Marine Radar Market Forecast and Segments, 2017 – 2027
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Marine Radar Market: Dynamics
The growing demand for surveillance and weapon guidance applications is driving the marine radar market. Moreover, the increasing purchasing power of people has caused a rise in marine tourism, which is expected to fuel the demand for luxury boats or pleasure boats that in turn are fitted with marine radar systems. Government support to mandate the installation of these systems in ships/boats to avoid marine collision will support the demand for this market over the coming years.
However, the technical design complexity of these systems increases the R&D cost, which is expected to be challenge for the manufacturers. Additionally, fluctuating raw material prices are further expected to dampen growth of the market. Sluggish demand from China marine market would pose an additional restraint to the global market growth.
Marine Radar Market: Regional Outlook
During the sea conflict, these systems help in locating the enemy and hence, are crucial in national security. All refineries and oil reserves located at sea need radar systems to flag their positions. Also, marine radars use screens to view the position of objects on either LED or monochrome screens. With the helps these screens, the clarity of the object is magnified many folds. Since these screens are water proof, there is no threat of damage even in rough climatic conditions.
In the future, there is a possibility that radar technology would be capable of performing electronic attacks. More than 60% of shipbuilding activities are concentrated in countries, such as Japan, South Korea and China. Therefore, Asia-Pacific would be the prominent market for marine radar systems. Additionally, European companies are shifting towards Chinese manufacturers to capitalize on the cost advantage. These factors will drive the demand for marine radars across all regions in the near future.
Marine Radar Market: Segmentation
On the basis of product type, the marine radar market can be segmented into:
On the basis of application, the marine radar market can be segmented into:
Marine Radar Market: Market Participants
Examples of some of the market participants identified in the marine radar market across the globe are:
Furuno Electric Co. Ltd.
Lockheed Martin Corporation
Northrop Grumman Corporation Sperry Marine)
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
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