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Coherent Radar Market Analysis and Opportunities 2024
Coherent Radar Market Analysis
According to The Business Research Company's, The coherent radar market size has grown rapidly in recent years. It will grow from $7.57 billion in 2023 to $8.34 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to military modernization initiatives, air traffic management needs, increased demand in maritime surveillance, weather monitoring and prediction, critical infrastructure protection.
The coherent radar market size is expected to see strong growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increasing border security concerns, expansion in unmanned systems, rising demand for counter-drone solutions, space surveillance requirements, infrastructure development in emerging markets. Major trends in the forecast period include enhanced networked radar systems, miniaturization and portability, development of coherent synthetic aperture radar (csar), increased use in unmanned aerial vehicles (uavs), global navigation satellite system (gnss) integration.
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Market Drivers and Trends:
The increase in air traffic is expected to propel the growth of the coherent radar market going forward. Air traffic refers to aircraft movement in the airspace, including all types of flights, such as commercial airliners, private planes, helicopters, and military aircraft. Coherent radar is a radar system that uses a continuous wave signal and advanced signal processing techniques to provide high-quality and precise radar data. It is particularly useful in air traffic control applications as it can detect and track aircraft accurately, even in challenging weather conditions. As air traffic has increased over the years, there has been a growing need for more advanced radar systems to manage the increased volume of aircraft. For instance, in April 2023, according to the International Air Transport Association, a Canada-based trade association, in February 2023, the total traffic (measured in RPKs) increased by 55.5% compared to the same month in 2022, while the domestic traffic for February 2023 increased by 25.2% compared to February 2022. Therefore, the increase in air traffic is driving the growth of the coherent radar market.
Technological advancements are a key trend gaining popularity in the coherent radar market. Companies operating in the coherent radar market are adopting new technologies to sustain their position in the market. For instance, in October 2021, SparkFun Electronics, a US-based electronics retailer, launched the Acconeer A111 60 GHz pulsed coherent radar (PCR) chip, a new revision of its breakout board. The breakout board offers 2.54-mm pin headers for SPI (serial peripheral interface) communication at up to 50 MHz The chip allows up to six and a half feet of measurement distance accurately down below 0.04"""". An improvement over the original v1.0 design, the 1.8V part has full logic level translation to the 3.3V required by the Raspberry Pi's GPIO header.
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Major Key Players of the Market:
Hensoldt Holding Germany GmbH; Raytheon Technologies Corp.; BAE Systems plc; Leonardo S.p.A.; Thales Group; Lockheed Martin Corporation; Honeywell International Inc.; Bharat Electronics Limited; L&T Defense solutions; GEM Electronics Inc.; IAI Group; Saab AB; L3 Harris Technologies Inc.; Northrop Grumman Corporation; Israel Aerospace Industries Ltd.; ASELSAN A.S.; Mitsubishi Electric Corporation; Harris Corporation; Rheinmetall AG; Terma A/S; ELTA Systems Ltd.; SRC Inc.; RADA Electronic Industries Ltd.; Telephonics Corporation; Exelis Inc.; Cobham plc; Rockwell Collins Inc.; Selex ES S.p.A.; Echodyne Corporation; Cambridge Pixel Ltd.; Blighter Surveillance Systems Ltd.; Kelvin Hughes Limited; Reutech Radar Systems (Pty) Ltd.; DeTect Inc.; ELBIT Systems Ltd.
Coherent Radar Market 2024 Key Insights:
• The coherent radar market will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Surge In Air Traffic Boosts Demand For Advanced Coherent Radar Systems
• Pulsed Coherent Radar (PCR) Chip For Enhanced Distance Measurement And SPI Communication
• North America was the largest region in the coherent radar market in 2023
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