Press release
Naval Radar Market Opportunities, Top Key Players, Drivers And Forecast 2024-2033
Naval Radar Market Opportunities
Naval Radar Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $15.36 Bn In 2028 At A CAGR Of 4.9%
The naval radar market size has grown strongly in recent years. It will grow from $11.94 billion in 2023 to $12.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing focus on strengthening and expanding naval fleets, increasing procurement of radar and air defense systems, the requirement of new-generation air and missile defense systems, increasing procurement of radar and air defense systems, rising disposable income.
The naval radar market size is expected to see steady growth in the next few years. It will grow to $15.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising demand for coastal surveillance, increasing global trade through shipping, rising disposable income, increasing number of high net-worth individuals around the world, increasing spending on the upgradation of advanced naval systems on ships. Major trends in the forecast period include technological advancements in the naval radar industry, advancements in radar technology, investing in research and development to hasten the launch of novel systems with advanced capabilities, rise in adoption of lightweight unmanned aerial vehicles (UAV), the adoption of multi-function radar systems.
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Naval Radar Market Major Segments
The naval radar market covered in this report is segmented -
1) By Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar
2) By Component: Antennas, Transmitters, Receivers, Power Amplifiers
3) By Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications
Key Driver - Impact Of Increasing Defense Budgets On Coastal Surveillance On The Naval Radar Market
Increasing defense budgets on coastal surveillance is expected to propel the growth of the naval radar market going forward. Defense budgets support coastal surveillance by providing funding for equipment, technology development, infrastructure, training, and coordination, enhancing maritime security, and protecting coastal regions. Naval radar plays a crucial role in coastal surveillance by providing continuous monitoring of marine activities along coastlines to detect and track vessels, monitor maritime traffic, and support marine security and law enforcement efforts. For instance, according to the United States Department of Defense, a US-based government agency, the US Navy's budget proposal for the fiscal year 2024 amounted to $211.7 billion, reflecting a 1.8% rise compared to 2023. This budget allocation encompassed $58.5 billion designated for shipbuilding and conversion, $18.8 billion for weapons procurement, $49.8 billion for operation and maintenance, and $20.4 billion allocated towards research and development initiatives. Therefore, increasing defense budgets on coastal surveillance is driving the growth of the naval radar market.
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Prominent Trend - Innovative Products Driving Growth In The Naval Radar Market
Major companies operating in the naval radar market are developing innovative products such as quadome radar systems for rapid response and high precision. Quadome is a dual-mode, multi-mission surveillance radar for naval air and surface surveillance, providing naval forces and maritime security authorities with unprecedented situational awareness and terse reaction times. For instance, in September 2021, Hensoldt AG, a Germany-based defense and security electronics manufacturing company, launched the Quadome radar system for offshore patrol vessels (OPVs), corvettes, light frigates, and support vessels. This radar system is equipped with the latest gallium nitride (GaN)-based active electronically steered antenna (AESA), making it a future-proof solution with an extended operational lifetime. It also features two main operating modes to simplify operator interaction and reduce workload.
Naval Radar Market Players
Major companies operating in the naval radar market are RTX Corporation, Lockheed Martin Corporation, Airbus Group, Northrop Grumman Corporation, BAE Systems PLC, Thales Group, Leonardo S.p.A., Rheinmetall AG, Garmin Ltd., SAAB AB, Israel Aerospace Industries Ltd., Hensoldt AG, Japan Radio Co., Furuno Electric Co. Ltd., West Marine, Navico Group, Aselsan A.S., Tokyo Keiki Inc., Terma A.S., Alphatron Marine, Koden Electronics Co. Ltd., GEM Elettronica, Kongsberg Maritime AS, FLIR Systems Inc., Kelvin Hughes Limited, Rutter Inc., Transas Marine International AB, Wärtsilä SAM Electronics Gmbh
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Largest And Fastest Growing Region In The Market
North America was the largest region in the naval radar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Naval Radar Market Report Structure
3. Naval Radar Market Trends And Strategies
4. Naval Radar Market - Macro Economic Scenario
5. Naval Radar Market Size And Growth
…..
27. Naval Radar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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