Global Marine Radar Market Size study & Forecast, by Product Type (X Band Radars, S Band Radars) By Application (Merchant Marine, Fishing Vessels, Yacht, Military) and Regional Analysis, 2022-2029

Global Marine Radar Market Size study & Forecast, by Product Type (X Band Radars, S Band Radars) By Application (Merchant Marine, Fishing Vessels, Yacht, Military) and Regional Analysis, 2022-2029

Global Marine Radar Market is valued at approximately USD XXX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2022-2029. Marine radars are short-range radars which are widely utilized by numerous countries' naval ships. They are used in military combat to address maritime disputes and geopolitical threats. The Marine Radar market is expanding because of factors such as increasing military spending on radar and air defence systems and the rising adoption of UAVs.

Radar systems improve tracking, monitoring resolution, and timeframe. Governments in major emerging economies have made significant investments in research and innovation activities to improve the functionality of naval vessels. According to the International Centre for Defence and Security, French defence spending will raise 7.4% year-on-year increase in spending from 2022 levels in 2023. Furthermore, as per Statista, in 2021, the United States led the ranking of countries with the highest military spending With USD 801, which accounts for about 38% of total global military spending. Another important component driving space increase is the adoption of UAVs. According to Statista, in 2022 the Chinese drone market was expected to generate the highest revenue worldwide at around USD 1.27 billion. The revenue of the United States and France accounts for USD 1.24 billion and USD 150 million respectively. In addition, the global commercial drone market is projected to reach a size of around USD 58.4 billion by 2026. The market is expected to grow at a compound annual growth rate of over 16% between 2021 to 2026. Also, rising technological advancements in radar technologies and growing demand for weapons guidance applications and surveillance would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Marine Radar stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Marine Radar Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing demand for surveillance radars for border surveillance, intelligence, and reconnaissance, and modern air defence systems. According to Statista, in 2020, the number of ships flying the United States flag reached 44,500, an increase of almost three per cent compared with 2019. Furthermore, Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increase in naval investments by the neighboring countries to procure and modernize their naval fleet., geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market player included in this report are:

Koden Electronics Co., Ltd
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
Kongsberg Maritime AS
BAE Systems Plc
Teledyne FLIR LLC .
Navico Group As
Rutter Inc

Recent Developments in the Market:
 In January 2023, The Air Force Research Laboratory was granted a USD 12 million Phase 2 contract for BAE Systems to develop a low-cost, all-weather, multi-mode radar open architecture seeker as part of the Maritime Weapon Innovation Program.


Global Marine Radar Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product Type, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product Type
X Band Radars
S Band Radars

By Application
Merchant Marine
Fishing Vessels
Yacht
Military


By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned
Koden Electronics Co., Ltd
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
Kongsberg Maritime AS
BAE Systems Plc
Teledyne FLIR LLC.
Navico Group As
Rutter Inc

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