Global and Asia-Pacific Radar Market share growing at 3.8% CAGR to Reach $49.43 Billion, by 2027
Major market players:
Northrop Grumman Corporation
Lockheed Martin Corporation
L-3 Communications Holdings
Honeywell International Inc.
General Dynamics Corporation
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According to the report, the global & Asia-Pacific radar market was pegged at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Air traffic control segment dominated the market
By application, the air traffic control segment held the largest share in 2019, accounting for more than one-fourth of the global & Asia-Pacific radar market, due to surge in number of airports and air travel in developing countries and increase in need for efficient airspace management system. However, the ground traffic control segment is expected to manifest the highest CAGR of 5.1% from 2020 to 2027, 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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Military tensions across the borders of China and India have increased the demand for radar for surveillance.
However, disrupted supply chain and lack of labor have hampered the manufacturing sector.
Automotive segment to portray highest CAGR through 2027
By end-user, the automotive segment is anticipated to register the highest CAGR of 5.8% during the forecast period, due to increase in demand for safety features in automobiles and rise in demand for comfort. However, the military and defense segment held the largest share in 2019, contributing to around two-fifths of the global & Asia-Pacific radar market, owing to rise in usage of electronic warfare system and UAVs that forced several countries to enhance their radar capabilities.
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China held the lion's share
By region, the market across China held the largest share in 2019, due to demand from Chinese military for advanced compact size radar for navy's carrier fleet. However, the global & Asia-Pacific radar market across India is expected to register the highest CAGR of 7.7% from 2020 to 2027, owing to rapid innovations and technological advancements, followed by growing focus of government toward Make in India initiative in the defense sector.
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