Global & Asia-Pacific Radar Market size is projected to reach $49.43 billion by 2027, registering a CAGR of 3.80%

According to a new report published by Report Ocean, titled, “Radar Market by Product Type, Platform, Application, and End User: Global & Asia-Pacific Opportunity Analysis and Industry Forecast, 2019–2027” the global & Asia-Pacific radar market size was valued at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, registering a CAGR of 3.80%. The growth of the radar system market in Asia-Pacific is driven by the factors such as increase in the defense budget of India and China and rise in demand for radar systems.

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Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation.

Radar systems have witnessed increasing popularity in the military & defense sector, as radar antennas are mounted at the airports or other ground stations to detect approaching enemy airplanes or missiles. For instance, Cassidian, leader in global security solutions and systems, has developed airborne and ground surveillance radar systems that use the latest ultrahigh-resolution radar technology, which can monitor wide areas and stationary targets while detecting and tracking moving targets at considerable distances simultaneously. In addition, Lockheed Martin, an American global aerospace, defense, security, and advanced technologies company, launched state-of-the-art next-generation RADAR technology, Digital Array Row Transceiver (DART), which operates on the principle of the gallium–nitride (GaN) technology and extends the service life of the radar system.

Major factors that drive the global & Asia-Pacific radar market include increase in demand for radar systems in the automotive & defense industries, advancement in radar technology, and increase in territorial battles. However, the adverse climatic conditions result in malfunctioning of radar systems, which hampers the growth of the global & Asia-Pacific industry. On the contrary, increase in investment from developed countries in the military sector is anticipated to create lucrative opportunities for the expansion of the global & Asia-Pacific radar market during the forecast period.

Moreover, economically developed nations tend to witness high penetration of radar technology in various vehicle segments. Factors such as economic growth, increase in demand for passenger vehicles, and rise in concerns about vehicle & driver safety contribute toward the global & Asia-Pacific radar market growth in the coming years.

The global & Asia-Pacific radar market is segmented on the basis of product type, platform, application, end user, and region. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. By end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.

The global & Asia-pacific radar market trends are analyzed across China, Japan, India, South Korea, rest of Asia-Pacific, and rest of the world. The radar market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in investment from the developed countries such as China and India. Moreover, high demand for autonomous vehicle and security & surveillance radar systems to detect and locate hostile targets in military & defense sector are expected to create opportunities for the radar market in the Asia-Pacific region.

COVID-19 IMPACT ANALYSIS

The COVID-19 has been impacted severely on the global & Asia-Pacific automotive and industrial sector, as the production facility have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the global & Asia-pacific radar market in 2020.

Key Findings Of The Study

In 2019, the continuous wave radar accounted for the maximum revenue, and is projected to grow at a notable CAGR of 3.0% during the forecast period.
North America and Europe collectively accounted for more than 62.0% of the global & Asia-Pacific radar market share in 2019.
India is anticipated to witness highest growth rate during the forecast period.
The key players profiled in the global & Asia-pacific radar market report include Northrop Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Honeywell International Inc., L-3 Communications Holdings, General Dynamics Corporation, BAE Systems, and Dassault Aviation. These players have adopted various strategies such as product launch, partnership, and acquisition to expand their foothold in the industry.

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This release was published on openPR.