New Areas of Applications to Boost RADAR market Worldwide
Technological up-gradation in RADAR system has widen its application in multiple sectors such as aviation, automotive, marine and meteorology etc. RADARs are increasingly deployed for air traffic control, remote sensing and ground traffic control. Additionally, increase in sea-trade among countries of the world and rising number of travel by ships has further influenced the demand for RADAR across the globe. Moreover, the global aviation industry is growing exponentially from the last few years. It is expected to keep its growth rate till 2035, doubling the current passenger number of 3.8 Bn, as per the International Air Transport Association (IATA).
The major contribution to this growth is from the Asia Pacific which is experiencing rapid development in its aviation sector with an increasing number of passenger travel and cargo planes & ships. In August 2020, China stated that it would encourage US$ 16 Bn of private investment in its 28 airports to make the sector globally competitive. Growth of air travel industry has encouraged market players to offer RADARs in order to enhance flight safety.
Aviation Segment to keep Driving RADAR Market
With the growing aviation industry and economic development, the aviation segment garnered a major share of the market. In the year 2020, based on end-use, the aviation segment led the market with nearly 35%, in terms of revenue, of the total market size of the globe. In 2020, over 1900 aircrafts delivered to airlines, which kept the demand of RADAR in aviation sector increasing. Technological development such as RDR-7000 of Honeywell International Inc. which gives the 3D mapping of storm and hail while flying is greatly helpful to pilots. Such new development in RADAR technology expected to further lift the market during the forecast period.
Asia Pacific estimated to register the highest CAGR
In 2020, North America was the largest regional market, with over 30% share, in terms of revenue. However, with economic development, Asia Pacific is going through rapid progress in aviation sector which is expected to rise the demand for RADAR during the forecast period. Also, free trade agreements have increased the sea trade of Asian economies with other countries of the world that are further expected to influence the RADAR market in the near future. For instance, China maintains free trade agreements with 16 countries or regional groups like ASEAN. Besides, long term enmity of countries in the region like China with India and other ASEAN countries, there is rapid modernization of the military with escalating defense spending which will further boost the RADAR market in the region. Recently, in June 2021, China developed a new high-frequency surface wave radar that can detect stealth aircraft like F-35 and also anti-radiation missiles that are hidden from other early warning systems.
New Technological Development is keeping the Market Competitive
Major players profiled in the RADAR market include BAE Systems, Lockheed Martin Corporation, Raytheon Company, Northrop Grumman Corporation, Airbus S.A.S., Honeywell International Inc., Leonardo S.p.A., Thales Group, Saab AB, Reutech Radar Systems, TERMA and Infineon Technologies AG among others.
The overall RADAR market is slightly fragmented and companies are improving its current technology for expanding its global market share. For instance, in August 2021, Northrop Grumman Corporation introduced its new scalable RADAR antenna (RAPTR) capable of providing better situational understanding to fighter pilots. The system operates in multiple RADAR modes, including synthetic aperture RADAR and ground moving target indicator. With this improved RADAR, the company is expecting to grab major defense deals in the future. Furthermore, in June 2021, Honeywell International Inc. signed an agreement with yet to be named air taxi developer for supplying its IntuVue RDR-84K Band RADAR system. This RADAR is capable of detecting multiple objects in and around the flying path of air taxi. This agreement is expected to grow the company’s share in the global RADAR market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of RADAR market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
