Radar Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

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 $49.94 billion In 2028 At A CAGR Of 9.3% :

The radar 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, air traffic control (atc) upgrades, weather monitoring and prediction, maritime security, automotive radar for collision avoidance.

The radar market size is expected to see rapidly grown 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 next-generation military radar systems, 5g network expansion, environmental monitoring, autonomous vehicles integration, space debris tracking. Major trends in the forecast period include cybersecurity for radar systems, miniaturization of radar systems, integration of artificial intelligence, rapid prototyping and development, frequency modulation continuous wave (fmcw) radar.

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Radar Market Major Segments
The radar market covered in this report is segmented -

1) By Type: Detection And Search, Targeting Radars, Weather Sensing Radars, Navigational Radars, Mapping Radars, Other Types
2) By Component: Antenna, Transmitter, Receiver, Other Components
3) By Range: Long, Medium, Short
4) By End Use: Military, Aviation, Weather Forecast, Ground Traffic Control, Others End Uses

Key Driver - Surging Seaborne Trade Fueling Radar Market Growth

An increase in seaborne trade globally propels the growth of the radar market. The seaborne business continues to grow, benefiting consumers and companies worldwide through lower freight costs. Through seaborne trade, goods are shipped in containers and tankers via a sea route that enables the shipping of a large volume of goods at a low cost. Due to these dynamic and cheaper transport services, there is an increase in the use of the sea for the trading of goods and services, resulting in the increasing demand for radar which helps in navigating, identifying landmasses, detecting boats, birds, and weather systems. For instance, in January 2023, according to the United Nations Conference on Trade and Development (UNCTD), a Switzerland-based intergovernmental organization, in 2021, global maritime trade experienced growth, with shipments increasing by an estimated 3.2% to reach a total of 11 billion tons. This marked a significant improvement of 7 percentage points compared to the figures from 2020. Therefore, the increase in seaborne trade will drive the radar market.

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Prominent Trend - Technological Advancements Driving Innovation In Radar Market

Technological innovation is a key trend gaining popularity in the radar market. Radars are used today to detect and track aircraft, spacecraft, ships at sea, and insects and birds in the air. The market is witnessing the demand for active electronically scanned array (AESA) radar systems because of their superior target power, spatial resolution, and robustness compared to conventional radars. AESA is a fully active radar array that consists of multiple antennas, each with its phase and gains control. Major companies engaged in the radar market are focused on technological innovation to sustain their marketplace. For instance, in September 2021, Raytheon Intelligence & Space, a US-based aerospace and defense company, launched a new lightweight AESA radar for any platform. It combines the power of a heavyweight AESA fire control radar with a minor possible form factor. This radar combines the power of Gallium Nitride technology with an intelligent packaging of its digital receiver/exciter and processor with a unique air-cooled design to deliver Gen 4-plus performance.

Radar Market Players
Major companies operating in the radar market report are Lockheed Martin Corporation, BAE Systems plc, Saab AB, L3Harris Technologies Inc., Northrop Grumman Corporation, Raytheon Technologies Corporation., Thales Group, Leonardo S.p.A., L3 Technologies Inc., Rheinmetall AG, General Dynamics Corporation, Airbus SE, Honeywell International Inc., Israel Aerospace Industries Ltd., Mitsubishi Electric Corporation, Kelvin Hughes Limited, SRC Inc., ASELSAN Elektronik Sanayi ve Ticaret A.S., Terma A/S, RADA Electronic Industries Ltd., HENSOLDT UK, ELTA Systems Ltd., Mercury Systems Inc., Reutech Radar Systems (Pty) Ltd., DeTect Inc., DRS Technologies Inc., Echodyne Corporation, Blighter Surveillance Systems, Robin Radar Systems B.V.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the radar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in the radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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

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