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Marine Radar Market Forecast and Segments, 2017 – 2027

10-10-2017 06:47 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Future Market Insights

/ PR Agency: Future Market Insights
Marine Radar Market Forecast and Segments, 2017 – 2027

Over the years, sea transportation has steadily been on the rise, due to the surge in water trade activities. This has fuelled the demand for cargos, ships, and pleasure boats, which in turn has spurred demand for growth of the marine radar market. Marine radars are generally short range radars used by ships to locate land and other ships in the area. The frequencies by which these radars are operated are known as ‘s-band’ for short range and ‘x-band’ for secret.

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Marine radars help avoid accidents at sea and over the past decade, this technology has made marine travel considerably safer. These system are very helpful for war ships for tracking the location of enemy ships. Over the years, this technology have evolved with the introduction of Automatic Radar Plotting Aids (ARPA) in radar systems. ARPA provides all the information that helps to save time by observing the target location. Therefore, it helps to avoid accident or collision within a fraction of time.

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:

X-band

S-band

Others

On the basis of application, the marine radar market can be segmented into:

Merchant Marine

Fishing Vessel

Yacht/Recreational Boat

Military Naval

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)

Raytheon Company

Saab Group

Raymarine Inc.

Kelvin Hughes

Terma A/S

BAE Systems

West 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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ABOUT US:

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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