Future Outlook for Marine Radar Market in Comparison to Historical Growth Pattern - 2031

This will remain a critical factor in allowing marine radar sales to grow at a 2.4% CAGR between 2021 and 2031. Demand is expected to be consistent throughout the forecast period, allowing the market to grow by slightly more than 2% year on year in 2021. Future Market Insights (FMI) presented an optimistic outlook for the marine radar market in a new study, especially with the introduction of next generation solid state radars.

The market is expanding as a result of advances in technology and rising demand for sophisticated intrusion detection systems. By the end of 2031, the market will be worth US$ 971 Mn, predicts FMI.

In order to determine target range, angle, and speed, marine radar uses brief electromagnetic pulses that are emitted and returned. According to FMI, X-Band radar holds a significant amount of the market. It is also used in military and naval applications, fishing boats, yachts, and merchant marine.

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Key Takeaways of Marine Radar Market Study
• The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031
• The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021
• Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. FMI projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards
• Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
• After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve

"With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint." says a FMI analyst.

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The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.

Who is Winning?

The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.

Want to Know More?

Future Market Insights has released a Marine Radar market research report providing the 2016-2020 global industry analysis and the 2021-2031 opportunity assessment. The report provides an in-depth analysis of the Marine Radar Market across various segments, namely the type, application and region of the product. The Marine Radar Market study, along with an overview of the parent market, also provides supply and demand trends.

Key Segments
Product Type:
• X Band Radars
• S Band Radars

Application:
• Merchant Marine
• Fishing Vessels
• Yacht/Recreational
• Military/Naval

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.