Radome Global Market Report 2023: Growing Demand for Small Aircraft Boosts Sector

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Radome Global Market Opportunities and Strategies to 2032" report has been added to  ResearchAndMarkets.com's offering.

The global radome market reached a value of nearly $1,616.69 million in 2022, having increased at a compound annual growth rate (CAGR) of 6.21% since 2017.

The market is expected to grow from $1,616.69 million in 2022 to $2,647.24 million in 2027 at a rate of 10.37%. The market is then expected to grow at a CAGR of 11.48% from 2027 and reach $4,558.70 million in 2032.

Growth in the historic period resulted from increasing military spending, the rise in air travel, increasing investments in satellites, increased seaborne trade and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were the COVID-19 impact and geo-political tensions.

Going forward, a growing demand for small aircraft, an increase in passenger air traffic, a growing demand for new fighter jets in developing countries and an increasing adoption of low earth orbit satellites will drive the market. Factors that could hinder the growth of the radome market in the future include the Russia-Ukraine war and stringent regulations imposed on the aerospace industry.

The radome market is segmented by type into shell structure, spherical structure and other types. The spherical structure was the largest segment of the radome market by type, accounting for $723.93 million or 44.78% of the total market in 2022. The other types market is expected to be the fastest-growing segment going forward at a CAGR of 10.52%.

The radome market is segmented by offering type into radome body, accessories and services. The radome body market was the largest segment of the radome market by offering type, accounting for $1,040.62 million or 64.37% of the total market in 2022. The services market is expected to be the fastest-growing segment going forward at a CAGR of 10.95%.

The radome market is segmented by application into airborne radome, ground-based radome and shipboard radome. The ground-based radome was the largest segment of the radome market by application, accounting for $795.53 million or 49.21% of the total market in 2022. The airborne radome market is expected to be the fastest-growing segment going forward at a CAGR of 10.65%.

North America was the largest region in the radome market, accounting for 37.25% of the global market in 2022. It was followed by Western Europe, Asia Pacific and the other regions. Going forward, the fastest growing regions in the radome market will be Asia Pacific and the North America, where growth will be at CAGRs of 11.71% and 11.08% respectively from 2022-2027.

The global radome market is slightly fragmented, with a large number of small players. The top ten competitors in the market made up to 40.92% of the total market in 2021. Northrop Grumman Corporation was the largest competitor with 14.87% share of the market, followed by General Dynamics Mission Systems Inc. with 10.32%, Compagnie de Saint-Gobain S.A. with 6.12%, Meggitt PLC with 3.83%, Astronics Corporation with 1.77%, The NORDAM Group LLC with 1.54%, Communications & Power Industries (CPI) with 1.20%, Comtech Telecommunications with 0.76%, Jenoptik with 0.35% and Starwin Industries with 0.14%.

The top opportunities in the radome market by type will arise in the spherical structure market, which will gain $461.93 million of global annual sales by 2027. The top opportunities in the radome market by offering type will arise in the radome body market, which will gain $674.45 million of global annual sales by 2027. The top opportunities in the radome market by application will arise in the ground-based radome market, which will gain $500.74 million of global annual sales by 2027. The radome market size will gain the most in the USA at $379.90 million.

Market-trend-based strategies for the radome market include use of advanced radome technology, focus on strategic mergers and acquisitions, increasing investments and innovation in radome designs.

Player-adopted strategies in the radome industry include enhancing business operations through securing new contracts, providing next generation radar protections solutions and strengthening business operations through receiving regulatory approvals.

Executive Summary:

Radome Global Market Opportunities and Strategies to 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global radome market as it emerges from the COVID 19 shut down.

The report covers the following chapters

• Introduction and Market Characteristics

Brief introduction to the segmentations covered in the market, definitions and explanations about the radome market.

• Key Trends

Highlights the major trends shaping the global radome market. This section also highlights likely future developments in the market.

• Global Market Size and Growth

Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.

• Regional Analysis

Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.

• Market Segmentation

Contains the market values (2017-2032) and analysis for each segment by type, by offering type and by application in the market.

• Regional Market Size and Growth

Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.

• Competitive Landscape

Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.

• Key Mergers and Acquisitions

Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.

• Market Opportunities and Strategies

This section includes market Opportunities and Strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.

• Conclusions And Recommendations

This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for radome providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.

• Appendix

This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.

Scope
Markets Covered:

1) By Type: Shell Structure; Spherical Structure; Other Types
2) By Offering Type: Radome Body; Accessories; Services
3) By Application: Airborne Radome; Ground-Based Radome; Shipboard Radome

A selection of companies mentioned in this report includes

• Northrop Grumman Corporation
• General Dynamics Mission Systems Inc
• Compagnie de Saint-Gobain S.A.
• Meggitt PLC
• Astronics Corporation

For more information about this report visit https://www.researchandmarkets.com/r/1tlf0s

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