BANGALORE, India, March 2, 2021 /PRNewswire/ -- The Radar Market is Segmented by Offering (Hardware, Software, and Services), Product Type (Continuous Wave Radar, Pulse Radar, and Others), Platform (Marine, Air, Ground, and Space), Application (Air Traffic Control, Remote Sensing, Ground Traffic Control, and Space Navigation & Control), and End User (Automotive, Aviation, Industrial, Weather Monitoring, Military & Defense, and Others), Opportunity Analysis and Industry Forecast, 2020–2027. This report is published on Valuates Reports in the Internet & Telecom Category.
The global Radar Market size was valued at USD 32.56 billion in 2019 and is projected to reach USD 49.43 billion by 2027, to register a CAGR of 3.80% from 2020 to 2027.
Major factors driving the growth of radar market size are:
The rise in usage of radar technology in various passenger and commercial vehicles
Growing safety and security concerns and an increase in defense budgets
Development of new airports and terminals across the globe
TRENDS INFLUENCING THE GROWTH OF RADAR MARKET SIZE
Raising incorporation of RADAR technology in automobiles are expected to drive the growth of the radar market size. The radar system is widely used in the automotive industry to enhance passenger cars' safety features and other transport systems. Radar deployed in automobile assists in lane shifting assists in cruise control, helps maintain a safe distance from vehicles ahead and provides collision warning.
Growth in international maritime trade and the movement of high-volume goods are encouraging countries to increase their fleet size and strike a balance between supply and demand. Radar can be used to track these fleets, and this is expected to influence the growth of radar market size.
The use of surveillance radar systems to ensure cargo and passengers' safety is being considered at airports with a higher movement of passengers and cargo. Therefore, airport operators are emphasizing the improvement of runway safety systems and the deployment of radio detection systems across airports to allow ATC controllers to have better control over the movement. This, in turn, is expected to increase the growth of radar market size during the forecast period.
The increasing adoption of RADAR systems by the military for applications for ground surveillance, missile control, fire control, air traffic control (ATC), moving target indication (MTI), weapons location, and vehicle search are expected to drive the growth of radar system market size. With increasing terrorist activities, inter-country conflicts, and border infiltration scenarios, the military sector needs to be well equipped with state-of-the-art radar technology to counteract such threats.
Based on region, North America is expected to hold the largest RADAR market share during the forecast period. This dominance of North America is attributed to the growing application of RADAR in the automotive and well-established military sector.
Asia-Pacific region would exhibit the fastest growth with the highest CAGR of 5.60% during 2020-2027. The presence of many SMEs, manufacturing bases, increased radar technology adoption, and increasing sea trade are expected to favor the development of radar systems in the region.
The Military and Defense segment is expected to hold the largest RADAR market share during the forecast period. This dominance is due to the increased military spending by various countries. The latest innovations in next-gen military systems include radiofrequency tiles & gallium nitride transmitters, and modular 3D radar.
Ground radar segment is projected as one of the most lucrative segments. This is due to the increasing need for strengthening cavalry units and locating targets.
The antenna segment is expected to hold the largest RADAR market share during the forecast period. The segment's growth can be attributed to the increasing demand for digital signal processing. In addition, the increasing deployment of radar systems around the globe and the upgrading of existing systems are expected to generate a healthy demand for antennas.
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SIMILAR REPORTS :
- Automotive Radar Market Size is expected to grow from USD 3156.26 Million in 2018 to USD 12990.27 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 22.39%. Asia-Pacific accounted for the highest share in 2018 and is anticipated to maintain its lead in the global automotive RADAR market throughout the forecast period.
- Military Radars Market size is projected to reach USD 13090 Million by 2026, from USD 10830 Million in 2019, at a CAGR of 2.7% during 2021-2026. This report focuses on Military Radars volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Military Radars market size by analyzing historical data and future prospects.
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