Press release
Radar System Market Report 2024: Strategies And Recent Developments | BAE Systems Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Ltd
Radar System Market Size
The Business Research Company offers in-depth market insights through Radar System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The radar system market size has grown rapidly in recent years. It will grow from $31.71 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to military modernization, rise in demand for surveillance and border security, growth in weather forecasting, rise in air traffic, growth in smart cities.
The radar system market size is expected to see strong growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to geopolitical tensions, need for maritime surveillance, rising autonomous vehicles, rise in defence budgets, emerging markets. Major trends in the forecast period include cognitive radar, miniaturization, frequency modulated continuous wave (fmcw) radar, digital beamforming, synthetic aperture radar (sar).
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Market Segmentation:
The main components of radar system are transmitter, receiver, antenna, other components. Transmitter refers to an electronic device used in telecommunications. The different technologies include continuous wave (CW) radar, pulsed radar with frequency bands such as X-band, S-band, C-band, and other frequencies that are applicable in air traffic control, remote sensing, ground traffic control, space navigation and control, other applications. The different end users include aviation, maritime applications, automotive, and military and defense.
Major Driver - Radar Systems Market To Grow As Weather Monitoring Applications Gain Traction
The rise in the utilization of radar systems for weather monitoring is expected to propel the growth of the radar system market. The radar systems use electromagnetic signals to detect and locate objects. They can be utilized in weather monitoring to provide data to understand weather systems, improved forecasts (especially critical weather), flood warnings, hydrological applications, and climate research. For instance, in January 2022, India Meteorological Department (IMD) launched operations of four new Doppler weather radars that use drone-based observation technology to improve the weather forecast system. These radars will provide improved rainfall monitoring and hydrometeor classification using dual-polarization technology to distinguish between snow, rain, and hail. Therefore, the rise in the utilization of radar systems for weather monitoring drives the growth of the radar system market.
Competitive Landscape:
Major companies operating in the radar system market include BAE Systems Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Ltd., Saab AB, Thales Group, Honeywell International Inc., General Dynamics Corporation, Israel Aerospace Industries Ltd., Reutech Radar Systems Ltd., Elcome Integrated Systems Pvt. Ltd., L3Harris Technologies Inc., NXP Semiconductors N.V., Infineon Technologies AG, Hensoldt Corp., Indra Sistemas SA, Rheinmetall AG, Safran SA, Terma A/S, Serco Group Plc, FLIR LLC, Aselsan AS, SRC Inc., ELTA Systems Ltd., Mercury Ltd., RADA Electronic Industries Ltd., International Foodstuffs Co., Cobham Inc., Telephonics Corporation
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Top Trend - Innovative 4D Electronically Scanned Array Radars Shape Radar Systems Market
4D electronically scanned array radars is shaping the radar systems market. Many companies operating in radar systems are developing innovative 4D electronically scanned array radars to meet customer demands. For instance, in October 2021, Echodyne, a US-based provider of radar solutions, announced the launch of EchoShield, the newest radar in its market-leading portfolio. EchoShield is a sophisticated software-defined multi-mission radar for a wide range of commercial, defense, and government use cases. It was built from the ground up to redefine the price-performance standard for mid-range radars. EchoShield is a pulse-Doppler cognitive 4D radar that combines real-time dynamic waveform synthesis with ESA beamforming to achieve sub-degree tracking accuracy on hundreds of objects throughout a large 3D field of view.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Radar System Market Characteristics
3. Radar System Market Trends And Strategies
4. Radar System Market - Macro Economic Scenario
5. Radar System Market Size And Growth
…..
27. Radar System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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