NEW YORK, Jan. 31, 2022 /PRNewswire/ -- The marine radar market is estimated to grow by USD 147.29 million from 2021 to 2026. However, the market's growth momentum is anticipated to decelerate at a CAGR of 3.59%. Factors such as technological advancements in the systems for digital signal processing are significantly driving the marine radar market.
Our research report on "Marine Radar market – Forecast and Analysis Report 2022-2026" has extensively covered factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the implementation during the forecast period.
Marine Radar Market Report Key Highlights
Marine Radar Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 3.59% |
Market growth 2022-2026 |
$ 147.29 million |
Market structure |
Fragmented |
YoY growth (%) |
3.97 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 31% |
Key consumer countries |
US, Japan, Sweden, China, and The Netherlands |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
BAE Systems Plc, Dassault Aviation Group, General Dynamics Corp., Honeywell International Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, and Thales Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Do reach out to our analysts for more customized report as per needs. Speak to our Analyst now!
Marine Radar Market Trend
The multiple intrinsic features of radar (determining the CPA and the TCPA, EBL, and VRM) can be used to avoid accidents at sea. Moreover, activities in the narrow radar range can be monitored by the coast guard, VTS, and other authorities by using these radars, even while the ships are parked at the harbor. In addition, the ship has a screen (the Plan Position Indicator) that shows all of the targets within the radar range. Thus, the display shows all of the items making navigation and monitoring of the ship's location much more practical. Therefore, the navigation aid is expected to drive the global marine radar market during the forecast period.
Marine Radar Market Challenge
Climatic conditions such as rain and other types of precipitation are responsible for producing echo signals that can overwrite the desired target echoes. As the radar waves travel through the atmosphere they bend with a reduction of density in the Earth's atmosphere as the altitude increases. This results in boosting the detection range at low angles. Moreover, the atmosphere generates "ducts" for capturing and channelizing radar energy around the curvature of the Earth, for detection at ranges even beyond the normal horizon. However, at times ducts can expand the range of air-borne radar, but can even deflect the radar radiation and not reveal the regions below the ducts. Thus, ducting can be more bothering in some situations as it is unpredictable and unreliable.
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Key market vendors insights
The marine radar market is fragmented, and the vendors are deploying various organic and inorganic strategies to compete in the market.
Some of the key market vendors are:
For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download free sample report
The fishing vessel segment will be significant in the marine radar market share growth during the forecast period. A fishing vessel is a boat or ship used to catch fish in the sea, on a lake, or in a river. A fishing radar is a device that detects reflected pulses of sound energy, similar to sonar, to locate fish underwater. Thus, the increasing popularity and demand of fishing radar in commercial, recreational and artisanal fishing is estimated to drive the global marine radar market.
Regional Market Analysis
North America will contribute to 31% of the global marine radar market share growth during the forecast period. The US is the major market for marine radar in North America.
The increasing participation of people in water-related recreational activities in the key countries is expected to boost the marine radar market share growth in the region.
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