Surveillance Radar Market Size, Drivers, Trends, Major Competitors And Forecast 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Surveillance Radar 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 surveillance radar market size has grown strongly in recent years. It will grow from $9.07 billion in 2023 to $9.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to military defense development, air traffic control enhancement, maritime surveillance advancements, weather monitoring and forecasting, early warning systems.

The surveillance radar market size is expected to see strong growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rise in unmanned systems, adoption in smart cities, growth in counter-drone technology, infrastructure modernization, remote sensing and satellite integration. Major trends in the forecast period include multi-functional radar systems, interoperability and networking, environmental sustainability, integration with 5g technology, persistent surveillance techniques.

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Market Segmentation:
The surveillance radar market covered in this report is segmented -
1) By Component: Antennas, Transmitters, Power Amplifiers, Receivers, Duplexers, Digital Signal Processors, Other Components
2) By Radar Type: Short Range, Medium Range, Long Range
3) By Platform: Airborne, Ground, Space, Naval
4) By Application: Commercial, Military, National Security, Aerospace, Maritime, Other Applications

Major Driver - Surge In Military Expenditure Fuels Growth In The Surveillance Radar Market
The increasing military expenditure is expected to propel the growth of the surveillance radar market going forward. Military expenditure refers to the quantity of financial resources allotted by a country to building and maintaining an armed force or other necessary defense measures. The modernization and infrastructure development of the defense services primarily drives the increasing military expenditure. Increased military expenditure drives research, development, and procurement of advanced surveillance technologies, leading to technological advancements and market growth in the surveillance industry. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, and arms, the North American military spending amounted to $904 billion in 2022, an increase of 0.7% compared with 2021. Therefore, increasing military expenditure is driving the growth of the surveillance radar market.

Competitive Landscape:
Major companies operating in the surveillance radar market report are Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., BAE Systems plc., Thales Group, Leonardo S.p.A, L3HARRIS Technologies Inc., Serco Group plc, Elbit Systems Ltd., Israel Aerospace Industries Ltd., SAAB AB, FLIR Systems Ltd., ASELSAN A.S., Hensoldt AG, Cobham plc, SRC Inc., Therma A/S, Telephonics Corporation, Exelis Inc., RADA Electronic Industries Ltd., Kelvin Hughes Limited, Reutech Radar Systems, DeTect Inc., Blighter Surveillance Systems Ltd., Echodyne.

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Top Trend - Innovation In The Surveillance Radar Market
Product innovation has emerged as a key trend gaining popularity in the surveillance radar market. Major companies operating in the surveillance radar market are concentrating on developing innovative products to strengthen their position in the market. For instance, in March 2021, Thales Group, a France-based technology company, launched the new digital secondary radar RSM-NG, a new meta-sensor for safer air traffic management. The RSM NG combines ADS-B and radar data (Mode S) for quicker track initialization and higher-quality, more reliable information. The radar can simultaneously share 64 data outputs with several air traffic control centers while tracking up to 2,000 flight paths. The radar uses cutting-edge digital technology to give airports superior performance, cyber protection, and reduced life-cycle costs.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Surveillance Radar Market Characteristics
3. Surveillance Radar Market Trends And Strategies
4. Surveillance Radar Market - Macro Economic Scenario
5. Surveillance Radar Market Size And Growth
…..
27. Surveillance Radar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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