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Global Avalanche Radar Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Avalanche Radar Global Market Report 2024
According to The Business Research Company's, The avalanche radar market size has grown exponentially in recent years. It will grow from $2.23 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 48.1%. The growth in the historic period can be attributed to safety concerns, tourism industry growth, government initiatives, research and development, infrastructure development..
The avalanche radar market size is expected to see exponential growth in the next few years. It will grow to $14.19 billion in 2028 at a compound annual growth rate (CAGR) of 44.0%. The growth in the forecast period can be attributed to climate change impact, market expansion in developing regions, technological innovations, government investments, growing adventure tourism.. Major trends in the forecast period include expansion of avalanche monitoring networks, integration with geographic information systems (gis), focus on communication and alert systems, development of compact and portable systems, collaborations for research and innovation..
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Market Drivers and Trends:
The increased defense funding is expected to propel the growth of the avalanche radar market going forward. Increased defense funding is when a government or organization allocates a larger budget or resources for defense-related purposes. Avalanche radars give early warning signals that help alert military personnel, defense installations, and government agencies about potential avalanches in advance, allowing them to take appropriate measures to ensure the safety of personnel and infrastructure. For instance, in May 2021, according to the U.S. Department of Defense, a US-based executive branch department of the federal government, the budget for the defense sector increased by 1.6% in the FY 2022 President's Budget Request, rising from the FY 2021 enacted amount of $703.7 billion to $715 billion. Therefore, increased defense funding is driving the growth of the avalanche radar market.
The introduction of an avalanche radar is a key trend gaining popularity in the avalanche radar market. Companies operating in the avalanche radar market are introducing new avalanche radars to sustain their position in the market. For instance, in September 2022, the Indian Army and Defense Geoinformatics and Research Establishment (DGRE), an India-based agency providing intelligent solutions to the Armed Forces, jointly installed the avalanche monitoring radar in North Sikkim. This radar can detect an avalanche in less than three seconds by employing a sequence of short microwave pulses scattered at the target. The radar is an all-weather solution that covers a two sq/km area and can see through snow, fog, and nighttime conditions, eliminating the need to install additional instruments in risky avalanche-prone areas. Additionally, the radar's capability to detect landslides further enhances its usefulness in assessing and mitigating multiple regional natural hazards.
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Major Key Players of the Market:
Geobrugg AG; Wyssen Avalanche Control AG; L.B. Foster Company; Hexagon AB; Recco AB; Trimble Inc.; Swiss Radar Technologies AG; Vaisala Oyj; Defense Research and Development Organization; Leica Geosystems; ARVA Equipment; IDS GeoRadar; Laser Components Detector Group Inc; GEOPRAEVENT AG; Swiss Avalanche Warning Service; Technoalpin S.p.A.; Defense Advanced Research Projects Agency (DARPA); Raytheon Company; Northrop Grumman Corporation; Lockheed Martin Corporation; Thales Group; Saab AB; Leonardo S.p.A.; Rheinmetall AG; Israel Aerospace Industries Ltd.; Harris Corporation; FLIR Systems Inc.; Elbit Systems Ltd.; BAE Systems plc; General Dynamics Corporation
Avalanche Radar Market 2024 Key Insights:
• The avalanche radar market will grow to $14.19 billion in 2028 at a compound annual growth rate (CAGR) of 44.0%.
• Defensive Investments Fueling Avalanche Radar Market Growth
• The Rise Of Avalanche Radars As A Dominant Trend
• Europe was the largest region in the global avalanche radar market in 2023
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