Naval Radar Global Market Competitive And Growth Analysis 2024

"The Business Research Company recently released a comprehensive report on the Global Naval Radar Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The naval radar market size has grown strongly in recent years. It will grow from Customise$11.94 billion in 2023 to $12.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. Customise 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 Customise$15.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. Customise 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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 GmbhCustomise

Naval Radar Market 2024 Key Insights:

• The Naval Radar Market is expected to grow to $15.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• CustomiseImpact Of Increasing Defense Budgets On Coastal Surveillance On The Naval Radar MarketCustomise
• CustomiseInnovative Products Driving Growth In The Naval Radar MarketCustomise
• CustomiseNorth AmericaCustomise was the largest region in the naval radar market in 2023. CustomiseAsia-PacificCustomise 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.

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