Naval Radar Market Size to Reach $15.79 Billion by 2029 | Growth at 4.3% CAGR Forecast

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What is the Projected Market Size of the Naval Radar Industry?
The market size for naval radar has been experiencing significant growth in the past few years. It is projected to escalate from $12.67 billion in 2024 to $13.33 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%. The growth during the historical period is due to the enhanced focus on fortifying and extending naval fleets, an increase in acquisitions of radar and air defense systems, the need for next-generation air and missile defense systems, and a surge in disposable income.

What Will Be the Size of the Naval Radar Market by 2029?
The market for naval radars is expected to experience steady growth in the coming years, with projections reaching $15.79 billion by 2029, at a compound annual growth rate (CAGR) of 4.3%. Factors fueling this growth during the forecast period include an increased need for coastal surveillance, the expansion of global trade via shipping, a rise in disposable income, a growing population of high net-worth individuals worldwide, and increased expenditure on upgrades to advanced naval systems on ships. Future trends in the forecast period encompass technological progress in the naval radar sector, advances in radar technology, a fortified commitment to research and development to expedite the introduction of new systems with advanced features, an increased use of lightweight UAVs, and the adoption of multi-function radar systems.

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What Are the Key Drivers Accelerating Growth in the Naval Radar Market?
The heightened investment in defense budgets for coastal monitoring is anticipated to boost the naval radar market's upward trajectory. These budgets underpin coastal protection measures through the allocation of resources for equipment, technology advancement, infrastructure, training, and collaboration activities, all of which fortify maritime security and safeguard coastal territories. Central to coastal surveillance, naval radar offers ongoing observation of marine operations along shorelines, facilitating the identification and tracking of ships, scrutiny over maritime traffic, and bolstering sea-level security and law enforcement actions. For example, the US Department of Defense, a government agency based in the United States, revealed that the fiscal year 2024's budget proposal for the US Navy amounted to a robust $211.7 billion, marking a 1.8% surge in comparison to 2023. This budget provision included an allocated $58.5 billion for ship building and conversion, $18.8 billion for arms procurement, and $20.4 billion set aside for research and development. In light of these facts, the increased defense budgets for coastal monitoring are serving as a significant catalyst for the growth of the naval radar market.

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How Is the Naval Radar Market Segmented by Type, Application, and Region?
The naval radar market covered in this report is segmented -

1) By Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar
2) By Component: Antennas, Transmitters, Receivers, Power Amplifiers
3) By Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications

Subsegments:
1) By Naval Surveillance Radar: Long-Range Surveillance Radar, Medium-Range Surveillance Radar, Short-Range Surveillance Radar, Air Surveillance Radar, Sea Surveillance Radar
2) By Naval Fire Control Radar: Target Tracking Radar, Gun Fire Control Radar, Missile Fire Control Radar, Weapon Guidance Radar
3) By Naval Navigation Radar: Surface Navigation Radar, Collision Avoidance Radar, Navigation For Airborne Platforms, Navigation For Submarines, Radar For Port And Harbor Navigation

What Are the Key Trends Driving Growth in the Naval Radar Market?
Companies leading in the naval radar market are turning their focus on the development of advanced technology such as superior imaging, automation features, and brushless DC motors, to create state-of-the-art radar systems. These systems can greatly enhance maritime safety, navigation, and the overall operational efficiency of naval and commercial ships. A brushless DC motor is a type of electric motor that functions without brushes and utilizes electronic commutation to boost efficiency, decrease maintenance requirements, and increase reliability across different uses. For example, in July 2024, Furuno USA, Inc., an American marine electronics corporation, rolled out the FAR2XX8MK2 commercial radar series. This series aims to improve bridge operations and maritime safety through precise, clear radar images. It boasts easy maintenance, user-friendly controls, and sophisticated tracking features, making it highly efficient for maritime activities. Moreover, the incorporation of a brushless DC motor ensures prolonged operation periods without the need for regular maintenance, thus minimizing downtime.

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Who Are the Leading Companies Driving Growth in the Naval Radar Market?
Major companies operating in the naval radar market are 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 Gmbh

Which Is the Leading Region in the Global Naval Radar Market?
North America was the largest region in the naval radar market in 2024. Asia-Pacific 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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