Radars are essential sub-systems onboard naval vessels, which are responsible for performing wide range of functionalities including air and surface surveillance, volume search, ballistic missile defense, target tracking and identification, missile guidance, gun fire control, and navigation. Effectiveness of naval radar determines the ship’s survivability and outcome during a naval combat scenario. A naval ship equipped with sophisticated radar systems can hit beyond visual range targets and hence provides asymmetric advantage over adversaries.
The global naval radar market is expected to register a CAGR of 4.72%, growing from US$1.5 billion in 2019 to US$2.3 billion by 2029. The market consists of five functional categories: Air Search Radar, Multi-Functional Radar, Fire Control Radar, Navigational Radar and Surface Search Radar. The market is expected to be dominated by the Air Search Radar segment, which will account for 50% of the market, followed by the Multi-Functional Radar segment with 34% share. Among geographic segments, North America is projected to dominate the sector with a share of 52%, followed by Asia-Pacific and Europe, with shares of 24% and 15%, respectively.
In terms of values, North America will account for the largest share of the global naval radar market with a total spending of US$10.1 billion over the forecast period. The region is expected to account for a 52% share of the global naval radar market over 2019-2029. Asia-Pacific region will follow North America, mostly driven by countries such as India, China, and Japan, is projected to garner a value of US$4.5 billion over 2019-2029. Europe and the Middle East are anticipated to account for US$2.9 billion and US$1.1 billion respectively, during the same period.
In-depth analysis provided in report “The Global Naval Radar Market 2019–2029” -
- Market size and drivers: detailed analysis during 2019–2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of naval radar segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2019-2029
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives and financial analysis
Companies mentioned: BAE Systems, Leonardo, Saab, Raytheon, Israel Aerospace Industries, Hensoldt, Lockheed Martin, Northrop Grumman, Thales, Aselsan, CEA Technologies, Rostec
- The global naval radar market is expected to grow at a CAGR of 4.72% over the forecast period.
- The market consists of five categories: air search radar, multi-functional radar, fire control radar, navigational radar and surface search radar. North America will dominate the sector with a share of 52%, followed by Asia-Pacific and Europe, with shares of 24% and 15%, respectively. The air search radar segment is expected to be the leading segment with a share of 50%.
Reasons To Buy
- Determine prospective investment areas based on a detailed trend analysis of the global naval radar market over the next ten years
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- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global naval radar market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global naval radar market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top naval radar providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available