FMI Research States Global Marine Radar Market Anticipated to Exceed USD 2.4 Billion Mark by 2033 End, Surging Steadily at 5.5% CAGR

In 2022, the marine radar market was anticipated to generate USD 1.34 billion. As companies offer technologically cutting-edge maritime radar using various wireless technologies, the market is growing. As a result, revenue increased at a CAGR of 5.5% between 2023 and 2033, reaching USD 2.4 billion by 2033. The market is projected to generate USD 1.4 billion in 2023.

Developed and developing countries' rising military expenditures have created a lucrative opportunity for market expansion. The global marine radar market is anticipated to expand over the course of the forecast period as a result of rising demand for weapon guidance applications and rising marine tourism spending. The market has a chance to expand as a result of the growing demand for luxury and recreational boats. The most significant use of is in the merchant marine.

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Key Takeaways from the Market Study:

The global marine radar market is expected to account for a 5.5% CAGR throughout the forecast period.

From 2018 to 2022, the market demand expanded at a CAGR of 5.3%.

By product type, X-band radars are expected to accumulate a market share of 42.5% in 2033.

By application, the merchant marine segment dominates the market with a share of 40%.

North America to emerge as a promising market, capturing nearly 38% of the global market share in 2023.

Asia Pacific to be an opportunistic market, expected to capture 27% of revenue
"The increasing technological advancement & increasing defense budget across the globe is expected to drive the growth of the marine radar market during the forecast period," says the FMI analyst.

Competitive Landscape:

Prominent players in the marine radar market are FURUNO ELECTRIC CO. LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co Ltd, BAE Systems, JRC, Garmin, FLIR Systems, Navico Group AS, GEM Elettronica, HENSOLDT UK, Koden Electronics Co. Ltd, Rutter Inc, Kongsberg Maritime AS, TOKYO KEIKI INC, Johnson Outdoors Inc, among others.

Leading players operating in the global marine radar market are focusing on intensive research and development for launching innovative products and services in the market. Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market. The market players are also emphasizing offering radar systems with high reliability and high performance

In June 2022- Lockheed Martin delivers the first five sentinel A4 Air & Missile Defense Radars to the United States Army. The sentinel A4 radar is developed and manufactured by Lockheed Martin in Syracuse N.Y.

In June 2022- Raytheon Technologies announced that it will establish its global headquarters office in Arlington, Virginia.

In February 2022- Furuno Electric Cp. Ltd is proud to introduce its stable fish size indicator (Fish Finder) FCV- 38 which will optimize fishing operations with the help of spilt beam & multi detection technology.FCV-38 is the high-performance 4kW fish finder with a 38 kHz transducer using spilled beam technology that provides excellent depth detection capability.

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Know More about What the Marine Radar Market Report Covers:

Future Market Insights offers an unbiased analysis of the global marine radar market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the marine radar market, the market is segmented based on product type (X band radars and S band radars) and application (merchant marine, fishing vessels, yacht/recreational, and military/naval), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

Key Segments Covered in the Marine Radar Industry Analysis:

By Product Type:
X Band Radar
S-Band Radar

By Application:
Marchant Marine
Fishing Vessels
Yacht/Recreational
Military/Naval

By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.