RADAR Market by 2030: Top winning strategies, Impacting factors, Business Strategies
The RADAR market is expected to reach $10.4 billion by 2022, growing at a CAGR of 3.9% during the forecast period. In 2015, North America dominated with over 32% share of the overall market, and is anticipated to continue this trend during the forecast period.
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Based on type, ground-based RADAR captured the largest share in the market in 2015. This type of system is an X-band phased array RADAR system operated mechanically. It functions primarily as a fire control RADAR for ballistic missile defense. The RADAR is used for surveillance using sensors and designed to acquire, track, discriminate targets, and provide information about the enemy during war. Ground-based RADAR system stood over 30% share of the total RADAR system overall followed by other types.
Based on geography, North America contributed the largest share in overall RADAR market, followed by Asia-Pacific, Europe, and LAMEA. The LAMEA market is anticipated to grow at highest rate.
The key players of the global RADAR market adopt new concepts & ideas, partnerships, and acquisitions. They plan to improve the manufacturing techniques, besides enhancing their profitability, to gain a competitive edge over other players.
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The major players profiled in the report include Northrop Gruman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Kelvin Hughes, L-3 Communications Holdings, General Dynamics Corporation, Dassault Group, SRC Inc., Honeywell International Inc., Leonardo-Finmeccanica-Corporation, Harris Corporation, and others.
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