Global Radar Market is valued approximately USD 37.69 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.00% over the forecast period 2023-2030. The Radar market refers to the global market for radar technology, which involves the use of radio waves to detect and locate objects. Radar systems are used in a wide range of applications, including defense and security, air traffic control, weather monitoring, and navigation. Radar technology is also used in the automotive industry for applications such as collision avoidance and adaptive cruise control. The market includes various types of radar systems such as ground-based, naval, airborne, and space-based. The major driving factors for the Global Radar Market are increased investments in defense and security and growing demand for unmanned systems. Moreover. rising demand for weather monitoring and increase in air traffic is creating lucrative growth opportunity for the market over the forecast period 2023-2030.
Governments worldwide are investing heavily in defense and security systems, including radar technology, to protect their borders and citizens. This has led to increased demand for advanced radar systems. In September 2020, the Indian government approved the acquisition of 83 Tejas fighter jets for the Indian Air Force at a cost of USD 6.4 billion. In November 2020, the UK government announced a USD 1.83 billion increase in defense spending over the next four years, with a focus on cybersecurity, space, and AI. However, the high cost of Radar stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Radar Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The North American region is a significant market for radar technology, with a strong presence in the United States. The region’s market is driven by increased spending on defense and security systems, as well as the adoption of radar technology in various applications such as air traffic control, weather monitoring, and surveillance. The Asia Pacific region is expected to be the fastest-growing market for radar technology due to increased defense spending by countries like China, India, and Japan. The region is also witnessing the adoption of radar technology in various applications such as automotive and aerospace industries.
Major market player included in this report are:
Northrop Grumman Corporation
Lockheed Martin Corporation
Rockwell Collins Inc.
Honeywell International Inc.
L-3 Communications Holdings
General Dynamics Corporation
Recent Developments in the Market:
Ø In 2020, Raytheon Technologies announced the launch of its next-generation radar, the Lower Tier Air and Missile Defense Sensor (LTAMDS), which is designed to detect and track a wide range of threats, from drones to hypersonic missiles.
Ø In 2021, Infineon Technologies launched its new 77 GHz radar chip, which is designed for use in automotive applications, such as driver assistance systems and autonomous vehicles.
Global Radar Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Offering, Product Type, Platform, Application, End user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Offering offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Continuous Wave Radar
Air Traffic Control
Ground Traffic Control
Space Navigation & Control
By End user:
Military & Defense
Middle East & Africa
Rest of Middle East & Africa