NEW YORK, Sept. 29, 2016 /PRNewswire/ -- "The X-band radar market is projected to grow at a CAGR of 4.1% during the forecast period"
The X-band radar market is estimated to be USD 4.58 billion in 2016 and is projected to reach USD 5.61 billion by 2021, at a CAGR of 4.1% between 2016 and 2021. The emergence of electronic and network centric warfare, replacement of legacy systems resulting in the automation of radar systems, territorial conflicts and geopolitical instabilities in the Middle East and Asia-Pacific regions, and sea-based X-band radars are driving the demand for the X-band radar across the globe.
"Defense application of the X-band radar to capture the largest share in the X-band radar market"
The key applications considered for the market study are government, defense and commercial. The X-band radar market is dominated by the defense application segment during the forecast period. It has been witnessed that most of the nations are giving immense importance to border security in recent years. Increased investments by various governments in the defense sector have led to the rapid growth of the X-band radar market in the defense application.
"North America to dominate the X-band radar market and APAC to grow at the highest rate"
North America is estimated to capture the largest market share in the overall X-band radar market in 2016. North America-based key players, such as The Raytheon Company (U.S.) and Northrop Grumman (U.S.) operating in the X-band radar market have prompted the improvement of the latest radar system technologies to improve detection capabilities, surveillance duration & resolution, incoming projectile defense capabilities, base & area protection capabilities, and early warning system capabilities of various types of military aircraft, naval vessels, and ground-based forward forces.
The market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing defense expenditure of major economies (China, India, South Korea and Australia), increasing investment in missile defense systems in the region, primarily as part of their modernization programs as well as for advanced counter-terrorist operations.
Break-up of profile of primary participants of the X-band radar report:
- By Company Type - Tier 1 – 30 %, Tier 2 – 35% and Tier 3 – 35%
- By Designation – C level – 32%, Director level – 38%, Others – 30%
- By Region – North America - 27%, Europe – 18%, APAC – 46%, RoW – 9%
Technological advancements in the X-band radar, and the development of radar systems such as the Polarimetric radar, Long Range Discrimination Radar (LRDR), electronically scanned array radar, solid state transmitters, advanced materials, synthetic aperture X-band radar, and compact and light–weighted radar are creating growth opportunities for market players in the global X-band radar market.
In 2016, the key global players in the market were SaaB AB (Sweden), Japan Radio Company Limited (Japan), Furuno Electric Company, Ltd. (Japan), and Terma A/S (Denmark) among others. These companies adopted growth strategies such as new product launches, supply contracts, and business acquisitions to capture a majority share in the growing X-band radar market. Among these, SaaB AB (Sweden) has a widespread geographic presence in the global X-band radar market.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis — industry analysis, market share analysis of top players, and company profiles. It comprises and discusses basic views on the competitive landscape, emerging and high-growth segments of the global X-band radar market, high-growth regions and countries, and their respective regulatory policies, market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the X-band radar offered by the top eleven players in the global X-band radar market
- Product Development/Innovation: Detailed insights on new and developing technologies, research & development activities, and new product launches in the market
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading market players
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