand for radar systems in the foreseeable future. Furthermore, the construction of new airports and terminals across the globe is expected to significantly contribute to market expansion. Heightened terrorist activities, inter-country conflicts, and border infiltrations are major factors fueling the demand for radar systems. The application of radar-based sensors in automobiles, railways, and airplanes is also witnessing a surge. These sensors offer advantages such as flexible mounting, resistance to extreme weather conditions, and long-range detection, leading to mass production of radars. The growth in international sea trade and the transportation of high volumes of goods have prompted countries to augment their fleet size and merchant vessels, fostering the need for radar tracking systems. On the other hand, airports with high passenger and cargo volumes are increasingly adopting surveillance radar systems to ensure the safety of passengers and cargo. As a result, airport operators are focusing on improving runway safety systems and deploying radio detection systems to enhance the control of passenger and cargo movement. The current geopolitical landscape in both developing and developed countries presents favorable investment opportunities for manufacturers to expand their product portfolios, creating new market prospects. Furthermore, the introduction of Advanced Driver Assistance Systems (ADAS) in cars and electric vehicles is a key driver of market growth. However, challenges such as technical incompatibilities between transmitter power and antenna size often result in subpar performance. Additionally, radar systems may face issues such as high receiver noise and poor sensitivity, affecting their overall performance. Nonetheless, technological innovations, coupled with increased defense budgets, are expected to provide opportunities for the development of advanced detection systems to address these technical challenges.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.Ş. (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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Radar Market

Product ID: SQMIG30I2229

$5,300
BUY NOW GET FREE SAMPLE