RADAR Market to Garner $44.35 Bn, Globally, by 2028 at 4.7% CAGR: Allied Market Research

PORTLAND, Ore., June 8, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Radar Market 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): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global RADAR industry was accounted for $32.56 billion in 2019, and is estimated to reach $44.35 billion by 2028, growing at a CAGR of 4.7% from 2021 to 2028.

Drivers, restraints, and opportunities

Rise in demand for radar systems in automotive and defense industries, surge in territorial battles, and advancements in radar technology drive the growth of the global radar market. However, high cost of radar system hinders the market growth. On the contrary, high investment from the developed countries in the military sector is expected to create lucrative opportunities for the market players in the future.

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Covid-19 scenario:

• The Covid-19 outbreak severely affected the production process of several industries. Moreover, the prolonged lockdown resulted in temporary or complete shutdown of a number of industries.
• The pandemic affected the supply chain and gave way to uncertainty in the stock market. Moreover, falling business confidence and increased panic among customers hampered the market.
• The Covid-19 outbreak severely affected the automotive and industrial sectors as production facilities were closed. The large-scale manufacturing interruptions across Europe and disruptions in Chinese exports hampered the global radar market.

The air traffic control segment held the lion's share

By application, the air traffic control segment held the largest share in 2019, accounting for more than one-fourth of the global radar market, due to rise in number of airports and air travel in developing countries and the need for efficient airspace management system. However, the ground traffic control segment is estimated to register the highest CAGR of 5.8% during the forecast period, owing to growing opportunities for the airports to integrate advanced taxing guidance systems based on the existing international standards and integrated technologies.

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The military and defense segment dominated the market

By end user, the military and defense segment held the largest share in 2019, contributing to around two-fifths of the global radar market, due to rise in usage of electronic warfare systems and UAVs and advancement in radar technologies and adaptabilities of new missions, platforms, and surroundings. However, the automotive segment is projected to manifest the highest CAGR of 6.7% during the forecast period, owing to surge in demand for safety features in automobiles and rise in demand for comfortable driving.

North America held the largest share

By region, the market across North America held the largest share in 2019, accounting for nearly one-third of the market, due to surge in road victims, rapidly increasing urbanization, changing consumer lifestyles, and stimulating demand for radar in a luxury vehicle. However, the global radar market across Asia-Pacific is expected to portray the highest CAGR of 6.4% during the forecast period, owing to rise in the defense budget of India and China, along with increasing demand for the radar systems.

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Major market players

• Northrop Grumman Corporation
• SAAB AB
• Lockheed Martin Corporation
• Thales Group
• Rockwell Collins Inc.
• Honeywell International Inc.
• General Dynamics Corporation
• Dassault Aviation
• BAE Systems
• L-3 Communications Holdings

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Related Reports:

Global & Asia-Pacific Radar Market by 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

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Prebook These Reports:

Ground Penetrating Radar Market By Type (Handheld Systems, Cart-Based Systems, and Vehicle-Mounted Systems), Application (Utility Detection, Concrete Investigation, Transportation Infrastructure, Archaeology, and Others), and Offering (Equipment and Services): Global Opportunity Analysis and Industry Forecast, 2020–2027

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